Final Results

About this update from Mortgage Advice Bureau (holdings) Plc

[{"type":"text","content":"\n \n 17 March 2026 \n Mortgage Advice Bureau (Holdings) plc \n (\"MAB\" or the \"Group\") \n   \n Final Results for the year ended 31 December 2025 \n Mortgage Advice Bureau (Holdings) plc (AIM: MAB1), a leading technology-driven UK property finance service, is pleased to announce its final results for the year ended 31 December 2025. \n Financial summary \n \n \n \n \n \n \n \n 2025 \n \n \n 2024 \n \n \n Change \n \n \n \n \n Revenue \n \n \n £318.8m \n \n \n £266.5m \n \n \n +19.6% \n \n \n \n \n Gross profit / Margin \n \n \n £91.9m /28.8% \n \n \n £77.0m /28.9% # \n \n \n +19.5%/-0.1pp \n \n \n \n \n Admin expenses / Admin expenses ratio * \n \n \n £56.2m / 17.6% \n \n \n £45.6 / 17.1% # \n   \n \n \n +23.3% / +0.5pp \n \n \n \n \n Adjusted PBT *   / Adjusted PBT Margin * \n \n \n £36.3m / 11.4% \n \n \n £32.0m / 12.0% \n \n \n +13.3%/-0.6pp \n \n \n \n \n Statutory PBT / Statutory PBT Margin \n \n \n £22.1m/6.9% \n \n \n £22.9m/8.6% \n \n \n -3.4%/-1.7pp \n \n \n \n \n Adjusted diluted EPS * \n \n \n 44.5p \n \n \n 39.2p \n \n \n +13.5%/+5.3p \n \n \n \n \n Basic EPS \n \n \n 26.0p \n \n \n 27.6p \n \n \n -5.8%/-1.6p \n \n \n \n \n Adjusted cash conversion * \n \n \n 121% \n \n \n 120% \n \n \n +1pp \n \n \n \n \n Net debt * / Leverage * \n \n \n (£3.3m)/0.1x \n \n \n (£9.7m)/0.3x \n \n \n +£6.4m/-0.2x \n \n \n \n \n Proposed final dividend \n \n \n 15.3p \n \n \n 14.8p \n \n \n  +3.4%/+0.5p \n \n \n \n \n   \n Performance highlights \n ·    Revenue up 19.6% to £318.8m (2024: £266.5m) \n ·    Adjusted diluted EPS up 13.5% to 44.5p (2024: 39.2p) \n ·    Market share of new mortgage lending [1] stable at 8.4% (2024: 8.4%) and market share of Product Transfers up to 3.0% (2024: 2.7%). \n ·    Closing mainstream advisers [2] up 10% to 2,135 (2024: 1,941). \n ·    Revenue per mainstream adviser 2 up 13% to £157k (2024: £139k) \n ·    2026 has started with good momentum, and the Group continues to trade in line with the Board's expectations \n \n \n Peter Brodnicki, Founder and Chief Executive, commented: \n \"2025 was another year of strong performance for MAB, keeping us firmly on track to deliver our five-year growth plan. \n In my view, MAB has become uniquely positioned in the intermediary and mortgage sectors as a result of executing a very deliberate strategy to build a specialist network with customer acquisition at the heart of the model. \n Because we've continued investing through all economic cycles, MAB's customer reach now extends across estate agency, new build, and major national digital lead sources, including price comparison websites, credit bureaus, property portals and major employers. This reach is the biggest driver of sustainable growth and underpins our ability to generate strong lead flow regardless of housing or economic cycles, with a proven track record through market downturns. \n We're now starting to leverage data, digital tools, and AI to deepen relationships with introducers, lenders, and consumers and unlock significantly more lead flow. At the same time, these capabilities are helping us retain more existing customers and engage a much wider audience of early researchers, helping them understand their options and become mortgage-ready. \n MAB has become a leading, tech-driven intermediary platform at the heart of mortgage and protection advice today, with the business ideally positioned to harness developments in AI to further extend its reach, performance and efficiency. \n Our proprietary platform connects customer data, adviser workflows and automation to remove time-consuming administration and allow advisers to focus on what matters most - helping customers. With 25 years of customer interactions under our belt, we have a unique, proprietary dataset that supports customer acquisition and retention strategies. \n We are still in the relatively early stages of AI adoption, but the potential is significant. Combined with our customer reach and data assets, AI will help us further improve performance and efficiency, delivering an exceptional, hyper-personalised customer experience, scaling, and increasing margins and supporting growth and margins. \n Advice will remain central to our model, but the way it is delivered will continue to evolve. Some customers prefer a lighter digital-first approach, while others need deeper adviser involvement for more complex decisions. Our model flexes accordingly. \n Unlike traditional networks, we also have a second growth engine through equity stakes in high-performing firms, supported by a single central head office. This increases our gross margins and operational leverage opportunity, whilst giving us the ability to secure and optimise national and digital lead sources. \n Despite the current geopolitical environment, the structural opportunity remains compelling. Around two-thirds of UK mortgage transactions are refinancing, which continue regardless of economic conditions. At the same time, the UK faces a well-documented protection gap, recently highlighted by the regulator, which represents a significant long-term opportunity for high-quality advice. Increasingly, protection needs are being reviewed outside the mortgage event, creating an additional and growing source of recurring revenue for MAB. \n Looking ahead, we are also building new strategic partnerships and pursuing selective M&A to expand MAB's role in the home-moving process, widen our proposition and add value to customers ahead of upcoming Government changes to the home-buying and selling process. Engaging customers earlier in their research journey and broadening our B2C proposition will further strengthen our ability to capture, convert and support customers through every stage of homeownership. \n Through continued organic growth, disciplined acquisitions and the increasing use of technology, data and AI, we believe MAB is well positioned not just to participate in the mortgage market, but to shape where it goes next.\" \n Enquiries: \n   \n \n \n \n \n Mortgage Advice Bureau (Holdings) plc    \n \n \n Via Camarco \n \n \n \n \n Peter Brodnicki, Chief Executive Officer \n Emilie McCarthy, Chief Financial Officer  \n \n \n \n \n \n \n \n \n \n Nominated Adviser and Joint Broker \n Keefe, Bruyette & Woods, a Stifel Company \n Erik Anderson /Jason Grossman / Francis North \n   \n \n \n   \n    +44 (0) 20 7710 7600 \n \n \n \n \n Joint Broker \n Berenberg \n James Felix / Michael Burke / Dan Gee-Summons  \n   \n \n \n   \n +44 (0) 20 3207 7800 \n \n \n \n \n Joint Broker \n Peel Hunt LLP \n Andrew Buchanan / Thomas Philpott / Rob Parker \n    \n \n \n   \n +44 (0) 20 7418 8900 \n \n \n \n \n Media Enquiries \n Camarco \n Tom Huddart / Letaba Rimell \n   \n \n \n   \n [email protected] \n \n \n \n \n Investor Relations \n   \n \n \n [email protected] \n \n \n \n \n Analyst presentation \n   \n There will be an in-person analyst presentation to discuss the results at 9:30 am today. Those analysts wishing to attend are asked to contact [email protected]. If you are unable to attend in person, but would like to join virtually, please contact IR for details. \n   \n About Mortgage Advice Bureau: \n   \n MAB is a leading UK property finance platform that connects customers, advisers, lenders, and insurers throughout the homeownership journey. Through its scalable, technology-driven intermediary model, MAB delivers personalised mortgage and protection advice via its proprietary platform, supported by deep customer insight and a data-rich, digitally enabled framework. \n   \n Through its partner firms, known as Appointed Representatives (ARs), MAB has over 2,100 advisers providing expert advice across mortgage, specialist lending, protection and general insurance products. MAB supports its AR firms with proprietary technology and services, including adviser recruitment and lead generation, learning and development, compliance auditing and supervision, and digital marketing and website solutions. \n   \n For more information, visit  www.mortgageadvicebureau.com \n * In addition to statutory reporting, MAB reports alternative performance measures (APMs) which are not defined or specified under the requirements of International Financial Reporting Standards (IFRS). The Group uses these APMs to improve the comparability of information between reporting periods by adjusting for certain items that impact IFRS measures, thereby aiding the user in understanding the activity across the Group's businesses. APMs are used by the Directors and management for performance analysis, planning, reporting and incentive purposes. A summary of APMs used and their closest equivalent statutory measures is given in the Glossary of Alternative Performance Measures. \n # Certain 2024 costs have been reclassified to better reflect the nature of the underlying activities and the Group's integrated operating model. Further details are included in the Financial Review. \n Chief Executive Review \n Market trends \n 2025 saw improved stability across UK mortgage lending, with total lending increasing by 19% to £548bn (2024: £459bn). \n Refinancing lending accelerated in the second half as a higher volume of fixed-rate mortgages reached maturity. Remortgage lending increased by 17%, while Product Transfers rose by 18%. This increase reflects the structural maturity profile of lending cohorts. Product Transfers account for approximately 47% of total market lending. \n Purchase lending totalled £189bn in 2025, an increase of 21% compared with 2024. Activity was front-loaded in the first half, as buyers brought forward transactions ahead of changes to Stamp Duty relief. The anticipated autumn pick-up in activity did not materialise due to the extended run-up to the Budget in late November 2025. Nevertheless, underlying demand remained resilient, supported by strong lender appetite, with approximately 30,000 mortgage products available [3] . \n UK mortgage lending by segment and MAB share \n \n \n \n \n   \n \n \n Total Market [4] \n   \n \n \n Total MAB [5] \n   \n \n \n Market Share \n \n \n \n \n £bn \n \n \n 2025 \n \n \n 2024 \n \n \n % \n \n \n 2025 \n \n \n 2024 \n \n \n % \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n Purchase \n \n \n 188.9 \n \n \n 155.9 \n \n \n 21% \n \n \n 16.5 \n \n \n 13.7 \n \n \n 20% \n \n \n 8.7% \n \n \n 8.8% \n \n \n \n \n Remortgage \n \n \n 90.7 \n \n \n 77.6 \n \n \n 17% \n \n \n 7.8 \n \n \n 6.5 \n \n \n 20% \n \n \n 8.6% \n \n \n 8.4% \n \n \n \n \n Other \n \n \n 11.2 \n \n \n 8.5 \n \n \n n/a \n \n \n n/a \n \n \n n/a \n \n \n n/a \n \n \n n/a \n \n \n n/a \n \n \n \n \n New lending \n \n \n 290.8 \n \n \n 242.0 \n \n \n 20% \n \n \n 24.3 \n \n \n 20.2 \n \n \n 20% \n \n \n 8.4% \n \n \n 8.4% \n \n \n \n \n Product Transfers \n \n \n 257.7 \n \n \n 217.4 \n \n \n 18% \n \n \n 7.7 \n \n \n 5.9 \n \n \n 32% \n \n \n 3.0% \n \n \n 2.7% \n \n \n \n \n Total lending \n \n \n 548.5 \n \n \n 459.4 \n \n \n 19% \n \n \n 32.0 \n \n \n 26.1 \n \n \n 23% \n \n \n 5.8% \n \n \n 5.7% \n \n \n \n \n   \n MAB's total mortgage completions increased 23% to £32.0bn (2024: £26.1bn), outperforming the total market growth of 19%. As a result, MAB's share of total mortgage lending increased to 5.8% (2024: 5.7%). Within total lending, MAB's share of new lending, comprising Purchase and Remortgage activity, remained stable at 8.4% (2024: 8.4%). \n Refinancing performance was particularly robust. MAB's total refinance lending (Remortgage and Product Transfers combined) increased by 26% compared with 2024 and ahead of market growth of 18%. This outperformance reflects targeted conversion and retention initiatives, alongside a strengthening pipeline of product maturities in the second half of the year. Customer retention improved year on year, supported by a deliberate focus on