28 January 2020 – trading update

A trading update has been released covering the year ended 31 December 2019, ahead of final results being released on 24 March.  Revenue for the year increased by 16% to £143m driven by a 14% increase in the average number of core MAB Advisers for the year to 1,293 (2018: 1,130). First Mortgage Direct Limited, which was acquired on 2 July 2019, contributed an additional £8m of revenue.  Profit before tax for the year was in line with expectations.  As at 31 December 2019, there was a cash position of £21m, including £7m of unrestricted cash balances, and there were no borrowings drawn down on the revolving credit facility which was put in place at the time of the First Mortgage acquisition.  The company has clearly been making solid progress but the share price is well up with events.  Those holding should TAKE PROFITS.