Mortgage Advice Bureau (holdings) plc
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 27 Mar 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
Mortgage Advice Bureau (Holdings) Plc runs a UK network of mortgage and insurance advisers. In the year to 31 December 2025 its revenue rose 19.6% to £318.8m, helped by higher fees and eight takeovers of smaller broking firms, but profit before tax slipped to £22.1m from £22.9m. Much of the revenue is passed on to the advice firms in its network. Past and recent takeovers also brought accounting costs that held profit back, mainly the gradual write-off of the value of businesses bought and costs tied to options to buy out minority partners. On the company's own measure, which strips these out, earnings per share rose. Cash at the year end was £26.2m, though most of it is held aside for advice firms in the network. Borrowings fell to £11.4m and no new shares were sold. The dividend for the year was cut to 22.5p from 28.2p. The auditor gave a clean opinion and the directors found no doubt about the company carrying on through 2027. However, its bank loans were shown as due within a year because an extension was still being arranged.
From the reportevery line sits on the page it namesWhat drove revenueMortgage procuration fees paid by lenders (via L&G Mortgage Club or directly)
Mortgage procuration fees £133.928m of £318.765m total revenue in 2025 (2024: £105.760m)
page 179AndProtection and general insurance commissions
£117.462m in 2025 (2024: £104.737m), subject to clawback over up to 4 years
page 179What moved the marginheadwindRevenue share/commission model with external trading partners (AR firms)
Commissions paid £164.434m and lead costs £22.675m within cost of sales of £226.819m, scaling with revenue
page 179AndheadwindAmortisation of acquired intangibles and acquisition-related option costs from rapid M&A
Amortisation of acquired intangibles £7.203m and option costs (IFRS2/IAS19) £2.866m in 2025, both up from 2024
page 185One-offs in the year£6.1m charge: Amortisation of acquired intangible assets (adjusting item)
page 190After the year endThere were no material events after the reporting period which have a bearing on the understanding of the financial statements (Note 29)
page 215The dividendFinal dividend for 2024 of 14.8p per share (£8.578m) and interim dividend for 2025 of 7.2p per share (£4.173m) were paid during 2025 (total £12.751m paid). A final dividend for 2025 of 15.3p per share (£8.882m) has been proposed for approval at the AGM; record date 24 April 2026, payment date 26 May 2026.
page 190Going concern and the auditBDO LLP (David Gonnelli, Senior Statutory Auditor) issued an unqualified (unmodified) opinion dated 17 March 2026 that the financial statements give a true and fair view. Key audit matters were (1) Revenue recognition and clawback liability and (2) Purchase price allocation on the eight 2025 acquisitions. Group materiality was £1.8m (5% of adjusted PBT of £36m); component performance materiality ranged £270k-£740k. No material uncertainties related to going concern were identified; Directors assessed going concern to 31 December 2027 using base and severe-but-plausible stress scenarios.
page 129The risks it names first- Revenue recognition and clawback liability estimation risk (key audit matter) – significant management judgement in lapse/recovery rate assumptions used to estimate the clawback refund liabilityp.134
- Purchase price allocation risk on acquisitions – valuation of intangible assets (customer relationships, technology, brand) and discount rate/forecast assumptions used in PPA are inherently judgemental; PPA for Dashly was provisional at year endp.136
- Goodwill and intangible impairment risk – value-in-use calculations depend on forecast cash flows, terminal growth rate (2.5%) and discount rate (13.8%), which are sensitive to market and economic conditionsp.162
- Interest rate risk on floating-rate (SONIA-linked) borrowings under the NatWest term loan and revolving credit facilityp.207
Read from C000873-AR-2025-ch.
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