expanding penetration within the structurally attractive Product Transfer segment. As a result, Product Transfer market share increased to 3.0% (2024: 2.7%), and Remortgage lending share also grew to 8.6% (2024: 8.4%). \n MAB's purchase lending increased 20% compared with 2024, broadly in line with the market, despite the Group's footprint under-indexing in London and the Southeast. These regions benefited most from the Stamp Duty-driven front-loading of transactions. Achieving market-level growth without that regional tailwind underlines the resilience and breadth of MAB's national network. \n Pure protection market and MAB share \n MAB's pure protection offering comprises term assurance, critical illness and income protection. We estimate our blended market share of advised sales was 5.6% in 2024, and notably higher in income protection. Data for 2025 will be available in early Q2 2026. \n \n \n \n \n 2024 new policies \n \n \n UK Total [6] \n \n \n UK Advised \n \n \n MAB \n \n \n Market share \n \n \n \n \n Term \n \n \n 961,957 \n \n \n 687,631 \n \n \n 33,133 \n \n \n 4.8% \n \n \n \n \n Critical illness \n \n \n 540,715 \n \n \n 457,701 \n \n \n 26,880 \n \n \n 5.9% \n \n \n \n \n Income protection \n \n \n 235,063 \n \n \n 235,063 \n \n \n 30,393 \n \n \n 12.9% \n \n \n \n \n Other \n \n \n 297,799 \n \n \n 297,799 \n \n \n 2,947 \n \n \n n/a \n \n \n \n \n Total \n \n \n 2,035,534 \n \n \n 1,678,194 \n \n \n 93,353 \n \n \n 5.6% \n \n \n \n \n Adviser productivity and growth \n Adviser numbers and productivity remain fundamental drivers of MAB's organic growth. The Group's number of mainstream advisers 2 increased by 10% year on year to 2,135 (2024: 1,941), marking the first year of material growth since 2022 and signalling improving confidence in the outlook across the network. Notably, 65% of this was organic growth driven by firms already within MAB's network. \n Adviser productivity continued to grow, with the average revenue per mainstream adviser for the period increasing to £157k, a 13% increase from 2024 (£139k). This improvement reflects the benefits of our continued investment in technology and process improvements, supporting greater adviser efficiency and effectiveness, and is particularly encouraging given that many new advisers will not reach full productivity until 2026. \n Current trading and outlook \n The Group has entered 2026 with good momentum and continues to trade in line with the Board's expectations. Mortgage applications in Q1 to date have increased by 13% year-on-year, and refinancing volumes are expected to continue building through the remainder of 2026. \n The emerging situation in the Middle East has introduced new uncertainty into the macroeconomic outlook. Over the past week, we have seen a sharp increase in written volumes, potentially reflecting customers seeking to lock in rates. If sustained, this may result in some refinancing activity being brought forward from Q2 into Q1. The situation remains volatile, and our advisers are well placed to support customers during this period.    \n UK Finance forecasts modest 3% growth in total mortgage lending in 2026, comprising purchase growth of 2%, remortgage growth of 7% and Product Transfer growth of 2%. IMLA adopts a more optimistic view, forecasting total lending growth of 8% in 2026, with purchase and remortgage activity each increasing by 11% and Product Transfers by 4%. \n \n \n \n \n £bn \n \n \n 2025 \n   \n \n \n 2026 \n UK Finance [7] \n \n \n 2026 \n IMLA [8] \n \n \n \n \n Purchase \n \n \n 189 \n \n \n 191 \n \n \n 205 \n \n \n \n \n Remortgage \n \n \n 91 \n \n \n 106 \n \n \n 103 \n \n \n \n \n Product Transfers \n \n \n 258 \n \n \n 261 \n \n \n 260 \n \n \n \n \n Total refinancing \n \n \n 349 \n \n \n 367 \n \n \n 363 \n \n \n \n \n Other \n \n \n 10 \n \n \n 3 \n \n \n 12 \n \n \n \n \n Total lending \n \n \n 548 \n \n \n 561 \n \n \n 580 \n \n \n \n \n   \n Against this backdrop, MAB remains well-positioned. The Group's fixed-rate maturities are 19% higher in 2026, materially ahead of the overall refinancing market, which is forecast to grow by between 3% and 6%, according to UK Finance and IMLA. \n We are also seeing a gradual normalisation in product preferences, with 2-year fixed-rate products accounting for a larger share than 5-year fixes. This shift has been supported by the easing of stress-testing and further strengthens our refinance pipeline for 2027 and 2028. \n Main Market listing \n On 22 January 2026, the Group confirmed that the Board intends to proceed with the move to the ESCC listing category of the Main Market of the London Stock Exchange (the \"Main Market\"). This move is expected to facilitate access to a broader group of investors and further enhance the Group's profile. Subject to FCA approval, MAB expects to complete the move to the Main Market in Q2 2026.   \n MAB 2.0 strategic priorities \n 2025 marked an important year of progress for MAB as we continued to evolve our business model, positioning the Group for sustainable growth. In January 2026, we hosted a virtual Capital Markets Update for investors and analysts, setting out how our strategy is translating into tangible operational momentum. Across the Group, data, technology, and AI are playing an increasingly central role in broadening consumer reach, enhancing lead generation, improving conversion rates, and, in turn, boosting productivity and efficiency. The following section outlines the key developments during the year. \n Acquisition, retention and customer lifetime value \n Customer acquisition, retention and lifetime value remain central to MAB's strategy, and recent developments have materially strengthened the resilience and scalability of our model. \n Over the past three years, we have diversified our lead generation capabilities beyond our historic strengths in estate agency and new build. While these channels remain important contributors to purchase activity, we are now working with leading lettings partners to reach renters earlier in their home-ownership journey, unlocking a previously underserved pool of future first-time buyers. \n The acquisition of Fluent in 2022 further expanded our access to national, data-led lead sources, including partnerships with major property platforms, credit bureaus and price comparison websites. This enables us to engage customers earlier in their decision-making process while extending our reach to millions of customers seeking to refinance. \n Refinancing represents a structurally resilient, recurring revenue stream, and our strategy to expand access to refinancing opportunities - combined with the strong organic growth of our client base - is a central driver of predictable, repeatable growth for MAB. \n A major focus during 2025 was improving lead conversion through more proactive, technology-enabled customer nurture. A detailed analysis identified more than 15 reasons why leads historically did not proceed, including timing, affordability, and deposit constraints. Rather than losing these opportunities, every lead is now captured in a bespoke, data-led nurture programme tailored to each customer's circumstances. This approach is already reducing conversion leakage by maintaining engagement and reactivating customers as their positions evolve, thereby increasing the proportion of leads that progress to completed business over time. \n Retention of our existing customers is becoming an increasingly important strategic advantage as our client bank continues to expand. During the year, we have continued to invest in retention capability, including the deployment of dedicated advisers focused on refinancing activity. This is a key driver of enhanced profitability, as refinancing cases typically complete more quickly, convert at higher rates and require minimal incremental lead cost. \n The acquisition of Dashly, the technology and data company behind the Mortgage Monitoring monthly property report, has transformed the nature of our relationship with our customers post-completion. Each month, MAB analyses more than 33,000 mortgage products against multiple variable data inputs - including income, equity and credit score - to identify opportunities where customers may benefit from exiting their mortgage product early. \n This highly valued service is now being offered to mortgage holders who are not currently MAB customers through our national data partnerships. This strategy significantly extends our reach into the refinancing market, which accounts for approximately two-thirds of UK mortgage transactions. \n As with refinancing, protection advice plays a critical role in supporting financial resilience and delivering strong consumer outcomes, and remains a strategic growth priority for MAB, with increasing focus on engagement beyond the mortgage event. This approach is consistent with the FCA's Pure Protection Market Study interim report published in January 2026, which highlighted the significant protection gap in the UK and the important role of intermediaries in helping customers access appropriate cover. The FCA's conclusions align with MAB's long-standing approach to panel governance, fair value, and Consumer Duty oversight, reinforcing our confidence in continuing to invest in high-quality protection advice while supporting improved financial resilience and helping address the protection gap identified by the regulator. \n In 2025, we continued to invest in our protection capabilities by scaling our team of dedicated protection advisers operating alongside our core mortgage proposition. Protection engagement is now supported by a standalone, data-led nurture programme, with reviews decoupled from the mortgage event. This process is already driving higher customer engagement and is expected to strengthen long-term relationships and improve outcomes across the full customer lifecycle. It will also begin to eliminate historical variance in attachment rates based on whether the transaction is a purchase, a remortgage, or a Product Transfer. \n Looking ahead, we expect growth in 2026-27 to be led by the refinance and protection segments. By combining digital national lead access, monitoring-led retention, and platform-enabled customer journeys, MAB is accelerating its transition from transaction-based revenue to a more durable, recurring model that supports sustainable growth in market share, productivity, and profitability. \n Harnessing technology for scale and growth \n Technology remains a central enabler of MAB's strategy, supporting scalable growth without a proportional increase in cost or complexity. This enables continuous improvement in customer outcomes while supporting delivery of the Group's profitability targets. \n While overall investment levels have now normalised, we retain flexibility within our strategic spend to prioritise initiatives directly linked to revenue generation, productivity gains and measurable performance improvements. In a fast-moving technology environment, this disciplined flexibility allows us to respond quickly where returns are clear while maintaining capital control. \n During 2025, our focus has been on embedding efficiency through structured, connected data and digitally enabled customer journeys. By reducing handovers and duplication across the mortgage process, our priority technology, \"Platform\", is helping advisers spend more time advising and less time processing, improving speed and certainty for customers. \n We also accelerated the deployment of automation and AI to enhance adviser capacity and strengthen case quality. AI-enabled tools are enabling faster data capture, improved accuracy, and reduced administrative burden through automated document handling and bank statement analysis. These capabilities deliver meaningful time savings per case while improving compliance outcomes by reducing resubmissions. \n A key theme