Mortgage Advice Bureau trading in line after strong first quarter

(Sharecast News) - Consumer intermediary operator Mortgage Advice Bureau updated the market on its trading on Tuesday, reporting that adviser numbers had continued to grow since it reported its final results on 13 March.
The AIM-traded firm, which was holding its annual general meeting, said adviser numbers had risen to 1,668 advisers as at 21 May, making for an increase of 6% for the year-to-date.

Non-executive chair Katherine Innes Ker said the company's new appointed representative (AR) and adviser pipeline had been continuing to build, and was at an all-time high.

"Those discussions that were on hold during lockdown have now resumed, and we expect them to conclude quickly," she said.

The company's mortgage completions for the first quarter of 2021 totalled £5.3bn, making for an increase of 26% over the first quarter of 2020.

"We are pleased with this strong performance and the increase in both written and banked adviser productivity," Innes Ker said.

"Activity levels in the housing market have continued to be high throughout April and May.

"In addition, the underlying fundamentals driving consumer demand for housing purchase remain unchanged."

Katherine Innes Ker said "rapid progress" was still being made in terms of securing new lead sources, and the development of the firm's lead management platform.

"We had a strong start to the year in the first quarter, with considerably improved year-on-year profitability.

"This positive momentum has continued into the second quarter and trading continues to be strong.

"Current trading is in line with the board's expectations."

At 1115 BST, shares in Mortgage Advice Bureau Holdings were up 5.31% at 1,290p.