Mortgage Advice Bureau (MAB1) founder and chief executive Peter Brodnicki tried to reassure investors that property purchases and new instructions were holding up well post-referendum. Recruitment of appointed representatives showed no sign of slowing, he added. Investors took heed, with shares rising by as much as a fifth on its pre-close update.
Adviser numbers during the first six months of the year rose 13 per cent to 891, meaning the average number of advisers increased by more than a quarter year on year. Advisers are a core sales driver and so the swelling of the ranks pushed revenue up by more than a third to £43m. Following the sale of its 49 per cent stake in Capital Private Finance, the group only has a 6 per cent exposure to London.
