Mortgage Advice Bureau (MAB) has reported a record pre-tax group profit of £5.1m in 2013, an increase of 120% over 2012 (£2.3m).

The broker said pick-up in the wider mortgage market helped to boost its second half year performance, with the first six months of the year on track to significantly outperform the same period in 2013.

This marks the fifth successive year where MAB’s annual profit growth has exceeded 40% despite trading conditions for mortgage brokers still undergoing recovery following the recession.

MB said that much of the increase in performance was the result of the firm’s long-term strategy including numerous acquisitions and investments that have performed strongly whilst also providing MAB with access to new market sectors such as new build.

Adviser numbers grew significantly to over 550 by the end of 2013 and that strong growth continues, as do cross sales that have further bolstered performance throughout the year.

The business continues to expand, diversify and make selected investments in high quality distribution and mortgage related services, and expects to enjoy a similarly successful 2014.

Peter Brodnicki, chief executive of Mortgage Advice Bureau, said: “Our performance in 2013 reflects the focus of our strategic development of MAB as a leading mortgage broker and network.

“Customer expectations are changing fast with technology and social media driving that change, and as intermediaries we have to ensure our business models keep pace and deliver what our customers want as well as when and how they want it. This has been a priority for MAB, and we will continue to invest heavily in our proposition to further enhance the customer and adviser experience. We are on track to maintain this momentum throughout 2014.”