during the year has been scaling advice through a blended service model. Digital engagement is used where it suits customers, while trusted advisers focus on complex, high-value advice. Platform orchestration across nurture, advice, and after-market engagement ensures a consistent experience that remains personal while operating predictably at higher volume. \n We also continued investing in our technology infrastructure to strengthen our foundations. Platform is built on resilient cloud infrastructure with enterprise-grade security, observability and disaster recovery capabilities, ensuring that scale remains safe, repeatable and compliant in a regulated environment. This enables partner integration at speed and low capital intensity, with tiered access and packaged Application Programming Interface ('API's) allowing introducers to connect without bespoke complexity. \n Underlying these developments is the growing strategic value of MAB's proprietary data asset. With 25 years of customer interactions across purchase, protection and refinance journeys, the depth of structured operational data continues to enhance targeting, personalisation and decision-making. Over time, this creates a compounding advantage: scale improves insight, insight improves journeys, and better journeys drive further engagement and value. \n Looking ahead, continued investment in Platform, data and AI will further enhance MAB's ability to grow efficiently, strengthen operating leverage and reinforce our leadership position as the intermediary sector continues to evolve. \n MAB investments: strategy and update \n MAB's business has evolved significantly since listing, and our equity investment strategy reflects this evolution. In addition to the growth of our AR platform, we have deliberately invested in a select group of high-performing firms, collectively referred to as 'Invested Businesses', to consistently create long-term value. \n At the centre of this strategy is synergy. Each invested business is brought into the Group with a clear value-creation plan across three dimensions: revenue growth, operational optimisation and financial returns. \n From a revenue growth perspective, invested businesses expand the Group's reach by providing access to new lead sources, strengthening our geographic footprint and broadening our product offering across the home-moving and later-life lending landscape. These businesses benefit from the scale, brand and Platform capabilities of MAB, while enhancing the breadth and resilience of the Group's overall proposition. \n Operational optimisation represents the second pillar of the strategy. As businesses are integrated into the Group, we apply procurement efficiencies, embed best-practice processes, and progressively centralise administrative and support functions. This reduces duplication, improves consistency and enables businesses to scale more efficiently within the MAB Platform. \n The third dimension is financial performance, with a focus on generating attractive returns on capital employed. We invest in businesses with strong underlying economics, typically characterised by higher adviser productivity and attractive margins. As these businesses scale within the Group, they absorb a greater share of central costs, deliver earnings accretion and generate surplus cash. This capital can then be reinvested in strategic priorities, particularly in technology and platform development, reinforcing a virtuous cycle of growth and value creation. \n During 2025, our investment activity focused on consolidating minority interests to gain greater operational control, expanding our footprint in the South to build market share, and increasing our presence in later-life lending. We also completed the acquisition of Dashly, the technology and data company underpinning our mortgage monitoring and nurture capability. The combined cash consideration for these transactions totalled £12.4m, with each investment aligned to our capital allocation discipline. \n Looking ahead, the emphasis shifts from portfolio build-out to integration and the realisation of synergies. Our priority is to maximise the value of the businesses we already own, while laying the foundations for further expansion across the home-moving process as part of the MAB 3.0 strategy. \n Regulatory update \n In March 2025, the FCA unveiled its five-year strategy to support a pro-growth regulation framework. The renewed emphasis on proportionate, outcomes-based regulation is welcome for the industry and for MAB. \n A central theme of this agenda has been the simplification of responsible lending and advice rules for mortgages. Affordability stress-testing has already eased in practice, enabling MAB's average customer to borrow an additional £30k+, alongside increased availability of higher LTV products and greater flexibility in loan-to-income assessments. In July, the FCA published a Policy Statement setting out permissive reforms which should support easier remortgaging between lenders, improve adviser-led retention beyond Product Transfers, and provide a more efficient route for confident execution-only borrowers who wish to self-serve. \n In December, the FCA published its Feedback Statement on the Mortgage Rule Review, setting out a roadmap to widen access to sustainable home ownership. Further reforms under consideration include greater recognition of rental payment history within affordability assessments, while later life lending has been identified as a strategic priority for 2026. We believe these reforms are well judged, striking an appropriate balance between prudence and growth. If implemented, they should help more renters transition to first-time buyers (FTBs) and broaden refinancing options, supporting affordability and market mobility while creating a structural tailwind for MAB's future growth. \n Regulatory momentum has also been constructive in the protection market. The FCA's Pure Protection Market Study interim report, published in January 2026, concludes that, in many respects, protection distribution is working well and delivering good consumer outcomes, supported by high claims acceptance rates and low complaint levels, and indicates that it does not envisage significant market interventions. The FCA also notes that, on average, practices such as 'loaded premiums' or restricted panels are not creating worse pricing outcomes, aligning with MAB's long-standing approach to panel governance and fair value. \n MAB welcomes these findings and remains committed to maintaining the highest standards of consumer outcomes and regulatory engagement, while supporting the continued development of the protection market and the reduction of the protection gap. \n Sustainability \n During the year, we made further progress on our sustainability priorities. We engaged a specialist consultancy partner to support the development of a decarbonisation strategy aligned with the Science Based Targets initiative (SBTi). We installed a solar PV system at Capital House in Derby. These initiatives support our ambition to achieve operational net zero across Scope 1 and 2 emissions by 2035, alongside continued enhancements to governance, oversight and disclosure in this area. \n Progress against our medium-term targets \n In 2025, the Board introduced a set of medium-term growth targets reflecting our ambition to scale MAB materially over the five years to 2029 and deliver significant value for stakeholders. These targets remain unchanged and continue to shape our strategic focus and capital allocation decisions. \n During 2025, we made encouraging progress. Revenue growth was strong, supported by adviser expansion, improved productivity and continued momentum in refinancing. At the same time, we maintained disciplined cash generation, reinforcing the strength and capital-light characteristics of our model. \n Profitability margins during the year reflect deliberate investment in platform capability, protection scale and the integration of recent acquisitions. These investments are designed to enhance operating leverage as revenues grow, positioning the Group for sustained progression towards our medium-term profitability objective. \n Market share in new lending remained stable despite regional mix headwinds, while total market share increased. We are confident in the opportunities arising from our retention and productivity initiatives and believe the Group is well positioned to continue progressing towards our ambition of doubling market share over time. \n Overall, we exit 2025 with greater scale, a more integrated platform and improved productivity, providing a strong foundation for sustained delivery against our medium-term growth ambitions. \n \n \n \n \n Financial Review \n We measure the development, performance and position of our business against a number of key indicators: \n \n \n \n \n Income statement (£m) \n \n \n 2025 \n \n \n 2024 \n \n \n 2023 \n \n \n 2022 \n \n \n \n \n Revenue \n \n \n 318.8 \n \n \n 266.5 \n \n \n 239.5 \n \n \n 230.8 \n \n \n \n \n Gross Profit \n \n \n 91.9 \n \n \n  # 77.0 \n \n \n 70.2 \n \n \n 62.9 \n \n \n \n \n Administrative Expenses \n \n \n (56.2) \n \n \n # (45.6) \n \n \n (46.7) \n \n \n (36.0) \n \n \n \n \n Profit before tax (PBT)* \n \n \n 22.1 \n \n \n 22.9 \n \n \n 16.2 \n \n \n 17.4 \n \n \n \n \n Adjusted PBT* \n \n \n 36.3 \n \n \n 32.0 \n \n \n 23.2 \n \n \n 27.2 \n \n \n \n \n Adjusted EBITDA* \n \n \n 40.4 \n \n \n 35.1 \n \n \n 26.7 \n \n \n 29.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Performance metrics (%) \n \n \n 2025 \n \n \n 2024 \n \n \n 2023 \n \n \n 2022 \n \n \n \n \n Gross Margin (% revenue) \n \n \n 28.8% \n \n \n # 28.9% \n \n \n 29.3% \n \n \n 27.3% \n \n \n \n \n Administrative expense (% revenue) \n \n \n 17.6% \n \n \n # 17.1% \n \n \n 19.5% \n \n \n 15.6% \n \n \n \n \n Adjusted PBT (% revenue) * \n \n \n 11.4% \n \n \n 12.0% \n \n \n 9.7% \n \n \n 11.8% \n \n \n \n \n Adjusted EBITDA (% revenue) * \n \n \n 12.7% \n \n \n 13.2% \n \n \n 11.2% \n \n \n 12.6% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Balance sheet & Cash flow \n \n \n 2025 \n \n \n 2024 \n \n \n 2023 \n \n \n 2022 \n \n \n \n \n Unrestricted cash balance (£m) \n \n \n 8.1 \n \n \n 4.2 \n \n \n 3.0 \n \n \n 7.2 \n \n \n \n \n Cash conversion* \n \n \n 121% \n \n \n 120% \n \n \n 119% \n \n \n 105% \n \n \n \n \n Free cash flow (£m)* \n \n \n 35.5 \n \n \n 35.7 \n \n \n 28.0 \n \n \n 26.6 \n \n \n \n \n Net debt (£m) \n \n \n (3.3) \n \n \n (9.7) \n \n \n (15.2) \n \n \n (16.2) \n \n \n \n \n Leverage (x)* \n \n \n 0.1x \n \n \n 0.3x \n \n \n 0.6x \n \n \n 0.6x \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Shareholder returns \n \n \n 2025 \n \n \n 2024 \n \n \n 2023 \n \n \n 2022 \n \n \n \n \n Diluted Adjusted EPS (p) \n \n \n 44.5 \n \n \n 39.2 \n \n \n 29.6 \n \n \n 37.4 \n \n \n \n \n Ordinary dividend (p) \n \n \n 22.5 \n \n \n 28.2 \n \n \n 28.1 \n \n \n 28.1 \n \n \n \n \n Return on capital employed [9] \n \n \n 34% \n \n \n 32% \n \n \n 23% \n \n \n 36% \n \n \n \n \n # Certain 2024 costs have been reclassified to better reflect the nature of the underlying activities and the Group's integrated operating model. Further details are included in the Financial Review. \n Revenue \n The Group achieved strong growth in the period, with revenue rising 19.6% to £318.8m (2024: £266.5m). This performance reflects our strategic focus on balancing productivity gains with measured expansion of the adviser base. Substantially all revenue growth was organic, with M&A activity during the year largely focused on consolidating existing investments.    \n Revenue continued to be generated from three core areas - mortgage procuration fees, protection and general insurance commission, and client fees - with 2025 performance driven by growth across all income streams. \n \n \n \n \n Income source (£m) \n \n \n 2025 \n \n \n 2024 \n \n \n Change \n \n \n \n \n Mortgage procuration fees \n \n \n 133.9 \n \n \n 105.8 \n \n \n 27% \n \n \n \n \n Protection and General Insurance (GI) \n \n \n 117.5 \n \n \n 104.7 \n \n \n 12% \n \n \n \n \n Client fees \n \n \n 61.3 \n \n \n 51.2 \n \n \n 20% \n \n \n \n \n Other income \n \n \n 6.1 \n \n \n 4.8 \n \n \n 25% \n \n \n \n \n Total \n \n \n 318.8 \n \n \n 266.5 \n \n \n 20% \n \n \n \n \n   \n \n \n \n \n Income mix (%) \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n Mortgage procuration fees \n \n \n 42% \n \n \n 40% \n \n \n \n \n Protection and General Insurance (GI) \n \n \n 37% \n \n \n 39% \n \n \n \n \n Client fees \n \n \n 19% \n \n \n 19% \n \n \n \n \n Other income \n \n \n 2% \n \n \n 2% \n \n \n \n \n Total \n \n \n 100% \n \n \n 100% \n \n \n \n \n Procuration fees \n Procuration fees increased by 27.0% to £133.9m, with growth accelerating in the second half of the year as advisers capitalised on higher refinancing activity. Customer retention improved, reflecting continued focus on increasing penetration within the large, structurally attractive Product Transfer market. The number of refinance mortgages completed during the year, including Product Transfers, rose by 21% compared with 2024, while purchase mortgage completions increased by 6%. The average mortgage size increased by 4% year-on-year, while the total number of mortgages completed during the year increased by 18% . \n   \n \n \n \n \n First charge procuration fee revenue split by mortgage type % \n \n \n 2025 \n \n \n 2024 \n \n \n Change \n \n \n \n \n Purchase \n \n \n 60% \n \n \n 63% \n \n \n -3pp \n \n \n \n \n Remortgage \n \n \n 27% \n \n \n 25% \n \n \n 2pp \n \n \n \n \n Product Transfer \n \n \n 13% \n \n \n 11% \n \n \n 2pp \n \n \n \n \n Total \n \n \n 100% \n \n \n 100% \n \n \n \n \n \n \n \n   \n \n \n \n \n Lending by mortgage type \n \n \n 2025 \n \n \n 2024 \n \n \n Change \n \n \n \n \n Purchase \n \n \n 51% \n \n \n 53% \n \n \n -1.1pp \n \n \n \n \n Remortgage \n \n \n 24% \n \n \n 25% \n \n \n -0.6pp \n \n \n \n \n Product Transfer \n \n \n 24% \n \n \n 22% \n \n \n +1.1pp \n \n \n \n \n Total \n \n \n 100% \n \n \n 100% \n \n \n \n \n \n \n \n Total number of mortgages completed \n \n \n 166,000 \n \n \n          141,000 \n \n \n 18% \n \n \n \n \n   \n Protection and General Insurance Commission \n Our advisers play an important role in enhancing customer outcomes and helping clients safeguard their homes - typically their most significant financial commitment. Protection and general insurance commission increased by 12% to £117.5m. This represents a solid performance given the strong growth in Product Transfers during the year, where attachment rates are lower. \n \n \n \n \n Protection and GI commission £m \n \n \n 2025 \n \n \n 2024 \n \n \n Change \n \n \n \n \n Pure Protection \n \n \n 102.7 \n \n \n 90.5 \n \n \n 13% \n \n \n \n \n General Insurance \n \n \n 14.8 \n \n \n 14.2 \n \n \n 4% \n \n \n \n \n Pure Protection accounted for £102.7m of commission (2024: £90.5m), representing 87% of total insurance commission in 2025. General Insurance contributed £14.8m (2024: £14.2m), equivalent to 13% of the total. \n \n \n \n \n KPI Pure Protection \n \n \n 2025 \n \n \n 2024 \n \n \n Change \n \n \n \n \n Number of policies [10] (in thousands) \n \n \n 99.5 \n \n \n 93.4 \n \n \n 7% \n \n \n \n \n Split between:  Term \n \n \n 38% \n \n \n 38% \n \n \n   \n \n \n \n \n                                 Critical Illness \n \n \n 28% \n \n \n 29% \n \n \n   \n \n \n \n \n                                 Income protection \n \n \n 33% \n \n \n 33% \n \n \n   \n \n \n \n \n Protection only advisers (as at December) \n \n \n 182 \n \n \n 141 \n \n \n 29% \n \n \n \n \n Pure Protection commission revenue increased by 13% year on year. Growth reflected an increase in policy volumes and a modest increase in average premiums. The protection mix remained broadly unchanged between 2024 and 2025. \n Performance also benefited from continued investment in protection capability, including the expansion of our team of dedicated protection advisers operating alongside our core mortgage proposition. The number of protection-only advisers increased 29% to 182 at December 2025 (2024: 141). Growing protection revenue remains a key pillar of the Group's strategy, and our investment in this area is expected to support further growth in the coming years.  \n Client fees \n Client fees income increased 19.8% to £61.3m (2024: £51.2m), driven by higher levels of house purchase activity in the early part of the year and increased volumes of specialist lending, which typically attracts higher client fee attachment rates. \n Client fees from first charge mortgages rose 12% to £29.1m (2024: £26.0m), reflecting stronger house purchase activity in the first half. \n Specialist lending client fees increased 28% to £32.2m (2024: £25.2m), principally driven by Fluent, which has returned to a clear growth trajectory. \n \n \n \n \n Client fees £m \n \n \n 2025 \n \n \n 2024 \n \n \n Change \n \n \n \n \n First charge mortgages \n \n \n 29.1 \n \n \n 26.0 \n \n \n 12% \n \n \n \n \n Specialised lending [11] \n \n \n 32.2 \n \n \n 25.2 \n \n \n 28% \n \n \n \n \n Total \n \n \n 61.3 \n \n \n 51.2 \n \n \n 20% \n \n \n \n \n Revenue split between the AR network and Invested Businesses \n Both the AR Network and Invested Businesses contributed to Group revenue growth during the year. AR Network revenue increased by 17% to £177.7m (2024: £152.3m), while Invested Businesses grew by 23% to £141.1m (2024: £114.2m). As a result, total revenue increased by 20% to £318.8m (2024: £266.5m). The revenue mix between the two segments remained broadly stable year-on-year, reflecting their complementary contribution to the Group's growth. \n \n \n \n \n Growth engine (£m) \n \n \n 2025 \n \n \n 2024 \n \n \n Change \n \n \n \n \n AR Network \n \n \n 177.7 \n \n \n 152.3 \n \n \n 17% \n \n \n \n \n Invested Businesses \n \n \n 141.1 \n \n \n 114.2 \n \n \n 23% \n \n \n \n \n Total \n \n \n 318.8 \n \n \n 266.5 \n \n \n 20% \n \n \n \n \n   \n \n \n \n \n Growth engine (%) \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n AR Network \n \n \n 56% \n \n \n 57% \n \n \n \n \n Invested Businesses \n \n \n 44% \n \n \n 43% \n \n \n \n \n Total \n \n \n 100% \n \n \n 100% \n \n \n \n \n   \n Revenue per mainstream adviser (productivity) \n The Group's number of mainstream advisers 2 at 31 December 2025 was up 10% on the prior year end to 2,135 (2024: 1,941), with 65% of this growth driven by organic expansion from firms already in MAB's network, and the balance reflecting new AR firms joining MAB. This marks the first year of material growth since 2022, signalling increased confidence in the outlook. \n Adviser 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 that many new joiners in the year will not reach full productivity until 2026. \n Adviser numbers within invested businesses at the end of 2025 were 645 (2024: 495), while the AR network comprised 1,490 advisers (2024: 1,447). \n \n \n \n \n   \n \n \n 2025 \n \n \n 2024 \n \n \n   \n \n \n \n \n   \n \n \n Average number of advisers \n \n \n Productivity per adviser (£000s) \n \n \n Average number of advisers \n \n \n Productivity per adviser (£000s) \n \n \n Change in productivity \n \n \n \n \n AR Network \n \n \n 1,463 \n \n \n 122 \n \n \n 1,442 \n \n \n 106 \n \n \n 15% \n \n \n \n \n Invested Businesses \n \n \n 568 \n \n \n 248 \n \n \n 478 \n \n \n 239 \n \n \n 4% \n \n \n \n \n Total \n \n \n 2,031 \n \n \n 157 \n \n \n 1,920 \n \n \n 139 \n \n \n 13% \n \n \n \n \n   \n Invested businesses by type \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n First charge mortgages \n \n \n 510 \n \n \n 192 \n \n \n 425 \n \n \n 188 \n \n \n 2% \n \n \n \n \n Specialised lending [12] \n \n \n 58 \n \n \n 740 \n \n \n 53 \n \n \n 646 \n \n \n 15% \n \n \n \n \n Total Invested Businesses \n \n \n 568 \n \n \n 248 \n \n \n 478 \n \n \n 239 \n \n \n 4% \n \n \n \n \n Productivity growth in the AR Network increased by 15% to £122k (2024: £106K), reflecting improved adviser effectiveness, including higher retention and additional Product Transfers. \n Productivity in Invested Businesses rose by 4% to £248k (2024: £239k). The more modest increase reflects the strong growth in the average number of advisers, which rose to 568 (2024: 478). Adviser recruitment was weighted towards the second half of 2025, meaning a higher proportion of newer advisers who have not yet reached full productivity levels. \n A further breakdown of Invested Businesses illustrates the range of productivity across lending types. While first-charge mortgages remain the core of MAB's proposition, specialist lending delivers materially higher revenue per case and represents a significant growth opportunity for the Group. \n \n Gross profit and gross profit margin \n During 2025, the Group's strategic focus evolved from portfolio build-out to deeper integration and the delivery of operational synergies across its Invested Businesses. The implementation of a new ERP system during the year enabled greater consistency and transparency in financial reporting across the core MAB business, the AR Network and subsidiaries. As part of this process, the classification of certain costs was aligned to better reflect the nature of the underlying activities and the way in which the Group now operates as an integrated platform. \n As a result, a net £4.9m was reclassified from administrative expenses to cost of sales. Within Invested Businesses, £4.8m of costs, primarily relating to case administration, were reclassified from administrative expenses to cost of sales, and £0.1m has been reclassified from administrative expenses to cost of sales at Head Office. \n For the avoidance of doubt, there was no impact on overall profitability in 2024. \n \n \n \n \n   \n \n \n 2025 \n \n \n 2024 \n \n \n Change \n \n \n \n \n Gross Profit £m \n \n \n 91.9 \n \n \n # 77.0 \n \n \n 19% \n \n \n \n \n AR Network \n \n \n 44.0 \n \n \n 39.8 \n \n \n 11% \n \n \n \n \n Invested Businesses \n \n \n 53.8 \n \n \n 41.1 \n \n \n 31% \n \n \n \n \n Head office \n \n \n (5.8) \n \n \n (4.0) \n \n \n 47% \n \n \n \n \n Gross Margin % \n \n \n 28.8% \n \n \n # 28.9% \n \n \n -0.1pp \n \n \n \n \n AR Network \n \n \n 24.8% \n \n \n 26.1% \n \n \n -1.3pp \n \n \n \n \n Invested Businesses \n \n \n 38.1% \n \n \n 36% \n \n \n +2.1pp \n \n \n \n \n Head office \n \n \n n/a \n \n \n n/a \n \n \n n/a \n \n \n \n \n     \n     \n Gross profit increased by 19% to £91.9m (2024: £77.0m). The gross margin percentage remained broadly stable at 28.8% (2024: 28.9%). \n \n AR network \n AR Network gross profit increased by 11% to £44.0m (2024: £39.8m), reflecting revenue growth across the network and continued improvements in adviser productivity. \n The gross margin percentage declined to 24.8% (2024: 26.1%), primarily due to changes in the business mix during the year. Stronger growth in Product Transfers and remortgaging, where protection attachment rates are typically lower, reduced the proportion of higher-margin protection income within the overall mix. \n Invested Businesses \n Invested Businesses' gross profit increased 31% to £53.8m (2024: £41.1m), with the gross profit margin percentage improving to 38.1% (2024: 36.0%). \n The consolidation of previously non-controlled minority interests during 2025 contributed £5.4m of additional gross margin. The firms consolidated were already within MAB's network. The uplift reflects the lower adviser and administrative cost ratio in Invested Businesses relative to the AR Network. As most transactions completed in the second half of the year, the full annual benefit of these is expected to support further margin progression next year. \n The business mix within lending was