Trading Update and Revised 2026 Expectations
Mortgage Advice Bureau (Hldgs) PLC
09 September 2026
This announcement contains inside information
9 September 2026
Mortgage Advice Bureau (Holdings) plc
("MAB" or the "Group")
Trading Update and Revised 2026 Expectations
Mortgage Advice Bureau (Holdings) plc (LSE: MAB1),a leading technology-driven UK property finance service, today provides an update on current trading and the Group’s outlook for 2026, ahead of the publication on 22 September 2026 of its interim results for the six months ended 30 June 2026.
H1 2026 outturn
On 23 July 2026, MAB indicated that Adjusted profit before tax for the six months ended 30 June 2026 was expected to be approximately £14.6m, broadly in line with H1 2025 (£14.5m). Following completion of the period-end reporting process, MAB now expects to report Adjusted profit before tax of approximately £14.8m.
Current trading and outlook
The Group’s revised outlook principally reflects two factors. The easing in interest rates and gradual recovery in purchase activity widely anticipated at the start of the year has not materialised. While MAB’s diversified model ordinarily provides resilience against weakness in individual market segments, a material proportion of the Group’s expected growth in 2026 was due to come from Fluent, where a significant anticipated increase in new lead flows has been delayed.
The housing and mortgage market backdrop has become more challenging over the summer, with global developments adding to uncertainty over inflation and the path of borrowing costs. The Group does not expect a meaningful recovery in purchase activity in the short term. UK purchase transactions were 3% lower in the first seven months of 20261, while mortgage approvals for house purchase fell by 15% year-on-year in July2.
The market continues to be predominantly refinance-led. The Group has good visibility over fixed-rate mortgage maturities during the remainder of the year, providing a significant refinancing opportunity. Product Transfers account for by far the largest share of refinancing activity and, with affordability constrained, the mix is expected to remain weighted towards Product Transfers rather than remortgages.
Delivery against Fluent’s strategic plan has been slower than anticipated. Following a steady recovery in business performance and the continued development of its mainstream first-charge mortgage proposition, Fluent was expected to deliver a significant step-up in 2026, supported by new contractual lead flows. However, the launch of these arrangements has been delayed. Pilot costs have therefore been incurred ahead of the associated revenue contribution. As a result, Fluent’s expected contribution to Group Adjusted profit before tax for 2026 is approximately £5m lower than previously anticipated.
Taking these factors into account, the Group now expects Adjusted profit before tax for the year ending 31 December 2026 of approximately £38.0m. This compares with current market consensus³ of £43.4m.
Peter Brodnicki, Founder and CEO of MAB, commented:
“While it is disappointing to revise our expectations for 2026, market conditions have softened since our July trading update, reducing our ability to offset the impact of delays to new lead flows into Fluent. While these delays have pushed the anticipated profit growth from Fluent into 2027, the updated guidance nevertheless represents Adjusted profit before tax growth of approximately 5% compared with 2025, demonstrating the resilience of our business model against a more challenging market backdrop.
We are continuing to strengthen the Group’s operating model by centralising administrative and support activities, increasing automation across the customer and adviser journey and integrating our invested businesses more closely. As this work progresses, we have greater visibility over the timing and delivery of the resulting operational and commercial synergies. These initiatives are simplifying processes, improving efficiency and supporting increased operating leverage as the Group grows.
Together with the significant opportunity presented by upcoming fixed-rate mortgage maturities, this progress leaves us well placed to deliver solid profit growth this year and strengthen performance into 2027.”
HMRC
2 Bank of England Money and Credit
3 Company-compiled consensus www.mortgageadvicebureau.com/investor-relations
Enquiries:
Investor Relations
Mark Irvine-Fortescue, Head of Investor Relations and Sustainability
Camarco
About MAB:
MAB is a leading UK property finance platform that connects customers, advisers, lenders, and insurers throughout the homeownership journey. Through its scalable, technology-driven intermediary model, MAB delivers personalised mortgage and protection advice via its proprietary platform, supported by deep customer insight and a data-rich, digitally enabled framework.
Through its partner firms, known as Appointed Representatives (ARs), MAB has over 2,100 advisers providing expert advice across mortgages, specialist lending, protection and general insurance products. MAB supports its AR firms with proprietary technology and services, including adviser recruitment and lead generation, learning and development, compliance auditing and supervision, and digital marketing and website solutions.
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