Mortgage Advice Bureau's (MAB) interim results for the six months to the end of June showed pre-tax profits increased 39.9% to £12.3m (H1 2023: £8.8m) and its market share of new mortgage lending rose to 8.2% (H1 2023: 8.1%).
The number of mainstream advisors decreased by 0.7% to 1,908 (H1 2023: 1,921), however the number of mainstream advisors at the end of the period increased to 1,945 (as at 20 September 2024). 
AIM-listed MAB revealed in its year-end trading report for January 2024 that the total number of advisers had fallen by 4% amid what it called a “challenging market”.
MAB's latest figures show that revenue per mainstream adviser rose 9.2% compared to the first half of 2023 to £65,300.
Commenting on the half-year results, Peter Brodnicki, chief executive of MAB, said: “The first few months of 2024 have started well with mortgage rates declining slightly ahead of the expected base rate cut and a more stable political outlook.
Once it became clear that these cuts were not imminent, lenders raised mortgage rates and the increase in activity we had seen began to decline toward the end of the first quarter.”
He added that refinancing and purchase activity remained subdued for the remainder of the first half of the year ahead of the general election. With the first of many expected base rate cuts now in place, activity levels are gradually starting to recover and he expects the momentum to continue.
“Against this backdrop, I am very pleased to see MAB continuing to make progress in a year where mortgage volumes are expected to be broadly similar to 2023. MAB's investment in technology and AI remains a strategic priority as we position the business for strong, sustainable growth and make our operations even more resilient.”
“We continue to make great strides on the lead generation front, which is becoming an increasingly big differentiator and will support our strategy to help firms scale and advisors become more productive.”
Brodnicki highlighted that advisor numbers have started to increase since the end of the period and further growth is expected this year as new ARs are recruited into MAB and existing ARs start to increase their advisor numbers again, following continued market-led consolidation.
“We expect 2025/2026 to be a record year in terms of refinancing activity and it is very encouraging to have a new government with a strong focus on homebuilding and other initiatives, providing a tailwind for MAB and the market,” he concluded.