less favourable during the year, with a higher proportion of Product Transfers and lower protection attachment rates reducing the contribution from higher-margin protection income. In addition, the expansion of protection-only advisers has yet to translate fully into profitability. These factors were partially offset by strong growth in specialist lending at Fluent, which supported overall margin performance. \n Administrative expenses \n Administrative expenses are presented to reflect the cost reclassification described within gross profit margin. \n \n \n \n \n £m \n \n \n 2025 \n \n \n 2024 \n \n \n Change \n \n \n \n \n Administrative expenses \n \n \n 56.2 \n \n \n # 45.6 \n \n \n 23% \n \n \n \n \n Invested Businesses \n \n \n 20.7 \n \n \n 15.3 \n \n \n 36% \n \n \n \n \n Head Office \n \n \n 35.5 \n \n \n 30.3 \n \n \n 17% \n \n \n \n \n Administrative expenses % total revenue \n \n \n 17.6% \n \n \n # 17.1% \n \n \n 0.5pp \n \n \n \n \n Invested Businesses % IB revenue \n \n \n 14.7% \n \n \n 13.4% \n \n \n 1.3pp \n \n \n \n \n Head Office % total revenue \n \n \n 11.1% \n \n \n 11.4% \n \n \n (0.3)pp \n \n \n \n \n Administrative expenses increased by 23% to £56.2m (2024: £45.6m), reflecting continued investment in the business to support higher levels of activity. As a percentage of total revenue, administrative expenses increased modestly to 17.6% (2024: 17.1%). \n   \n Invested Businesses \n Administrative expenses within Invested Businesses increased by 36% to £20.7m (2024: £15.3m). Of the £5.4m increase, £3.5m relates to the consolidation of acquisitions completed during the year. \n As a percentage of Invested Businesses' revenue, administrative expenses increased to 14.7% (2024: 13.4%). As most acquisitions were completed in the second half of the year, only a partial period of associated administrative costs has been reflected in 2025. The cost ratio is therefore expected to increase in 2026 as these businesses are annualised within the Group, before moderating as integration progresses and operational efficiencies are realised. \n Head Office \n Head Office administrative expenses increased by £5m. The increase reflects continued investment in people and infrastructure to support the Group's ambitious growth plans, including key personnel hires, higher performance-related remuneration, increased share-based payment charges and professional services. In 2025, we also accelerated development of the Group's Platform and the net impact of additional capitalised development cost, offset by associated amortisation, was £1.5m. \n Overall, Head Office costs remained well controlled relative to revenue growth, highlighting the operational gearing at the Group level. The Group is well-positioned to deliver further operational efficiencies as revenues increase. \n Adjusted Profit Before Tax (PBT) and profitability margin \n Adjusted profit before tax increased 13.3% to £36.3m (2024: £32.0m), reflecting strong revenue growth across both the AR Network and Invested Businesses. The adjusted PBT margin was 11.4% (2024: 12.0%). \n The reduction in margin reflects the changes in business mix, the timing of acquisitions completed during the year and continued investment in Platform development and central capabilities to enhance the Group's scalability. \n The additional contribution from M&A transactions in 2025 was £1.1m. As the majority of transactions closed in the second half, the full annualised profitability impact has not yet been realised. \n The Group has started the new financial year with a broader, more integrated platform, well-positioned to deliver improved earnings as revenues scale. \n Statutory profit before tax \n Statutory profit before tax was £22.1m (2024: £22.9m). The adjustments between statutory and adjusted PBT relate entirely to acquisition-related costs. Adjustments in 2025 were £5.1m higher than in 2024, primarily reflecting increased amortisation of acquired intangibles and fair value adjustments relating to the disposal of associates, as well as to put and call options and the redemption liability. \n Taxation \n The effective tax rate on adjusted profit before tax was 24.0% (2024: 25.3%), broadly in line with the headline UK corporate tax rate. A reassessment of R&D tax credits in 2025 resulted in an additional deferred tax liability. \n The reported tax charge was £6.7m (2024: £6.8m), representing an effective tax rate on statutory profit before tax of 30.5% (2024: 29.7%), which is above the headline UK corporation tax rate of 25%, primarily due to disallowable acquisition-related costs. \n Earnings per share \n In 2025, adjusted diluted earnings per share were 44.5p (2024: 39.2p), while basic earnings per share were 26p (2024: 27.6p). The 18.5p difference between adjusted and basic EPS in 2025 primarily reflects £12.5m of acquisition-related costs, net of tax, attributable to the parent. \n Balance sheet \n Assets \n Total assets increased by 12.8% to £181.4m (2024: £160.8m), reflecting profitable growth, including acquisition activity during the year. Non-current assets rose to £ 141.6m, driven by increases in goodwill and other intangible assets arising from new acquisitions. Trade and other receivables also increased, reflecting higher accrued income in line with revenue growth and the contribution from newly-acquired businesses. \n Liabilities \n Total liabilities increased by 23.1% to £105.5m (2024: £85.7m), primarily reflecting acquisition-related activity along with associated higher deferred consideration and redemption liabilities, offset by a reduction in loans and borrowings. Non-current liabilities rose due to additional deferred consideration payable in respect of recent acquisitions. In contrast, current trade and other payables increased in line with higher levels of activity and the timing of commission payments. \n Equity \n Total equity increased to £75.9m (2024: £75.1m), supported by profit generation and partly offset by dividend payments and acquisition-related movements. \n Cash flow \n Cash generated from operating activities increased to £42.2m (2024: £38.6m), reflecting higher profitability and continued cash discipline. Net cash generated from operating activities was £34.4m (2024: £30.0m) after interest and tax payments. \n Net cash used in investing activities was £10.8m (2024: £5.0m), primarily reflecting acquisition activity during the year, including the purchase of subsidiaries and associates, together with continued investment in technology. \n Net cash used in financing activities was to £21.1m (2024: £23.3m), reflecting dividend payments, deferred consideration settlements and scheduled lease and loan repayments. \n As a result, cash and cash equivalents (including short-term deposits of £400k) increased by £2.9m to £26.6m at year-end, supporting a reduction in net debt to £3.3m (2024: £9.7m) and reinforcing the Group's disciplined approach to capital management. \n Free cash flow during the year was £35.5m (2024: £35.7m), reflecting strong operating cash generation partly offset by higher capital expenditure.  Free cash flow is defined as operating cash flow before strategic investment, M&A and dividends. \n Adjusted Cash conversion \n The Group's operations generate strong positive cash flow, as evidenced by net cash from operating activities of £42.2m (2024: £38.6m). Adjusted cash conversion* was 121% (2024: 120%), supporting our expectation that adjusted cash conversion will continue to exceed 100%. \n Dividend \n As previously announced, the Board is pleased to confirm payment of an ordinary dividend equivalent to of 50% of adjusted post-tax profit. This equates to a full-year dividend of 22.5p per share (2024: 28.2p), of which 7.2p was paid at the interim stage. \n Accordingly, the proposed final dividend is 15.3p per share (2024: 14.8p), representing a cash outlay of £8.9m (2024: £8.6m). Following payment of the dividend, the Group will continue to maintain significant surplus regulatory reserves. \n The record date for the final dividend will be 24 April 2026, with payment on 26 May 2026. The ex-dividend date will be 23 April 2026. \n As previously indicated, the Board intends to adopt a progressive dividend policy going forward. \n Capital allocation \n Our capital allocation framework balances investment in growth initiatives with the delivery of sustainable shareholder returns. Our performance in 2025 is outlined below: \n Financial resilience: The Group remains financially resilient, with significant headroom of £56.7m over the regulatory capital requirement, equivalent to 2.5% of regulated revenue in regulated entities. Net debt reduced to £3.3m (2024: £9.7m), representing a low leverage ratio of 0.1x (2024: 0.3x), following the £3.75m capital repayment of the Group's term loan during the year. \n Organic growth investment. Strong cash generation supported continued investment in organic growth initiatives during the year, with strategic expenditure of £11.9m (2024: £8.4m), strengthening our plans for sustainable growth and futureproofing our operations.  \n In 2025, strategic spend of £9.1m comprised technology investment and marketing, including investment in customer acquisition and nurture, digital marketing and recruitment, and £2.8m to acquire full ownership of Dashly, the technology and data company behind MAB's mortgage monitoring and nurturing tool. \n Ordinary dividends: For 2025, we expect to pay a combined £13.1m (equivalent to 22.5p per share) to shareholders, with the final dividend payment due on 26 May 2026. \n M&A: Total cash consideration for M&A activity during the year amounted to £9.6m (2024: £9.8m, which included £7.0m satisfied through the issue of shares), excluding £2.8m in respect of Dashly, which, for capital allocation purposes, is treated as a technology investment within strategy spend. \n During 2025, we acquired majority ownership stakes in Heron, Evolve and Meridian. We also invested in the expansion of First Mortgage in the South through the acquisitions of Lucra and London-based Kinleigh Financial Services. In addition, we acquired a majority stake in UK MoneyMan and invested in The Mortgage Mum. \n Surplus capital: In 2025, there were no additional distributions beyond ordinary dividends. \n Performance against medium-term targets \n The Board's medium-term targets, announced in 2025 and presented at our Capital Markets Day, comprise: \n ·    Doubling revenue from 2024 levels \n ·    Adjusted PBT margin of greater than 15% \n ·    Adjusted cash conversion of greater than 100% \n ·    Doubling market share in new mortgage lending \n Performance in 2025 is summarised below. \n Revenue \n Revenue increased by 19.6% to £318.8m (2024: £266.5m). This growth reflects strong underlying performance across both the AR Network and Invested Businesses, supported by adviser growth, productivity improvement and increased refinance activity. \n Adjusted PBT margin \n Adjusted \n  PBT margin was 11.4% (2024: 12.0%). The movement primarily reflects: \n ·    Business mix effects, including higher Product Transfer volumes \n ·    The timing of acquisitions completed during the year \n ·    Adviser recruitment and productivity lag \n ·    Continued investment in platform development and central capabilities \n As acquisitions are annualised and integration synergies are realised, operating leverage is expected to improve, supporting margin progression over time. \n Adjusted cash conversion \n Adjusted cash conversion was 121% (2024: 120%), comfortably above the Group's medium-term target of greater than 100%. The strength of cash generation reflects attractive working capital dynamics and the capital-light characteristics of our business model. \n Market share \n MAB's share of new mortgage lending remained stable at 8.4% (2024: 8.4%), while total mortgage market share increased to 5.8% (2024: 5.7%). \n The