Mortgage Advice Bureau Share News (MAB1)

LONDON (Alliance News) - Mortgage Advice Bureau (Holdings) PLC said Tuesday it recorded its ninth consecutive year of strong revenue and profit growth in 2017, with the firm accordingly increasing its return to shareholders.

On a reported basis, pretax profit declined to GBP14.5 million from GBP15.2 million. However, 2016 included a one-off gain on a disposal, and on an adjusted basis, pretax profit increased 16% to GBP14.5 million in 2017 from GBP12.5 million the year before.

Mortgage Advice Bureau's revenue rose by 17% year-on-year to GBP108.8 million from the GBP92.8 million posted in 2016.

The company increased its final dividend by 13% to 11.90 pence per share from the 10.50 final payout in 2016. This means its 2017 total is 21.40p, up 17% year-on-year.

The average number of advisers in 2017 rose 14% to 1,008, and adviser numbers increased 13% to 1,078 as at the end of the year. Revenue per adviser was up 3%, gross mortgage completions rose 19% to GBP11.9 billion, and Mortgage Advice Bureau's market share climbed to 4.6% from 4.1%.

The firm said activity overall in the housing market remained "steady" during 2017 and it said gross mortgage lending is expected to remain flat in 2018, followed by a 4% increase in 2019.

Mortgage Advice Bureau said it is confident it can continue to grow market share and grow adviser numbers to drive revenue performance.

Mortgage Advice Bureau shares were down 2.6% on Tuesday at a price of 596.00p each.