CompaniesJan 26 2023

SimplyBiz parent company sees revenues rise 4%

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SimplyBiz parent company sees revenues rise 4%
Pexels/Alaur Rahman
BySonia Rach

SimplyBiz parent company Fintel reported a 4 per cent uptick in total revenue growth in its year end trading update, despite “the challenging macroeconomic climate”.

In an update for the year ended December 31, 2022, Fintel, which rebranded from The SimplyBiz Group last year, reported total revenue growth of £66.5mn, up from £63.9mn in the same period last year.

At the time, the technology firm, which is also the parent company of Defaqto, said Investec and Zeus had set a revenue expectation of £61.5mn, but instead the firm finished 2021 on £63.9m. This meant it outperformed expectations by £2.4mn.

In these latest results, core revenue growth remained strong, up 8 per cent to £56.4mn from £52.2mn the previous year.

Matt Timmins, joint chief executive officer of Fintel, said: “2022 has been a year of continued strategic progress and strong trading. 

“The business has performed well, with both revenue and earnings growth in line with the board’s expectations, despite the challenging macroeconomic climate.”

Timmins said “continued enhancement and expansion” of its technology and service platform has contributed to increased core SaaS and subscription income across all operating divisions.

“Our resilient operating cashflow conversion, combined with our enhanced funding capacity provide considerable financial agility as we pursue strategic acquisitions, and we remain confident that Fintel is in a  strong position to deliver both our strategic goals and growth ambitions,” he said. 

Adjusted Ebitda for the firm was up 6 per cent, in line with board expectations.

Fintel also reported a net cash position of £12.8mn, up from £2.5mn

It said the increased four year £80mn revolving credit facility completed in December 2022, “on more favourable terms”, providing significant, flexible funding capacity for growth opportunities arising in the market .

Fintel said a selective M&A pipeline is expected to enhance earnings and growth opportunities in the medium term.

Elsewhere, in the six months to June, Fintel saw a 2 per cent uptick in total revenue growth, delivering “solid financial performance” in the first half of the year. 

It reported total revenue growth of £32.2mn, up from £31.7mn in the same period the previous year.

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