UK's Mortgage Advice Bureau H1 revenue rises 8.6% on refinancing

Overview

• UK property finance platform's H1 2026 revenue grew 8.6% yr/yr, driven by refinancing activity

• Adjusted diluted EPS for H1 2026 rose 1.1%, while basic EPS declined 46.6%

• Company proposed interim dividend of 7.9p per share, up 9.7% yr/yr

Outlook

• Company expects 2026 adjusted profit before tax of about £38.0m, up 5% from 2025

• Company says market remains refinance-led, with no meaningful recovery in purchase activity expected short term

• Mortgage Advice Bureau expects stronger profit contribution from Fluent and improved operating leverage from 2027

Result Drivers

• REFINANCING ACTIVITY - Co said revenue growth was led by refinancing, particularly Product Transfers, which increased to 27% of lending by value and supported strong activity levels but carried lower revenue contribution than purchase lending

• ACQUISITIONS IMPACT - Consolidation of acquisitions completed in 2025 and 2026 contributed to gross profit and margin growth, but also increased administrative expenses

• SUBDUED PURCHASE MARKET - Purchase lending reduced by 1% as market conditions remained challenging, with consumer confidence and mortgage pricing volatility affecting demand

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the investment management & fund operators peer group is "buy"

• Wall Street's median 12-month price target for Mortgage Advice Bureau (Holdings) PLC is GBp1,150.00, about 200.3% above its September 21 closing price of GBp383.00

• The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 9 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)