LONDON (ShareCast) - (Sharecast News) - Mortgage Advice Bureau reported a strong financial performance for 2024 on Tuesday, with revenue rising 11.3% to £266.5m, supported by growth in mortgage completions and an expanding adviser network.


The AIM-traded firm said gross profit increased 16.7% to £81.9m, with a 1.4 percentage point improvement in gross margin to 30.7%.

Adjusted profit before tax rose 38% to £32m, while statutory pre-tax profit increased 41.5% to £22.9m.

The company improved its adjusted profit before tax margin by 2.3 percentage points to 12%.

Adjusted diluted earnings per share grew 32.4% to 39.2p, while basic earnings per share rose 17% to 27.6p and adjusted cash conversion remained strong at 120%.

Gross mortgage completions, including product transfers, increased 3.9% to £26.1bn, and the company's share of new mortgage lending edged up to 8.4% from 8.3%.

The number of mainstream advisers grew 1.2% to 1,941 at year-end and further increased to 1,985 by mid-March.

Revenue per mainstream adviser rose 12.3% to £138,700.

The board proposed a final dividend of 14.8p per share, representing a slight increase from the prior year.

MAB said it ended the year with net debt of £9.7m and a leverage ratio of 0.3 times.

"MAB achieved strong financial growth in 2024 and, by doing so, maintained its long track record of outperformance and market share growth in all market conditions," said founder and chief executive officer Peter Brodnicki.

"Strategic spend on technology and digital marketing continued to increase, supporting our plans to deliver a higher level of sustainable growth and futureproof our operations.

"Aligning our business model to evolving customer preferences for research, advice and seamless transactions will enable advisers to access more potential customers and retain an increasing number of existing ones."

Brodnicki said 2025 had started strongly and in line with expectations, adding that many AR firms were anticipating growth in adviser numbers this year while maintaining a focus on increasing profitability through higher productivity.

"We also have the opportunity to scale our invested businesses and build upon the impressive adviser productivity levels they are already achieving to deliver strong and sustainable shareholder returns over the long term."

Reporting by Josh White for Sharecast.com.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE