Business
Trading Update
Mortgage Advice Bureau (Holdings) plc reported a strong trading update for the year ended 31 December 2025, with revenue increasing 19% to approximately £318 million and adjusted profit before tax expected to grow 12% to around £35.8 million. The Group saw a 10% rise in mainstream advisers to 2,135 and a 13% increase in average revenue per adviser to £157,000. Remortgage and product transfer completions rose 12%, while purchase activity saw a strong start followed by caution. MAB also increased M&A activity, acquiring several firms including Dashly for £2.8 million, with total cash consideration for transactions reaching £12.4 million. The company anticipates a stable operating environment and a strong outlook for refinance lending in 2026, with plans to move to the Main Market of the London Stock Exchange in Q2 2026. Disclaimer*
About this update from Mortgage Advice Bureau (holdings) Plc
[{"type":"text","content":"\n\n \n22 January 2026\nMortgage Advice Bureau (Holdings) plc\n(\"MAB\" or the \"Group\")\n \nTrading Update\n \nMortgage Advice Bureau (Holdings) plc (AIM: MAB1.L), a leading technology-driven UK mortgage network and broker, today issues a trading update for the year ended 31 December 2025, ahead of publishing its final results on 17 March 2026.\n \nYear ended 31 December 2025\nGroup revenue increased by 19% to c.£318m (2024: £266.5m), and the Board expects to report Adjusted PBT of c.£35.8m, representing 12% growth on the equivalent period last year (2024: £32.0m). The Group has traded in line with expectations for the year.\n \nThe Group's number of mainstream advisers1 at 31 December 2025 was up 10% on the prior year end to 2,135 (31 December: 1,941), with 65% of this growth driven by organic expansion from firms already in MAB's network, and the balance reflecting new Appointed Representative (\"AR\") firms joining MAB. This marks the first year of material growth since 2022, signalling increased confidence in the outlook.\n \nAdviser productivity continued to grow, with the average revenue per mainstream adviser for the period increasing to £157k, a 13% increase from 2024 (£139k). This is a considerable achievement, given many new joiners in the year will not reach full productivity until 2026.\n \nAs expected, refinancing activity strengthened through the second half of 2025 as a greater volume of fixed-rate products matured. The number of remortgages and Product Transfers completed by our ARs during the year was up 12% compared to 2024.\n \nIn the purchase segment, the year started strongly as buyers brought forward transactions ahead of changes to Stamp Duty relief. The anticipated autumn pick-up in purchase activity did not materialise, reflecting buyer caution in the long run-up to the Budget on 26 November 2025. Nevertheless, underlying demand remained resilient, supported by strong lending appetite, with around 33,000 mortgage products available - an all-time high2.\n \nThe Group increased its M&A activity during the year. In 2025, we acquired majority ownership of Heron - our AR firm with the highest adviser productivity - alongside Evolve and Meridian, our leading New Build sector businesses. We also invested in the expansion of First Mortgage in the ...