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Mortgage Advice Bureau forecasts annual profit beat

By BFN News | 09:03 AM | Tuesday 29 September, 2020


Mortgage broker Mortgage Advice Bureau posted a 15% fall in first-half profit, but said it expected its adjusted profit for the full year to be significantly ahead of market expectations. Pre-tax profit for the six months through June decreased to £6.1 million, down from £7.2 million year-on-year. Revenue rose 4% to £63.5 million and adjusted pre-tax profit rose 6% to £7.9 million. Chief executive Peter Brodnicki said the company had grown revenue in an exceptionally challenging market where housing transactions were 25% lower year-on-year. 'The group is currently trading strongly and, in the absence of any such new restrictions, we expect adjusted profit before tax for the full year to be significantly ahead of the market's current expectations,' he said. 'However, due to the uncertainty arising from the pandemic, the board intends to only pay a final dividend in respect of the year ending 31 December 2020.' 'As previously announced, the board remains committed to paying a further 6.4 pence per share.' At 9:03am: (LON:MAB1) Mortgage Advice Bureau Holdings PLC share price was +3p at 719p Story provided by StockMarketWire.com

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