Delivering, Growing, Innovating
Investor and Analyst Presentation
Mortgage Advice Bureau (Holdings) Plc
Interim results - six months ended 30 June 2021
1
Contents
Highlights | 3 |
Market backdrop | 6 |
Financial review | 9 |
Strategy | 14 |
Summary and outlook | 17 |
Appendices | 19 |
2
Highlights
3
Financial Highlights
Revenue | Gross Profit | Adj. PBT1 | |||
(+52% vs H1 2019)(+74% vs H1 2019)(+56% vs H1 2019)
Adj. EPS1Interim DividendCash Conversion217.9p | +36% | 13.4p | n/a | ||||
120% | +23pp3 | |||||
(+46% vs H1 2019) | (+21% vs H1 2019) | (+21pp vs H1 2019) |
- In H1 2021 and H1 2020 adjusted for £0.2m amortisation of acquired intangibles. In H1 2021, adjusted for £0.6m of additional non-cash operating expenses relating to the put and call option agreement to acquire the remaining 20% of First Mortgage (H1 2020: £0.4m). In H1 2020 also adjusted for the loan write off and loan provision totalling £1.7m, and £0.5m of Government grant income (net £1.2m).
- Adjusted cash conversion is cash generated from operating activities adjusted for movements in non-trading items, including loans to AR firms and associates totalling £(0.9)m in H1 2021 (H1 2020: £0.3m),
£(0.2)m of Government grant income received in H1 2020, and increases in restricted cash balances of £1.2m in H1 2021 (H1 2020: £0.3m), as a percentage of adjusted operating profit. | 4 |
3. Percentage points. | |
Operational Highlights
Mortgage Completions1 | Market Share2 | Strategic progress |
£11.0bn | +48%
(+59% vs H1 2019)
Adviser Numbers3
1,694| +15%
(+31% vs H1 2019)
6.0% | +2%
(+19% vs H1 2019)
Revenue Per Mainstream Adviser4
£58.4k | +28%
(+19% vs H1 2019)
Lead platform integration
- Moneysupermarket.com
- Boomin
- Nottingham Building Society (Beehive)
- Moneybox
M&A
- Acquisition of 49% of Evolve FS Ltd
- Acquisition by Meridian Holdings Group Ltd of 100% of Metro Finance brokers Ltd
- Acquisition by First Mortgage Direct Ltd of 25% in M & R FM Ltd
-
Share of profit from associates: £0.7m
(H1 2020: £0.1m)
ESG (See Appendix)
- MAB's gross mortgage completions, including product transfers.
- Market share of gross new mortgage lending (excluding product transfers). H1 2021 number stated for the 7 months to 31 July 2021 due to the distortion effect around 30 June 2021 with the tapering of the stamp duty holiday thereafter.
3. | At 30 June 2021, includes 52 advisers who are either directly authorised or later life advisers. | 5 |
4. | Based on average number of mainstream advisers for the period. Mainstream advisers exclude directly authorised advisers, later life advisers, and advisers from associates in the process of being onboarded. |
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