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Mortgage Advice Bureau profit falls in higher overheads; lifts dividend

StockMarketWire.com

Mortgage advisors Mortgage Advice Bureau booked a 16% fall in annual profit after rising sales were offset by higher overheads.

Pre-tax profit for the year through December decreased to £14.9 million, down from £17.7 million year-on-year, even as revenue rose 3% to £148.3 million.

Mortgage Advice Bureau said the rise in expenses reflected, in part, a full-year impact of the acquisition of First Mortgage, which increased overheads by £2.7 million.

The company declared a final dividend of 19.2p, brining total dividend for the year to 25.6p, up from 17.5p year-on-year.

'Despite the UK being in lockdown since the start of the current year, activity levels have remained strong in terms of both written business and adviser recruitment,' it added.

'The underlying fundamentals driving levels of consumer demand for housing are strong.'

At 9:43am: (LON:MAB1) Mortgage Advice Bureau Holdings PLC share price was 0p at 766p


Story provided by StockMarketWire.com