MAB is a UK network of about 2,200 mortgage advisers, working in partner firms, that arranged £16.5bn of mortgages in the first half of 2026. Its revenue grew each year through the post-2022 housing downturn, and it moved to the London Stock Exchange's Main Market in May 2026. On 9 September it cut 2026 profit guidance to about £38m from a market consensus of £43.4m, and the latest close, on 9 October, was 334p against 780p at the end of January.
A network that sells advice through partner firms
Most MAB advisers work in partner firms called Appointed Representatives (ARs), which operate under MAB's regulatory permissions. MAB supplies technology, adviser recruitment, lead generation, compliance supervision and marketing. It also holds equity stakes in some firms, including First Mortgage, Heron and the new-build specialists Evolve and Meridian. Fluent, a business built on digital lead sources, is part of the group.
Customers arrive through estate agents, new-build developers, price comparison sites, credit bureaus, property portals and large employers. In the first half of 2026 MAB earned £67m from mortgage fees, £60m from protection and general insurance commission and £30m from client fees. It holds 8.2% of new UK mortgage lending and 3.2% of Product Transfers, where existing borrowers switch to a new rate with their current lender. 22 Sep 2026 17 Mar 2026
Holding share through the post-mini-budget slump
The September 2022 mini budget triggered a mortgage slowdown. In 2023 the market fell by roughly 28%, yet MAB lifted revenue 4% to £240m and raised its share of new lending to 8.3% from 7.5%. Adjusted profit before tax (profit excluding certain items) fell 15% to £23m.
Recovery followed. Adjusted profit rose 38% to £32m in 2024. In May 2024 MAB bought the remaining 20% of First Mortgage Direct for £9.35m, paying 75% in new shares. First Mortgage had earned £5.4m before tax in 2023. 25 Jan 2024 19 Mar 2024 18 Mar 2025 29 May 2024
“Despite the severe market downturn, we continued our investment across the entire business and remained resolutely focused on long-term growth.” 19 Mar 2024
MAB 2.0: double the business, buy into the best firms
At a Capital Markets Day on 4-5 February 2025, MAB set medium-term targets. They were to double 2024 revenue, double market share, reach an adjusted profit margin above 15% and convert more than 100% of profit into cash. It also adopted a dividend policy of about 50% of adjusted post-tax profit. The company has not given a date beyond 'medium-term'.
In 2025 it took Heron, its most productive AR firm, to 74.5%. It also bought majority stakes in Evolve and Meridian, acquired Lucra, and invested in The Mortgage Mum. Revenue rose 20% to £319m and adjusted profit 13% to £36m. Adviser numbers grew 10% to 2,135. The adjusted margin slipped to 11.4% from 12.0%. 4 Feb 2025 23 Sep 2025 17 Mar 2026 22 Jan 2026
Main Market listing, and more work for less money per case
MAB moved from AIM to the Main Market on 1 May 2026 and joined the FTSE All-Share in June. In April it paid £1.4m for HomeOwners Alliance to reach buyers earlier in their search.
The first half of 2026 was driven by refinancing, especially Product Transfers, which pay less than purchase mortgages. Revenue rose 9% to £161m, but adjusted profit rose only 2% to £14.8m. Administrative costs rose 22%, and the adjusted margin fell to 9.2% from 9.8%. Statutory profit before tax fell 36% to £6.2m. The shares slid from 780p in January to 512p in August. 31 Mar 2026 1 May 2026 14 Apr 2026 22 Sep 2026
Growth is there; the margin has not followed
Management's record is mixed. Trading updates from 2024 to July 2026 were 'in line' with expectations. Adviser growth returned in 2025, as management had said it would in January 2024. The 9 September 2026 guidance cut is the first miss in this period.
Revenue has grown faster than profit. The 15% margin goal sits against 9.2% in the latest half. The Fluent lead-flow plan, meant to be a step-up in 2026, ran behind schedule while costs were already being spent. 22 Sep 2026 9 Sep 2026 17 Mar 2026 4 Feb 2025
“For reasons outside Fluent's control, these lead flows have taken longer than expected to activate and scale, with pilot and capacity costs incurred ahead of the associated revenue contribution.” 22 Sep 2026
A founder in charge, and a lot of turnover around him
Peter Brodnicki founded MAB and is chief executive. He held 17.9% of the shares in February 2026 and 18.0% in April. Renee Hunt now leads data, technology and AI as Chief Data and Information Officer.
Several senior people have left. Chief operating officer Yaiza Luengo joined in September 2025 and left on 29 May 2026, and no direct replacement is planned. Chief financial officer Emilie McCarthy stepped down on 30 September, replaced by Jo Stent on 1 October. Ben Thompson, formerly deputy CEO, leaves at the end of 2026. Non-executive director Nathan Imlach resigned on 30 September. Directors and their associates have made small share purchases through 2026. Liontrust cut its stake to 12% by August, and Octopus fell from 9% to 3% by March. 22 Sep 2026 6 Feb 2026 1 Jun 2026 29 Jun 2026 29 Sep 2026
Guidance cut to £38m as Fluent leads arrive late
On 9 September MAB lowered 2026 adjusted profit expectations to about £38.0m from £43.4m. Fluent's contribution is about £5m lower than planned, and the housing market softened in July and August. The £38m is still about 5% above 2025's £36.3m. Purchase mortgage approvals were 15% lower in July than a year earlier.
The group had 2,194 mainstream advisers at the half year, with revenue per adviser flat at £74k. Net debt was £15m, or 0.4 times earnings. The interim dividend rose 10% to 7.9p. The shares closed September at 356p. 9 Sep 2026 22 Sep 2026
Counting on 2027 refinancing and Fluent
Management expects no meaningful purchase recovery in the short term. It points to fixed-rate mortgage maturities in 2027 about 30% higher than in 2026, and says the 2028 pipeline is building well. It expects the Fluent profit contribution to build through 2027 as partner integrations complete.
The group is merging several firms acquired in late 2025, with savings expected to build from the second half of 2026. It expects better efficiency and operating leverage from 2027. The FCA's interim findings on lifetime and retirement interest-only mortgages are due in Q4 2026. 22 Sep 2026 9 Sep 2026
Written by AI from Mortgage Advice Bureau (Holdings)'s own announcements since Oct 2023 · every paragraph links to its sources