Mortgage Advice Bureau has announced a pre-tax profit of £6.8m for last year.
This was 31% up on 2013. Revenue was also up, by 41% to £56.6m.
MAB, which operates largely out of estate agents’ offices, floated on the AIM stock market last November.
With the £1m costs of its IPO out of the calculation, MAB made £7.8m pre-tax profit.
The business also grew its advisers last year, from 521 at the start to 634 at the end.
Chief executive Peter Brodnicki said: “I am pleased to report that despite the obvious time commitment by senior management that went into our successful listing on AIM in November, the group enjoyed a record year in terms of both revenues and profits.
“MAB’s strategy is to deliver strong revenue growth and attractive returns to investors by continuing to expand its network and leverage its scaleable model.”
* This morning, Nationwide reported a further slowing of annual house price inflation in all regions apart from the north of England. House prices crept up just 0.6% in the first three months of this year. It put the average house price for the first quarter at £188,566. Meanwhile, reporting on last year, Hometrack said there had been a rise in transactions of between 15% and 35% in cities outside the south east of England. While Hometrack said this suggested “the most significant recovery in house market activity since 2007”, the analyst also warned that transactions are still 38% lower than in 2007 and 10% below the average for the last ten years.
Comments (2)
PS: AS a property inventory clerk I often criss cross all over London, I meet tenants all over the social latter and if I am to combine what observations I have + what you’ve stated here – the property market and all property services related niches are to be seriously influenced by the ongoing trends and processes within it and we are yet to witness where it will all end up at.
“Housing Property Rents and Value are Rising. Poverty over London?”
http://www.ticktickcheck.co.uk/blog/housing-property-rent-london-poverty/
As housing renter myself, I would love to see a decline in the bureau’s profit, but as a property inventory professional that should be the other way around..
Kind regards,
Charly
IMO,
ever more londoners along with the massive flood of London newcomers do experience ever more serious obstacles when it comes down to property and the growth in MORTGAGE ADVICE BUREAU’s profit sounds absolutely logical and for what I’ve seen within the niche I specialize in, it is only about to grow.