stability in new lending share, despite regional mix headwinds, and the growth in total share reflect the Group's expanding refinance capability and improving customer retention. Adviser growth and expanded lead access provide further opportunities to progress towards the ambition of doubling market share in new mortgage lending over the medium term. \n Corporate Information \n The financial information for the year ended 31 December 2025 and the year ended 31 December 2024 does not constitute the company's statutory accounts for those years. \n The statutory accounts for the year ended 31 December 2024 have been delivered to the Registrar of Companies. The statutory accounts for the year ended 31 December 2025 will be delivered to the Registrar of Companies in due course. \n The auditor's report on the accounts for the year ended 31 December 2024 and 31 December 2024 were unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under sections 498(2) or 498(3) of the Companies Act 2006. \n   \n   \n   \n   \n   \n   \n Consolidated statement of comprehensive income for the year ended 31 December 2025 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n Note \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n Revenue \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 4 \n \n \n 318,765 \n \n \n 266,537 \n \n \n \n \n Cost of sales \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 5 \n \n \n (226,819) \n \n \n (189,576) \n \n \n \n \n Gross profit \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 91,946 \n \n \n 76,961 \n \n \n \n \n Administrative expenses \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (56,192) \n \n \n (45,571) \n \n \n \n \n Share of profit from associates \n \n \n \n \n \n \n \n \n \n \n \n 16 \n \n \n 1,149 \n \n \n 1,315 \n \n \n \n \n Costs relating to acquisition options \n \n \n \n \n \n \n \n \n 6 \n \n \n (2,866) \n \n \n (2,732) \n \n \n \n \n Amortisation of acquired intangibles \n \n \n \n \n \n \n \n \n 6 \n \n \n (7,203) \n \n \n (5,160) \n \n \n \n \n Acquisition costs \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 6 \n \n \n (826) \n \n \n (89) \n \n \n \n \n Net loss on disposal of associate \n \n \n \n \n \n \n \n \n \n \n \n 16 \n \n \n (1,165) \n \n \n - \n \n \n \n \n Exceptional items \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (150) \n \n \n - \n \n \n \n \n Net (loss)/gain on fair value measurement of derivative financial instruments \n \n \n 16 \n \n \n (141) \n \n \n 21 \n \n \n \n \n Operating profit \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7 \n \n \n 24,552 \n \n \n 24,745 \n \n \n \n \n Finance income \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 9 \n \n \n 530 \n \n \n 585 \n \n \n \n \n Finance expense \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 9 \n \n \n (1,143) \n \n \n (1,267) \n \n \n \n \n Unwinding of redemption liability \n \n \n \n \n \n \n \n \n \n \n \n 6 \n \n \n (1,140) \n \n \n (626) \n \n \n \n \n Net loss on remeasurement of redemption liability \n \n \n \n \n \n 6 \n \n \n (700) \n \n \n (551) \n \n \n \n \n Profit before tax \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 22,099 \n \n \n 22,886 \n \n \n \n \n Tax expense \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 10 \n \n \n (6,741) \n \n \n (6,804) \n \n \n \n \n Profit for the year \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 15,358 \n \n \n 16,082 \n \n \n \n \n Total comprehensive income \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 15,358 \n \n \n 16,082 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Profit is attributable to: \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Equity owners of the Parent Company \n \n \n \n \n \n \n \n \n \n \n \n 15,074 \n \n \n 15,896 \n \n \n \n \n Non-controlling interests \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 284 \n \n \n 186 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 15,358 \n \n \n 16,082 \n \n \n \n \n   \n \n \n \n \n Earnings per share attributable to the owners of the Parent Company \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 11 \n \n \n 26.0p \n \n \n 27.6p \n \n \n \n \n Diluted \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 11 \n \n \n 25.8p \n \n \n 27.4p \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted measures \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted EBITDA \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 40,372 \n \n \n 35,103 \n \n \n \n \n Adjusted profit before tax \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 36,290 \n \n \n 32,023 \n \n \n \n \n Adjusted diluted earnings per share \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 44.5p \n \n \n 39.2p \n \n \n \n \n   \n Further details of adjusted measures are provided within the Glossary of Alternative Performance Measures. \n \n \n \n Consolidated statement of financial position as at 31 December 2025 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Note \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n Assets \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-current assets \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Property, plant and equipment \n \n \n \n \n \n \n \n \n \n \n \n 13 \n \n \n 5,578 \n \n \n 5,047 \n \n \n \n \n Right of use assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 14 \n \n \n 6,686 \n \n \n 3,960 \n \n \n \n \n Goodwill \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 15 \n \n \n 69,742 \n \n \n 53,885 \n \n \n \n \n Other intangible assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 15 \n \n \n 53,869 \n \n \n 48,381 \n \n \n \n \n Investments in associates and joint venture \n \n \n \n \n \n \n \n \n 16 \n \n \n 4,990 \n \n \n 14,818 \n \n \n \n \n Derivative financial instruments \n \n \n \n \n \n \n \n \n \n \n \n 16 \n \n \n - \n \n \n 212 \n \n \n \n \n Trade and other receivables \n \n \n \n \n \n \n \n \n \n \n \n 17 \n \n \n 692 \n \n \n 1,089 \n \n \n \n \n Total non-current assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 141,557 \n \n \n 127,392 \n \n \n \n \n Current assets \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Trade and other receivables \n \n \n \n \n \n \n \n \n \n \n \n 17 \n \n \n 13,259 \n \n \n 9,763 \n \n \n \n \n Cash and cash equivalents \n \n \n \n \n \n \n \n \n \n \n \n 18 \n \n \n 26,187 \n \n \n 23,675 \n \n \n \n \n Short term deposits \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 18 \n \n \n 431 \n \n \n - \n \n \n \n \n Total current assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 39,877 \n \n \n 33,438 \n \n \n \n \n Total assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 181,434 \n \n \n 160,830 \n \n \n \n \n Equity and liabilities \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share capital \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 24 \n \n \n 58 \n \n \n 58 \n \n \n \n \n Share premium \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 24 \n \n \n 55,163 \n \n \n 55,163 \n \n \n \n \n Capital redemption reserve \n \n \n \n \n \n \n \n \n \n \n \n 24 \n \n \n 20 \n \n \n 20 \n \n \n \n \n Share option reserve \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 24 \n \n \n 7,336 \n \n \n 4,312 \n \n \n \n \n Retained earnings \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 24 \n \n \n 11,564 \n \n \n 14,109 \n \n \n \n \n Equity attributable to owners of the Parent Company \n \n \n   \n \n \n \n \n \n 74,141 \n \n \n 73,662 \n \n \n \n \n Non-controlling interests \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1,758 \n \n \n 1,433 \n \n \n \n \n Total equity \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 75,899 \n \n \n 75,095 \n \n \n \n \n Liabilities \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-current liabilities \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Trade and other payables \n \n \n \n \n \n \n \n \n \n \n \n 19 \n \n \n 7,068 \n \n \n 2,979 \n \n \n \n \n Redemption liability \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 6 \n \n \n 8,892 \n \n \n 3,970 \n \n \n \n \n Lease liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 14 \n \n \n 5,614 \n \n \n 3,377 \n \n \n \n \n Derivative financial instruments \n \n \n \n \n \n \n \n \n \n \n \n 16 \n \n \n - \n \n \n 71 \n \n \n \n \n Loans and borrowings \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 20 \n \n \n - \n \n \n 8,735 \n \n \n \n \n Deferred tax liability \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 23 \n \n \n 12,527 \n \n \n 11,385 \n \n \n \n \n Total non-current liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 34,101 \n \n \n 30,517 \n \n \n \n \n Current liabilities \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Trade and other payables \n \n \n \n \n \n \n \n \n \n \n \n 19 \n \n \n 43,509 \n \n \n 36,503 \n \n \n \n \n Clawback liability \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 22 \n \n \n 15,116 \n \n \n 12,591 \n \n \n \n \n Lease liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 14 \n \n \n 1,212 \n \n \n 843 \n \n \n \n \n Loans and borrowings \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 20 \n \n \n 11,427 \n \n \n 5,102 \n \n \n \n \n Corporation tax liability \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 170 \n \n \n 179 \n \n \n \n \n Total current liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 71,434 \n \n \n 55,218 \n \n \n \n \n Total liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 105,535 \n \n \n 85,735 \n \n \n \n \n Total equity and liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 181,434 \n \n \n 160,830 \n \n \n \n \n   \n \n \n \n The notes that follow form part of these financial statements. \n   \n The financial statements were approved by the Board of Directors on 17 March 2026. \n   \n   \n   \n   \n P Brodnicki                               E McCarthy \n Director                                                Director \n \n \n \n Consolidated statement of changes in equity for the year ended 31 December 2025 \n   \n \n \n \n \n \n \n \n \n \n \n Attributable to owners of the Parent Company \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share capital \n \n \n Share premium \n \n \n Capital redemption reserve \n \n \n Share option reserve \n \n \n Retained earnings \n \n \n Total \n \n \n Non-controlling interest \n \n \n Total equity \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Note \n \n \n £'000s \n \n \n £'000s \n \n \n £'000s \n \n \n £'000s \n \n \n £'000s \n \n \n £'000s \n \n \n £'000s \n \n \n £'000s \n \n \n   \n \n \n \n \n Balance as at 1 January 2024 \n \n \n   \n \n \n 57 \n \n \n 48,155 \n \n \n 20 \n \n \n 6,045 \n \n \n 15,921 \n \n \n 70,198 \n \n \n 4,211 \n \n \n 74,409 \n \n \n   \n \n \n \n \n Profit for the year \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 15,896 \n \n \n 15,896 \n \n \n 186 \n \n \n 16,082 \n \n \n   \n \n \n \n \n Total comprehensive income \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 15,896 \n \n \n 15,896 \n \n \n 186 \n \n \n 16,082 \n \n \n   \n \n \n \n \n Transactions with owners \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Acquisition of non-controlling interests \n \n \n 6 \n \n \n 1 \n \n \n 7,008 \n \n \n - \n \n \n (2,544) \n \n \n (1,730) \n \n \n 2,735 \n \n \n (2,735) \n \n \n - \n \n \n   \n \n \n \n \n Share-based payment transactions \n \n \n 28 \n \n \n - \n \n \n - \n \n \n - \n \n \n 1,682 \n \n \n - \n \n \n 1,682 \n \n \n - \n \n \n 1,682 \n \n \n   \n \n \n \n \n Current and deferred tax recognised in equity \n \n \n 10, 23 \n \n \n - \n \n \n - \n \n \n - \n \n \n (692) \n \n \n 10 \n \n \n (682) \n \n \n - \n \n \n (682) \n \n \n   \n \n \n \n \n Reserve transfer \n \n \n 28 \n \n \n - \n \n \n - \n \n \n - \n \n \n (179) \n \n \n 179 \n \n \n - \n \n \n - \n \n \n - \n \n \n   \n \n \n \n \n Dividends paid \n \n \n 12,30 