Mortgage Advice Bureau (Holdings) PLC

First-pass take

Profitable, cash-generative UK mortgage adviser network growing revenue 19.6% with strong adviser productivity (+13%) and net cash position. AI adoption is 'early stage' and improves internal efficiency rather than driving revenue. Current adjusted PBT margins declining (11.4% vs 12% prior year) despite revenue growth; operating leverage is stated target but not yet demonstrated. Missing valuation data limits assessment.