MORTGAGE ADVICE BUREAU (HOLDINGS) PLC Mortgage Advice Bureau (Holdings) plc
Annual Report 2021
Introduction
Contents
Strategic report
Financial highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Operational highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Who we are . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Chair's statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Chief Executive Officer's review . . . . . . . . . . . . . . . . . . . . . . . 10
Financial review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Financial performance and
future developments ................................... 16
Principal risks and uncertainties . . . . . . . . . . . . . . . . . . . . . . . 20
Business model . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Section 172(1) statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Employee engagement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
Environmental performance and strategy . . . . . . . . . . . . . 36
Governance
Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
Company information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Directors' report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Corporate governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
Directors' remuneration report . . . . . . . . . . . . . . . . . . . . . . . . . 51
Directors' responsibilities for
the financial statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56
Independent auditor's report . . . . . . . . . . . . . . . . . . . . . . . . . . 57
Financial statements
Consolidated statement
of comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64
Consolidated statement
of financial position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65
Consolidated statement
of changes in equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66
Consolidated statement
of cash flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67
Notes to the consolidated
financial statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68
Company statement
of financial position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110
Company statement
of changes in equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111
Notes to the Company
statement of financial position . . . . . . . . . . . . . . . . . . . . . . . . 112
Glossary of terms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116
"I am delighted to report another strong year where we achieved revenue growth of 27% to £188.7m, and adjusted EPS growth of 30% to 37.1p. Our mortgage completions increased by 33%, with growth fuelled by strong consumer demand for housing and mortgage products as well as the Stamp Duty holiday. Accordingly, the Board is pleased to propose the payment of an increased final dividend of 14.7p per share, making a total proposed dividend for the year of 28.1p per share, up 46% on the prior year.
"We believe the investments made during 2021 are of exceptional quality, and together with those that have been maturing in recent years, will contribute strongly and significantly enhance MAB's ability to achieve our accelerated growth plans.
"The addition of Fluent will be transformational for MAB's national lead generation strategy. Fluent is a market leader in centralised telephony advice and we are confident that the competitive advantage from leveraging the reputation of both businesses, together with combined resources to service rapidly increasing lead generation, will enable the Enlarged Group to grow this new market share opportunity quickly and effectively.
"We have started 2022 with a pronounced increase in adviser numbers and a strong and growing pipeline of new business, ARs, advisers and customer lead sources supporting our plans to secure further profitable growth."
Peter Brodnicki
Chief Executive Officer
For more information please visit our websitewww.mortgageadvicebureau.com/ investor-relations
2020: £148.3m +27%
2020: £39.8m +28%
£ 3
2020 £17.8m +36%
2 7
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m 8
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oposed otal ordinary dividends
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2020 19.2 ence per share2
: 0
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1 In 2021 and 2020 adjusted for £0.4m amortisation of acquired intangibles. In 2021, adjusted for £1.0m of additional non-cash operating expenses relating to the put and call option agreement to acquire the remaining 20% of First Mortgage (2020: £0.9m). In 2021 adjusted for £0.3m of non-cash fair value gains on financial instruments and the loan write off and loan provision totalling £1.7m in 2020. Adjusted earnings per share is stated on the same basis, net of any associated tax effects.
2
The 2020 final dividend included a 6.4 pence per share "catch up" dividend from 2019, which has been adjusted out of 2020 and in to 2019 to show more appropriate comparisons.
Mortgage Advice Bureau Annual Report 2021
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649
1 2021 mortgage completions include completions from associates in the process of being onboarded under MAB's AR arrangements. 2020 market share and gross mortgage completions re-stated to exclude completions from a firm previously authorised under an Appointed Representative agreement with MAB and that became directly authorised in December 2020.
Mortgage Advice Bureau Annual Report 2021
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Mortgage Advice Bureau (Holdings) plc published this content on 22 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2022 15:49:47 UTC.
