Mortgage Advice Bureau : Investor Presentation – 2023 Interim Results
September 26, 2023 at 02:59 am EDT
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Delivering, Growing and Innovating
H1 2023 Interim Results
Investor and Analyst Presentation
Contents
o
Highlights
3
o
Financial Review
7
o
Strategy
15
o
Summary and Outlook
20
o
Appendices
22
Additional Information
Unless otherwise stated, this report includes the unaudited consolidated financial information of Mortgage Advice Bureau (Holdings) PLC and its subsidiaries for the six-month period ended 30 June 2023 ("H1 2023"). All comparisons of financial and operating statistics are for the six-month period ended 30 June 2022 ("H1 2022"), unless otherwise stated.
2
Highlights
3
Market backdrop and MAB mortgage1 completions
UK Market
MAB
Product
Transfer
Completions
+84%
Product
Transfer
Completions
+28%
H1 2022
+2%
-6%
-14%
Re-Mortgage
Completions
-18%
-24%
Adviser
numbers
Purchase
Total Property
Mortgage
Re-Mortgage
Completions
Transactions
-30%
Completions
(includes
cash buyers)
Purchase
Mortgage
Completions
1. First charge mortgage completions
4
Operational Highlights
MAB Group excluding Fluent trading at least in line with expectations for 2023
Mortgage completions1
Market share2
Adviser numbers3
£12.1bn | -1%
8.1% | +19%
2,109 | -6%
UK gross new mortgage completions1: -27%
H1 2022: 6.8%
31 December 2022 : 2,254
Avg. number of mainstream advisers4
Revenue per mainstream adviser4
Proportion of revenue from re-financing
1,966 | +4%
£59.8k | +17%
36% | +20%
H1 2022: 1,890
+5% excluding acquisitions5
H1 2022: 30%
1.
MAB's first charge mortgage completions, including product transfers.
2.
Market share of gross new first charge mortgage lending (excluding product transfers).
3.
Closing number of advisers at the end of H1 2023. Fluent's 139 advisers as at 30 June 2023 include 74 advisers in the first charge mortgages division, 54 in the secured personal loans division, 5 in the later life division, and 6
in the bridging finance division. Includes a total of 188 advisers at 30 June 2023 who are later life advisers or advisers in directly authorised firms that use MAB's subsidiary, Auxilium, a specialist protection service provider, for
protection. For both later life and directly authorised advisers the fees received by MAB represent the net income received by MAB as there are no commission payouts made by MAB.
4.
Excludes directly authorised advisers, MAB's later life advisers and advisers from associates in the process of being onboarded under MAB's AR arrangements. Includes Fluent's second charge, later life and bridging advisers
who have a higher revenue per adviser than first charge advisers.
5
5.
Acquisitions include: Fluent, acquired in July 2022; Vita, acquired in July 2022; and Auxilium, acquired in November 2022.
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Disclaimer
Mortgage Advice Bureau (Holdings) plc published this content on 26 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 September 2023 06:58:07 UTC.
Mortgage Advice Bureau (Holdings) Plc is a United Kingdom-based company, which operates as a consumer intermediary brands and specialist. The Company, through its subsidiaries, is engaged in the provision of financial services, including the provision of mortgage advice, and advice on protection and general insurance products. The Company offers mortgage advice on a local, regional and national level to United Kingdom consumers, both face-to-face and over the phone. It offers advice on various kinds of mortgage protection, including critical illness cover, income protection, buildings and contents insurance. The Company's network also offers advice on a range of both protection and general insurance products, which are sourced from a panel of insurers. The Company's software platform, MIDAS, helps to promote Green Mortgages to its advisers. The Company's subsidiaries include Mortgage Advice Bureau Limited, Capital Protect Limited, and First Mortgage Direct Limited, among others.
MORTGAGE ADVICE BUREAU (HOLDINGS) PLC 
