Mortgage Advice Bureau Reports Strong Financial Performance in 2023

Mortgage Advice Bureau (MAB) announced its expectation to achieve a slightly higher adjusted pretax profit in 2023, surpassing market consensus. The company also highlighted the improving market conditions for the near future.

In a statement released on Thursday, MAB revealed that the fourth-quarter trading performance exceeded expectations, leading to an upward revision of its full-year adjusted pretax profit forecast. This metric excludes exceptional and one-off items and is now projected to exceed current market expectations.

Peel Hunt analyst, Robert Sage, estimates that MAB will report an adjusted pretax profit of £22.4 million ($28.5 million) for 2023.

Despite a 28% reduction in the UK's latest estimate of gross new mortgage lending for the year, MAB reported a 4% increase in revenue to approximately £239 million compared to the previous year.

MAB remains optimistic about the demand for home ownership and home moves, citing a robust underlying level of demand. Despite political and geopolitical uncertainties, current trading remains encouraging, as evidenced by early signs of increased purchase activity and refinancing due to the reduced cost of fixed-rate mortgages towards the end of last year.

With these positive developments, MAB is well-positioned for continued success in the market.