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (16,167) \n \n \n (16,167) \n \n \n (229) \n \n \n (16,396) \n \n \n   \n \n \n \n \n Total transactions with owners \n \n \n \n \n \n 1 \n \n \n 7,008 \n \n \n - \n \n \n (1,733) \n \n \n (17,708) \n \n \n (12,432) \n \n \n (2,964) \n \n \n (15,396) \n \n \n   \n \n \n \n \n Balance at 31 December 2024 \nand 1 January 2025 \n \n \n   \n \n \n 58 \n \n \n 55,163 \n \n \n 20 \n \n \n 4,312 \n \n \n 14,109 \n \n \n 73,662 \n \n \n 1,433 \n \n \n 75,095 \n \n \n   \n \n \n \n \n Profit for the year \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 15,074 \n \n \n 15,074 \n \n \n 284 \n \n \n 15,358 \n \n \n   \n \n \n \n \n Total comprehensive income \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 15,074 \n \n \n 15,074 \n \n \n 284 \n \n \n 15,358 \n \n \n   \n \n \n \n \n Transactions with owners \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Acquisition of non-controlling interests \n \n \n 6 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (2,041) \n \n \n (2,041) \n \n \n (254) \n \n \n (2,295) \n \n \n   \n \n \n \n \n Acquisition of subsidiaries \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (3,082) \n \n \n (3,082) \n \n \n 1,496 \n \n \n (1,586) \n \n \n   \n \n \n \n \n Share-based payment transactions \n \n \n 28 \n \n \n - \n \n \n - \n \n \n - \n \n \n 3,226 \n \n \n - \n \n \n 3,226 \n \n \n - \n \n \n 3,226 \n \n \n   \n \n \n \n \n Current and deferred tax recognised in equity \n \n \n 10, 23 \n \n \n - \n \n \n - \n \n \n - \n \n \n 4 \n \n \n 49 \n \n \n 53 \n \n \n - \n \n \n 53 \n \n \n   \n \n \n \n \n Reserve transfer \n \n \n 28 \n \n \n - \n \n \n - \n \n \n - \n \n \n (206) \n \n \n 206 \n \n \n - \n \n \n - \n \n \n - \n \n \n   \n \n \n \n \n Dividends paid \n \n \n 12,30 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (12,751) \n \n \n (12,751) \n \n \n (1,201) \n \n \n (13,952) \n \n \n   \n \n \n \n \n Total transactions with owners \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n 3,024 \n \n \n (17,619) \n \n \n (14,595) \n \n \n 41 \n \n \n (14,554) \n \n \n   \n \n \n \n \n Balance at 31 December 2025 \n \n \n   \n \n \n 58 \n \n \n 55,163 \n \n \n 20 \n \n \n 7,336 \n \n \n 11,564 \n \n \n 74,141 \n \n \n 1,758 \n \n \n 75,899 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n Consolidated statement of cash flows for the year ended 31 December 2025 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n Note \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n Cash flows from operating activities \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Profit for the period before tax \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 22,099 \n \n \n 22,886 \n \n \n \n \n Adjustments for: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Depreciation of property, plant and equipment \n \n \n \n \n \n \n \n \n 13 \n \n \n 1,132 \n \n \n 1,133 \n \n \n \n \n Depreciation of right of use assets \n \n \n \n \n \n \n \n \n \n \n \n 14 \n \n \n 979 \n \n \n 718 \n \n \n \n \n Amortisation of intangibles \n \n \n \n \n \n \n \n \n \n \n \n 15 \n \n \n 8,561 \n \n \n 5,707 \n \n \n \n \n Unwinding of loan arrangement fees \n \n \n \n \n \n \n \n \n 33 \n \n \n 59 \n \n \n 68 \n \n \n \n \n Gain on disposal of fixed assets and leases \n \n \n \n \n \n \n \n \n \n \n \n (50) \n \n \n (4) \n \n \n \n \n Share-based payments \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 28 \n \n \n 4,406 \n \n \n 2,552 \n \n \n \n \n Share of profit from associates \n \n \n \n \n \n \n \n \n \n \n \n 16 \n \n \n (1,149) \n \n \n (1,315) \n \n \n \n \n Net loss on remeasurement of redemption liability \n \n \n \n \n \n 6 \n \n \n 700 \n \n \n 551 \n \n \n \n \n Unwinding of redemption liability \n \n \n \n \n \n \n \n \n \n \n \n 6 \n \n \n 1,140 \n \n \n 626 \n \n \n \n \n Loss/(Gain) on fair value movements taken to profit and loss \n \n \n 16 \n \n \n 141 \n \n \n (21) \n \n \n \n \n Net loss on disposal of Associates \n \n \n \n \n \n \n \n \n \n \n \n 15 \n \n \n 1,165 \n \n \n - \n \n \n \n \n Dividends received from associates \n \n \n \n \n \n \n \n \n 16 \n \n \n 786 \n \n \n 798 \n \n \n \n \n R&D tax credit \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (692) \n \n \n - \n \n \n \n \n Gain on bargain purchase \n \n \n \n \n \n \n \n \n \n \n \n 3 \n \n \n (236) \n \n \n - \n \n \n \n \n Finance income \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 9 \n \n \n (530) \n \n \n (585) \n \n \n \n \n Finance expense \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 9 \n \n \n 1,143 \n \n \n 1,267 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n 39,654 \n \n \n 34,381 \n \n \n \n \n Changes in working capital \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Increase in trade and other receivables \n \n \n \n \n \n \n \n \n 17 \n \n \n (2,554) \n \n \n (1,178) \n \n \n \n \n Increase in trade and other payables \n \n \n \n \n \n \n \n \n 19 \n \n \n 4,653 \n \n \n 3,168 \n \n \n \n \n Increase in clawback liability \n \n \n \n \n \n \n \n \n \n \n \n 22 \n \n \n 471 \n \n \n 2,260 \n \n \n \n \n Cash generated from operating activities \n \n \n \n \n \n \n \n \n   \n \n \n 42,224 \n \n \n 38,631 \n \n \n \n \n Income taxes paid \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (8,131) \n \n \n (6,599) \n \n \n \n \n Interest received \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 530 \n \n \n 585 \n \n \n \n \n Acquisition of non-controlling interests \n \n \n \n \n \n \n \n \n 6 \n \n \n (249) \n \n \n (2,585) \n \n \n \n \n Net cash generated from operating activities \n \n \n \n \n \n \n \n \n   \n \n \n 34,374 \n \n \n 30,032 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash flows from investing activities \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Purchase of property, plant and equipment \n \n \n \n \n \n \n \n \n 13 \n \n \n (1,228) \n \n \n (381) \n \n \n \n \n Direct costs relating to right of use remeasurement \n \n \n \n \n \n 14 \n \n \n - \n \n \n (45) \n \n \n \n \n Purchase of intangibles \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 15 \n \n \n (5,014) \n \n \n (2,614) \n \n \n \n \n Acquisition of subsidiaries, net of cash acquired \n \n \n \n \n \n 3 \n \n \n (2,439) \n \n \n - \n \n \n \n \n Acquisition of associates \n \n \n \n \n \n \n \n \n \n \n \n 16 \n \n \n (1,663) \n \n \n (2,000) \n \n \n \n \n Placement of short term deposits \n \n \n \n \n \n \n \n \n \n \n \n 18 \n \n \n (431) \n \n \n - \n \n \n \n \n Net cash used in investing activities \n \n \n \n \n \n \n \n \n \n \n \n (10,775) \n \n \n (5,040) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash flows from financing activities \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Repayment of borrowings \n \n \n \n \n \n \n \n \n \n \n \n 33 \n \n \n (2,300) \n \n \n (4,350) \n \n \n \n \n Settlement of loans and accrued interest on acquisition \n \n \n \n \n \n 3 \n \n \n (707) \n \n \n - \n \n \n \n \n Interest paid \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (1,312) \n \n \n (1,397) \n \n \n \n \n Principal element of lease payments \n \n \n \n \n \n \n \n \n 33 \n \n \n (1,072) \n \n \n (865) \n \n \n \n \n Acquisition of non-controlling interests \n \n \n \n \n \n \n \n \n 6 \n \n \n (1,744) \n \n \n (249) \n \n \n \n \n Dividends paid to Company's shareholders \n \n \n \n \n \n \n \n \n 12 \n \n \n (12,751) \n \n \n (16,167) \n \n \n \n \n Dividends paid to non-controlling interests \n \n \n \n \n \n \n \n \n \n \n \n (1,201) \n \n \n (229) \n \n \n \n \n Net cash used in financing activities \n \n \n   \n \n \n   \n \n \n   \n \n \n (21,087) \n \n \n (23,257) \n \n \n \n \n Net increase in cash and cash equivalents \n \n \n \n \n \n \n \n \n \n \n \n 2,512 \n \n \n 1,735 \n \n \n \n \n Cash and cash equivalents at the beginning of the period \n \n \n \n \n \n \n \n \n 23,675 \n \n \n 21,940 \n \n \n \n \n Cash and cash equivalents at the end of the period \n \n \n \n \n \n \n \n \n 26,187 \n \n \n 23,675 \n \n \n \n \n   \n \n \n \n Notes to the consolidated financial statements for the year ended 31 December 2025 \n 1.  Accounting policies \n Basis of preparation \n The principal accounting policies adopted in the preparation of the consolidated financial statements are set out below. The policies have been consistently applied to all the years presented. \n The consolidated financial statements are presented in Great British Pounds and all amounts are rounded to the relevant thousands, unless otherwise stated. \n These financial statements have been prepared in accordance with UK-adopted International Accounting Standards in conformity with the requirements of the Companies Act 2006 that are applicable to companies that prepare financial statements in accordance with IFRS. \n The preparation of financial statements in compliance with adopted IFRS requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies. The areas where significant judgements and estimates have been made in preparing the financial statements and their effect are disclosed in note 2. \n The financial statements have been prepared on a historical cost basis, except for derivative financial instruments that have been measured at fair value. \n The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report as set out earlier in these financial statements. The financial position of the Group, its cash flows and liquidity position are also set out in the Strategic Report as set out earlier in these financial statements. \n The Group made an operating profit of £24.6m during 2025 (2024: £24.7m) and had net current liabilities of £31.6m as at 31 December 2025 (31 December 2024: £21.8m) and equity attributable to owners of the Group of £74.1m (31 December 2024: £73.7m). \n Going concern \n The Directors have assessed the Group's prospects until 31 December 2027, taking into consideration the current operating environment, including the impact of geopolitical and macroeconomic uncertainty and inflationary pressures on property and lending markets. The Directors' financial modelling considers the Group's profit, cash flows, regulatory capital requirements, borrowing covenants and other key financial metrics over the period. \n These metrics are subject to sensitivity analysis, which involves flexing a number of key assumptions underlying the projections, including the effect of geopolitical and macroeconomic uncertainty and inflationary pressures and their impact on the UK property and lending markets and the Group's business volumes and revenue mix, which the Directors consider to be severe but plausible stress tests on the Group's cash position, banking covenants and regulatory capital adequacy. The Group's financial modelling shows that the Group should continue to be cash generative, maintain a surplus on its regulatory capital requirements and be able to operate within its current financing arrangements. \n Based on the results of the financial modelling, the Directors expect that the Group will be able to continue in operation and meet its liabilities as they fall due over this period. Accordingly, the Directors continue to adopt the going concern basis for the preparation of the financial statements. \n \n \n \n The impact of climate risk on accounting estimates \n In preparing the financial statements, the Directors have considered the impact of climate change, taking into account the relevant disclosures in the Strategic Report, relevant legislation and regulations. \n The Group has assessed climate-related risks, covering both physical risks and transition risks. \n Many of the effects arising from climate change will be longer term in nature with an inherent level of uncertainty and have limited impact on accounting estimates for the current period. \n Climate change may also have an impact on the carrying value of goodwill but the potential impact of climate