Kent’s Mortgage Advice Bureau (Holdings) plc reports growth despite mini-budget market shock
Sittingbourne-based Mortgage Advice Bureau (Holdings) plc has reported strong figures for the year ended 31 December 2022, though tempered by damage dealt to the mortgage market by September’s mini-budget.
The firm saw revenues up 22 per cent to £230.8 million and adjusted EBITDA up 15 per cent to £29.1 million on the previous year. It was also able to increase its market share of new mortgage lending to 7.5 per cent.
Controlling stakes were acquired in The Fluent Money Group, Vita Financial Ltd, and Aux Group Ltd, which together position the Mortgage Advice Bureau as a leader in the three largest sectors for mortgage lead generation – estate agency, new build, and price comparison websites.
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Although the firm reached 2,254 advisers by the end of 2022, this number has since fallen to 2,129 as the market continues to weather the aftereffects of the mini-budget. Executives are confident that their workforce will stabilise in Q2 of this year and begin to rebuild as business returns.
Chief Executive Peter Brodnicki said: “Despite a challenging year for mortgage intermediaries on numerous fronts, I am pleased with our 2022 performance and market share growth.
“Prior to the mini-budget in September, the Group was on track for 2023 to be a record year of growth, despite an expected softening in housing transactions due to inflationary pressures. Although mortgage transaction levels have improved since the collapse post mini-budget, they remain circa 35% down year to date compared to the same period in 2022.
“We expect the housing and mortgage markets to recover as they always do, and in the meantime, the Mortgage Advice Bureau continues to strengthen its proposition and use the more challenging market to onboard more high-quality firms and grow market share.”
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