Mortgage Advice Bureau reported an 8.6% increase in first-half revenue to £161.0m as higher refinancing volumes helped lift mortgage completions by 16%.
The broker group’s revenue for the six months to 30 June 2026 rose from £148.2m a year earlier, while gross profit increased 15.6% to £47.4m.
Adjusted profit before tax edged 2.1% higher to £14.8m, although statutory pre-tax profit fell 35.7% to £6.2m. The adjusted pre-tax profit margin reduced from 9.8% to 9.2%.
MAB said total mortgage completions reached £16.5bn during the period, compared with £14.2bn in the first half of 2025. Refinancing, and product transfers in particular, accounted for much of the growth.
ADVISER NUMBERS INCREASE
The average number of mainstream advisers increased 8.7% year-on-year to 2,163, while the number at the end of June stood at 2,194, up 3% from 2,135 at the end of 2025.
Revenue per mainstream adviser was broadly unchanged at £74,400, compared with £74,500 in the corresponding period last year.
MAB’s share of new mortgage lending remained at 8.2%, while its share of product transfers increased from 3.1% to 3.2%.
The group has proposed an interim dividend of 7.9p a share, up from 7.2p last year. Net debt stood at £15.1m at the half-year point, compared with £11.7m a year earlier.
2026 EXPECTATIONS REVISED
The results follow MAB’s trading update on 9 September, when it revised its expectations for the current year after the development of digital lead flows through Fluent’s partner relationships took longer than anticipated.
The group said it remained on course to deliver adjusted profit before tax growth of about 5% for 2026 compared with 2025, with a larger contribution from Fluent now expected to emerge during 2027.
Peter Brodnicki (pictured), founder and chief executive of Mortgage Advice Bureau, said: “MAB delivered a resilient performance in the first half, with total mortgage completions up 16% to £16.5bn (H1 2025: £14.2bn), despite mortgage pricing volatility creating a complex environment for customers and advisers.
“Growth was led by refinancing, particularly product transfers, which supported strong activity levels but carry a lower revenue contribution than purchase lending.
“At the start of the year, expectations were for a gradual recovery in the housing market, supported by interest rate cuts. Domestic and global developments have disrupted this outlook, increasing uncertainty around inflation and the path of borrowing costs.”
Brodnicki added: “While the revision to our expectations for 2026 was disappointing, we continue to expect Group adjusted profit before tax growth of approximately 5% compared with 2025, demonstrating the robustness of our business model against a challenging market backdrop.
“We continue to strengthen the Group’s operating model through greater integration, centralisation and automation. Supported by our recent senior appointments, these initiatives are laying the foundations for improved efficiency and operating leverage from 2027.”
The company said fixed-rate mortgage maturities due in 2027 were around 30% higher than in 2026, while its refinancing pipeline for 2028 was continuing to build.
