Mortgage Advice Bureau : Investor Presentation - 2022 Interim Results
September 27, 2022 at 02:31 am EDT
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Investor and Analyst presentation
Mortgage Advice Bureau (Holdings) Plc
Interim results for the six months ended 30 June 2022
Contents
Highlights
3
Market backdrop
6
Financial review
9
Strategy
14
Summary and outlook
17
Appendices
18
2
Highlights
3
Financial Highlights
Strong performance against an exceptional H1 2021 when the Stamp Duty holiday accelerated purchase completions, and despite delays to pipeline completions
R e v e n u e
G r o s s P r o f i t
A d j . P B T 1
£96.5m | +4%
£25.4m | +3%
£11.5m | -
A d j . E P S 1
I n t e r i m D i v i d e n d
C a s h C o n v e r s i o n 2
16.4p | -8%
13.4p | -
124% | +4pp3
H1 2022 adjusted for £1.5m (H1 2021: £nil) of costs relating to the acquisition of The Fluent Money Group, £0.4m (H1 2021: £0.6m) of costs relating to the First Mortgage option, £0.2m (H1 2021: £0.2m) of amortisation of acquired intangibles,
£0.7m of net fair value gains on deferred considerations (H1 2021: £nil), and £0.03m (H1 2021: £nil) of net fair value losses on derivative financial instruments. Adjusted EPS is also shown on the same basis, net of any associated tax effects
Adjusted cash conversion is cash generated from operating activities adjusted for movements in non-trading items, including loans to AR firms and associates totalling £(0.3)m in H1 2022 (H1 2021: £(0.9)m), and increases in restricted cash
balances of £0.5m in H1 2022 (H1 2021: £1.2m), as a percentage of adjusted operating profit.
3.
Percentage points.
4
Operational Highlights
M o r t g a g e
M a r k e t S h a r e 2
C o m p l e t i o n s 1
S t r a t e g i c p r o g r e s s
£12.2bn | +11%
(UK gross lending for H1 2022 was down 10%)
A d v i s e r N u m b e r s 3
6.8% | +13%
R e v e n u e P e r
M a i n s t r e a m a d v i s e r 4
The Fluent Money Group ("Fluent")
Completion of acquisition of 75.4% of Fluent on 12 July 2022
Transformational for the Group's lead generation strategy
Faster than expected lead growth in mortgage division since Q2 2022
Integration progressing very well
Vita Financial Ltd ("Vita")
2,034 | +20%
£51.0k | -13%
Increased stake in Vita to 75%
MAB's gross mortgage completions, including product transfers. Based on information received from the Legal & General Mortgage Club.
Market share of gross new mortgage lending (excluding product transfers). 2021 market share for the seven months ended 31 July 2021 due to the distortion effect around 30 June 2021 with the tapering of the stamp duty holiday thereafter.
Includes a total of 67 advisers at 30 June 2022 who are either directly authorised or later life advisers. Total also includes 14 advisers from associates, who are in the process of being onboarded under MAB's AR arrangement
Based on average number of mainstream advisers for the period. Mainstream advisers exclude directly authorised advisers, later life advisers, and advisers from associates in the process of being onboarded.
5
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Mortgage Advice Bureau (Holdings) plc published this content on 27 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 September 2022 06:30:04 UTC.
Mortgage Advice Bureau (Holdings) Plc is a United Kingdom-based company, which operates as a consumer intermediary brands and specialist. The Company, through its subsidiaries, is engaged in the provision of financial services, including the provision of mortgage advice, and advice on protection and general insurance products. The Company offers mortgage advice on a local, regional and national level to United Kingdom consumers, both face-to-face and over the phone. It offers advice on various kinds of mortgage protection, including critical illness cover, income protection, buildings and contents insurance. The Company's network also offers advice on a range of both protection and general insurance products, which are sourced from a panel of insurers. The Company's software platform, MIDAS, helps to promote Green Mortgages to its advisers. The Company's subsidiaries include Mortgage Advice Bureau Limited, Capital Protect Limited, and First Mortgage Direct Limited, among others.