Mortgage Advice Bureau reports a higher than expected revenue figure with an 11% increase.

Group revenue for year ended 31 December 2024 was up to £266 million (2023: £239.5 million). It was only forecast to achieve a 4% result.

It also expects to report profit growth of 31% to £30.5 million (2023: £23.2m).

Modest growth

MAB says its number of advisers grew modestly in the second half of the year, increasing to 1,941 at the year-end (2023: 1918).

But the average revenue per adviser grew 12% to £138,000 (2023: £123,500).

There was an increase in mortgage applications in Q4 2024 of 15% compared to the previous year.

Seven-figure sum

In December, mortgage broking giant the Coreco Group, which is used by agents to outsource their financial services provision, was purchased from MAB by digital homebuying platform OneDome for an undisclosed ‘seven-figure’ sum.

Coreco Group had been one of the best-known and largest representatives of MAB since it joined the network in 2009.

Challenging years

Peter Brodnicki, CEO of MAB (main picture), says: “Despite two challenging years in terms of UK mortgage volumes, I am very pleased with how MAB has performed.

“We have increased strategic spend over this period and are starting to see the benefits of this come through in the positive momentum we’re building,” he says.

“We expect purchase transactions to steadily increase over the next year, whilst several years of strong refinancing transactions will provide additional opportunities for growth.”

MAB also announced that Paul Gill, Chief Risk Officer, will be joining the board as an executive director.