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LONDON (Alliance News) - Mortgage Advice Bureau (Holdings) PLC reported an increase in pretax profit as revenue grew, driven by an increase in the size of its network that provides mortgage advice to customers.
The mortgage broker also appointed Lucy Tilley as its new finance director, as it wanted to make the role a full time position. The appointment means that predecessor Paul Robinson will resign from the board and become company secretary. Tilley was previously a director in Canaccord Genuity Ltd's corporate broking team, which worked on the company's AIM listing.
Mortgage Advice Bureau, which listed on AIM in November 2014, said it made a GBP6.9 million pretax profit in 2014, compared with GBP5.2 million in the prior year. It will pay a "stub" dividend of 2.0 pence for the year, covering the period from its listing to the end of December.
Revenue increased to GBP56.6 million, while administrative expenses increased to GBP6.3 million from GBP5.7 million.
The GBP746,053 costs of its IPO and a GBP347,891 provision against a loan to Client Data Systems Group Ltd, in which Mortgage Advice Bureau had a 7% stake, meant that the company took a GBP1.1 million charge for so-called exceptional costs.
While the company said it is aware that May's general election could generate uncertainty for the UK economy, it said it is "encouraged by the political consensus around the importance of the housing market to the UK economy".
Average adviser numbers increased by 19% to 581 in 2014. The company said it had 661 advisers as of March 20.
"Adviser numbers have continued to grow since the year end, in part due to the group's expansion into Northern Ireland, further diversifying the group's geographical revenue spread," the company said.
"The board remains confident of delivering further growth in 2015, and building our position as both a leading UK consumer intermediary brand and a specialist appointed representative network," Mortgage Advice Bureau said.
Mortgage Advice Bureau shares were up 2.1% at 179.50 pence on Thursday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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