Mortgage Advice Bureau (LSE:MAB1) reported an 8.6% increase in revenue to £161 million for the first half of 2026, supported by higher mortgage completion volumes and refinancing activity.
Adjusted profit before tax increased 2.1% to £14.8 million, while adjusted earnings per share rose slightly. However, statutory profit declined as administrative expenses increased and operating margins narrowed.
The UK mortgage intermediary reported a 16% increase in total mortgage completions to £16.5 billion, maintained its share of new mortgage lending and expanded its position in the product transfer market.
The group also increased its interim dividend but expects only modest profit growth for the full year, citing delayed digital lead generation and changing mortgage market conditions.
Revenue Increases 8.6% as Adjusted Profit Reaches £14.8 Million
Mortgage Advice Bureau reported first-half revenue of £161 million, an increase of 8.6% compared with the corresponding period last year.
Adjusted profit before tax rose 2.1% to £14.8 million, while adjusted earnings per share increased slightly.
Statutory profit declined during the period, reflecting higher administrative expenses and a reduction in operating margins.
The company reported increased mortgage activity, particularly in refinancing and product transfers, which helped offset slower conditions in the housing market.
The supplied announcement does not provide the statutory profit figure or the specific adjusted earnings per share amount.
Mortgage Completions Increase 16% to £16.5 Billion
Total mortgage completions rose 16% to £16.5 billion during the first half of 2026.
Mortgage Advice Bureau maintained an 8.2% share of new UK mortgage lending, while its share of the product transfer market increased to 3.2%.
The increase in product transfer market share reflects the group’s activity in refinancing, where existing borrowers seek new mortgage arrangements or move to alternative products.
Refinancing activity contributed to overall completion volumes during a period of slower housing market activity.
The company continues to provide mortgage and protection advice through its network of more than 2,100 appointed representative advisers.
Refinancing Activity Offsets Slower Housing Market
Mortgage Advice Bureau reported a shift in market activity towards refinancing during the first half.
The group benefited from increased mortgage completions and a larger share of the product transfer market, although conditions in the housing market remained subdued.
Management identified refinancing as an important contributor to the company’s performance, alongside its existing new mortgage lending business.
The company expects refinancing volumes to increase further from 2027, although the timing and scale of this activity remain dependent on market conditions.
Its business model covers mortgage advice, specialist lending, protection and general insurance services.
Digital Lead Generation Delays Affect Outlook
Mortgage Advice Bureau reported delays in digital lead flows during the period.
These delays, together with changing mortgage market conditions, have affected the group’s expectations for full-year profitability.
The company continues to invest in its technology-driven intermediary platform, which connects customers, advisers, lenders and insurers.
Management expects operational efficiency improvements to contribute to financial performance from 2027 onwards.
However, the supplied announcement does not specify the financial impact of delayed digital lead generation or provide quantified efficiency targets.
Interim Dividend Increased
Mortgage Advice Bureau increased its interim dividend following the first-half results.
The dividend increase was announced alongside revenue growth of 8.6% and a 2.1% rise in adjusted profit before tax.
The company has not disclosed the revised dividend per share in the supplied announcement.
The increase comes despite a decline in statutory profit and narrower operating margins during the period.
FY2026 Profit Growth Expected to Be Modest
Mortgage Advice Bureau expects modest profit growth for the full year, reflecting the current mortgage market environment and delays in digital lead generation.
The group anticipates that increased refinancing volumes and operational efficiency improvements will support higher performance from 2027 onwards.
Management continues to focus on developing its intermediary platform, maintaining its position in new mortgage lending and expanding its product transfer activities.
The company has not provided a specific full-year profit forecast in the supplied announcement.
Outlook
Mortgage Advice Bureau enters the second half of 2026 following an increase in mortgage completions and revenue, alongside a smaller rise in adjusted profitability.
The group expects refinancing activity to remain an important component of its business as housing market conditions continue to affect new mortgage lending.
Management anticipates modest profit growth for FY2026, with efficiency improvements and higher refinancing volumes expected to contribute to performance from 2027.
The company’s financial results will continue to reflect mortgage completion volumes, product transfer activity, operating costs and the development of its digital lead generation capabilities.
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