Mortgage Advice Bureau sees improving macro conditions as 2025 results top estimates

(Sharecast News) - AIM-listed Mortgage Advice Bureau delivered 2025 numbers ahead of market expectations on Thursday and said the operating environment since the start of 2026 has now stabilised. In a pre-close update, the UK mortgage network and broker said revenues totalled £318m last year, up 19% from 2024, with adjusted pre-tax profit expected to increase 12% to £35.8m.

The number of mainstream advisers rose 10% over the year to 2,135, with 65% of that growth driven by firms already in MAB's network, and the remainder reflecting new so-called Appointed Representative (AR) firms joining MAB.

Average revenue per mainstream adviser increased 13% over the year to £157,000, which MAB hailed as a "considerable achievement" given the amount of new joiners, which tend not to reach full productivity until year two.

Commenting on the update, Berenberg said in a research note that both revenue and profit metrics were "slightly higher than our prevailing forecasts", while the growth in average revenue per mainstream adviser was "a strong outcome".

Looking ahead, the company said 2026 has started with "good momentum", with the outlook for refinance lending particularly strong.

"The impact of prior economic shocks is now receding for both borrowers and lenders, supporting a more stable operating environment," MAB said.

Commenting on the performance, chief executive Peter Brodnicki said: "MAB delivered a strong financial performance in 2025, and I am pleased that our ARs are capitalising on a buoyant refinancing market which gathered momentum in the second half of the year and offers significant opportunities in 2026 and beyond."

MAB1 shares were up 4.4% at 714p by 1021 GMT.