Delivering, Growing and Innovating
H1 2023 Interim Results
Investor and Analyst Presentation
Contents
o | Highlights | 3 |
o | Financial Review | 7 |
o | Strategy | 15 |
o | Summary and Outlook | 20 |
o | Appendices | 22 |
Additional Information
Unless otherwise stated, this report includes the unaudited consolidated financial information of Mortgage Advice Bureau (Holdings) PLC and its subsidiaries for the six-month period ended 30 June 2023 ("H1 2023"). All comparisons of financial and operating statistics are for the six-month period ended 30 June 2022 ("H1 2022"), unless otherwise stated.
2
Highlights
3
Market backdrop and MAB mortgage1 completions
UK Market | MAB | Product | |||||
Transfer | |||||||
Completions | |||||||
+84% | |||||||
Product | |||||||
Transfer | |||||||
Completions | |||||||
+28% | |||||||
H1 2022 | +2% | ||||||
-6% | -14% | Re-Mortgage | |||||
Completions | |||||||
-18% | -24% | Adviser | |||||
numbers | Purchase | ||||||
Total Property | Mortgage | ||||||
Re-Mortgage | Completions | ||||||
Transactions | |||||||
-30% | Completions | ||||||
(includes | |||||||
cash buyers) | |||||||
Purchase | |||||||
Mortgage | |||||||
Completions |
1. First charge mortgage completions | 4 |
Operational Highlights
MAB Group excluding Fluent trading at least in line with expectations for 2023
Mortgage completions1 | Market share2 | Adviser numbers3 | ||||||||||||||||||
£12.1bn | -1% | 8.1% | +19% | 2,109 | -6% | ||||||||||||||||||
UK gross new mortgage completions1: -27% | ||||||||||||||||||||
H1 2022: 6.8% | 31 December 2022 : 2,254 | |||||||||||||||||||
Avg. number of mainstream advisers4 | Revenue per mainstream adviser4 | Proportion of revenue from re-financing | ||||||||||||||||||
1,966 | +4% | £59.8k | +17% | 36% | +20% | ||||||||||||||||||
H1 2022: 1,890 | +5% excluding acquisitions5 | H1 2022: 30% | ||||||||||||||||||
1. | MAB's first charge mortgage completions, including product transfers. | |||||||||||||||||||
2. | Market share of gross new first charge mortgage lending (excluding product transfers). | |||||||||||||||||||
3. | Closing number of advisers at the end of H1 2023. Fluent's 139 advisers as at 30 June 2023 include 74 advisers in the first charge mortgages division, 54 in the secured personal loans division, 5 in the later life division, and 6 | |||||||||||||||||||
in the bridging finance division. Includes a total of 188 advisers at 30 June 2023 who are later life advisers or advisers in directly authorised firms that use MAB's subsidiary, Auxilium, a specialist protection service provider, for | ||||||||||||||||||||
protection. For both later life and directly authorised advisers the fees received by MAB represent the net income received by MAB as there are no commission payouts made by MAB. | ||||||||||||||||||||
4. | Excludes directly authorised advisers, MAB's later life advisers and advisers from associates in the process of being onboarded under MAB's AR arrangements. Includes Fluent's second charge, later life and bridging advisers | |||||||||||||||||||
who have a higher revenue per adviser than first charge advisers. | 5 | |||||||||||||||||||
5. | Acquisitions include: Fluent, acquired in July 2022; Vita, acquired in July 2022; and Auxilium, acquired in November 2022. |