StockMarketWire.com - Advisory group Mortgage Advice Bureau posted a 77% rise in first-half profit on the back of rising mortgage completions.

Pre-tax profit for the six months through June increased to £10.8 million, up from £6.1 million year-on-year, as revenue rose 46% to £92.4 million.

The company reinstated its interim dividend at 13.4p per share.

Mortgage Advice Bureau said there was an expected softening in activity in the second half following the tapering down of the stamp duty holiday.

Still, it said the underlying fundamentals driving levels of consumer demand for housing and mortgage products remained strong.

Current trading was in line with its expectations for the 2021 financial year.

'Our mortgage completions increased by 48% in a favourable market fuelled by strong customer demand as well as the stamp duty holiday,' chief executive Peter Brodnicki said.

'Our strategic progress has been excellent during the period, in particular with regards to our lead generation initiatives.'

'We have secured significant new lead sources, including a long-term agreement with Moneysupermarket. '


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