In a recent trading update for the year ending 31 December 2023, Mortgage Advice Bureau announced that it has “significantly outperformed the market.” The Derby firm reported that trading in the fourth quarter surpassed expectations, with an adjusted profit before tax expected to exceed the current market consensus. Despite a challenging market environment, the business achieved a 4% increase in revenue for the year, reaching £239m, while UK Finance’s latest estimate of gross new mortgage lending for 2023 decreased by 28% compared to 2022.
CEO Peter Brodnicki stated, “2023 was an exceptionally challenging year with consumer confidence heavily impacted, resulting in many customers deciding to delay their house purchase or re-financing. Against this difficult backdrop, I am very pleased with how MAB has significantly outperformed the market.” He also expressed optimism for the future, highlighting the company’s continued investment in technology and lead initiatives to drive business and adviser efficiency, and the addition of Fluent to broaden the addressable market and strengthen growth plans.