related risks on the Group's impairment assessment is considered sufficiently remote at this point in time and therefore no sensitivity analysis has been performed. \n Changes in accounting policies \n New standards, interpretations and amendments effective for the year ended 31 December 2025 \n The Group applied a number of standards and interpretations for the first time in 2025 but these did not have an impact on the consolidated financial statements of the Group. The Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective. \n Future new standards and interpretations \n A   number of new standards and amendments will be effective for future annual and interim periods, and therefore have not been applied in preparing these consolidated financial statements. At the date of authorisation of these financial statements, the following standards and interpretations, which have not been applied in these financial statements, were in issue but not yet effective: \n IFRS S1 - General Requirements for Disclosure of Sustainability-related Financial Information \n IFRS S2 - Climate-related Disclosures \n UK Sustainability Reporting Standards UK SRS S1 and UK SRS S2 were published on 25 February 2026, following the UK Government's decision to endorse IFRS S1 and IFRS S2 for voluntary use in the UK. The final UK SRS are based on IFRS S1/S2 but include limited UK-specific amendments. \n These standards are not currently mandatory for the Group's financial statements. The FCA has consulted on moving listed issuers from current TCFD-aligned reporting to mandatory reporting against UK SRS S2 (with relevant UK SRS S1 provisions), with an indicative application for accounting periods beginning on or after 1 January 2027 (subject to final rules). The Group has not early-adopted UK SRS S1/S2 for these financial statements. \n IFRS 18 - Presentation and disclosure in financial statements \n IFRS 18, issued in April 2024, will replace IAS 1 Presentation of Financial Statements and introduces new requirements for presentation and disclosure in the financial statements, including the structure of the statement of profit or loss, management-defined performance measures, and principles for aggregation and disaggregation. The standard is effective for annual reporting periods beginning on or after 1 January 2027. The Group is assessing the impact of IFRS 18 and has not yet concluded on the effect of its adoption. \n IFRS 19 Subsidiaries without Public Accountability: Disclosures \n IFRS 19, issued in May 2024, permits eligible subsidiaries to apply reduced disclosure requirements while continuing to apply the recognition, measurement and presentation requirements of other IFRS Accounting Standards. The standard is effective for annual reporting periods beginning on or after 1 January 2027. The Group is assessing whether IFRS 19 will be relevant for any entities within the Group and has not yet concluded on its potential impact. \n IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures \n The amendments to IFRS 9 and IFRS 7, issued in May 2024, clarify certain requirements relating to the classification and measurement of financial instruments and introduce additional disclosure requirements in specific areas. The amendments are effective for annual reporting periods beginning on or after 1 January 2026. The Group is assessing the impact of these amendments and has not yet concluded on the effect of their adoption . \n Current vs non-current classification \n The Group presents assets and liabilities in the consolidated statement of financial position based on current/non-current classification.  An asset is current when it is: \n   \n •      Expected to be realised or intended to be sold or consumed in the normal operating cycle.    \n •      Held primarily for the purpose of trading.       \n •      Expected to be realised within twelve months after the reporting date.     \n          \n All other assets are classified as non-current.       \n          \n A liability is non-current when the Company has the right to defer settlement for at least 12 months after the end of the reporting date. All other liabilities are classified as current. \n            \n Due to their short-term nature, the carrying value of cash and cash equivalents, trade and other receivables approximates their fair value. \n            \n Basis of consolidation                  \n Subsidiaries         \n Where the Company has control over an investee, it is classified as a subsidiary. The Company controls an investee if all three of the following elements are present: power over the investee, exposure to variable returns from the investee and the ability of the investor to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control. \n   \n The consolidated financial statements present the results of the Company and its subsidiaries as if they formed a single entity. Intercompany transactions and balances between Group companies are therefore eliminated in full. \n   \n The consolidated financial statements incorporate the results of business combinations using the acquisition method.  In the consolidated statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date on which control ceases. \n Non-controlling interests        \n The Group recognises non-controlling interests in an acquired entity either at fair value or at the non-controlling interest's proportionate share of the acquired entity's net identifiable assets. This decision is made on an acquisition-by-acquisition basis.  For the non-controlling interests in Project Finland Topco Limited, Aux Group Limited, M&R FM Ltd, Heron Financial Limited, and UK Moneyman Limited, the Group elected to recognise the non-controlling interests at its proportionate share of the acquired net identifiable assets and will be derecognised if the entity become a 100% owned subsidiary of the Group. There are no other non-controlling interests. See note 1 for the Group's accounting policies for business combinations. \n Associates         \n Where the Group has the power to participate in, but not control the financial and operating policy decisions of another entity, it is classified as an associate where the Group holds between 20% and 49% of the voting rights or if evidence of significant influence can be clearly demonstrated. The Group regularly reassesses the circumstances of each associate to confirm that the treatment the classification as an associate remains appropriate.  Associates are initially recognised in the consolidated statement of financial position at cost. Subsequently, associates are accounted for using the equity method, where the Group's share of post acquisition profits and losses and other comprehensive income is recognised in the consolidated statement of comprehensive income (except for losses in excess of the Group's investment in the associate unless there is an obligation to make good those losses). '' \n Accounting policies for equity-accounted investees have been adjusted to conform the accounting policies of the associate to the Group's accounting policies. Profits and losses arising on transactions between the Group and its associates are recognised only to the extent of unrelated investors' interests in the associate. The investor's share in the associate's profits and losses resulting from these transactions is eliminated against the carrying value of the associate. \n \n \n \n Any premium paid for an associate above the fair value of the Group's share of the identifiable assets, liabilities and contingent liabilities acquired is capitalised and included in the carrying amount of the associate. Where there is objective evidence that the investment in an associate has been impaired the carrying amount of the investment is tested for impairment. More information on the assessment of impairment in associates is included in note 2. \n Property, plant and equipment \n Items of property, plant and equipment are initially recognised at cost. As well as the purchase price, cost includes directly attributable \n costs. \n   \n Depreciation is provided on all items of property, plant and equipment, except freehold land at rates calculated to write off the cost of each asset on a straight-line basis over their expected useful lives, as follows: \n   \n \n \n \n \n Freehold land \n \n \n \n \n \n \n \n \n Not depreciated \n \n \n \n \n Freehold buildings \n \n \n \n \n \n \n \n \n 36 years \n \n \n \n \n Fixtures and fittings \n \n \n \n \n \n 5 or 10 years \n \n \n \n \n Computer equipment \n \n \n \n \n \n 3 years \n \n \n \n \n   \n Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the consolidated statement of comprehensive income. The Directors reassess the estimated residual values and useful economic lives of the assets at least annually. \n Other intangible assets \n Intangible assets other than goodwill acquired by the Group comprise licences, the website software, acquired technology, customer \n relationships, lender and introducer relationships and trademarks and brands and are stated at cost less accumulated amortisation and impairment losses. \n   \n Software development can include both third party costs and internal staff costs. Software development is only capitalised once development of the intangible has commenced, where technical feasibility of the project has been confirmed, and where it is probable the asset will generate future economic benefits. All costs prior to this are expensed in the period. Software development assets that are not yet available for use are tested for impairment on an annual basis. \n   \n Amortisation is charged to the consolidated statement of comprehensive income on a straight-line basis over the period of the licence agreements or the asset's expected useful life, commencing when the asset is available for use. The Group reviews the expected useful lives of assets with finite lives at least annually, and provides amortisation on intangible assets to write off the cost of each asset over its expected useful life as follows: \n   \n \n \n \n \n Licenses \n \n \n \n \n \n \n \n \n 6 years \n \n \n \n \n Website \n \n \n \n \n \n \n \n \n 3 years \n \n \n \n \n Acquired websites \n \n \n \n \n \n 10 years \n \n \n \n \n Software development \n \n \n \n \n \n 3 years \n \n \n \n \n Acquired technology \n \n \n \n \n \n 3 to 10 years \n \n \n \n \n Customer relationships \n \n \n \n \n \n 5 to 10 years \n \n \n \n \n Trademarks and brands \n \n \n \n \n \n 6 months to 11 years \n \n \n \n \n Lender and introducer relationships \n \n \n 2 to 14 years \n \n \n \n \n   \n \n \n   \n Impairment of non-financial assets \n Impairment tests on goodwill and other intangible assets with indefinite useful economic lives are undertaken annually at the financial year end or whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Other intangible assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Where the carrying value of the asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the \n asset is written down accordingly. \n   \n Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately identifiable cash flows, its cash generating units ('CGUs'). Goodwill is allocated on initial recognition to each of the Group's CGUs that are expected to benefit from the synergies of the combination giving rise to the goodwill. \n   \n Impairment charges are included in consolidated statement of comprehensive income except to the extent that they reverse gains previously recognised in other comprehensive income. An impairment loss for goodwill is not reversed. \n Financial assets \n In the consolidated statement of financial position, the Group classifies its financial assets at amortised cost only if both of the following \n criteria are met: \n •      the asset is held within a business model whose objective is t...

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