TechnologyMay 18 2023

Fintel increases cash position as Davy steps down

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Fintel increases cash position as Davy steps down
(Pexels/Karol D)

Fintel has increased its cash position by 6 per cent to £13.6mn, as its chairperson announced he will remain on the board after stepping down.

In a statement to the stock exchange this morning (May 18), the company said the board remains confident that its strategy positions it well to deliver “strong and sustainable growth”. 

Fintel will see a change in its leadership team at its annual general meeting today as Ken Davy steps down as chairperson, which was announced earlier this year.

Phil Smith, currently an independent non-executive director, will replace Davy, who will continue to sit on the board as a non-executive director.

Davy said he is “delighted” that Smith is replacing him.

“Phil brings a wealth of industry knowledge, leadership qualities and business transformation experience, fully aligned to the strategic direction of Fintel.”

Smith added: "Having had the pleasure of serving on the board of Fintel for the last year, it is my privilege to be taking over as chairperson of this incredible company. 

“I am grateful to Ken for his ongoing counsel and support and look forward to continuing to work with him, and the wider board, as Fintel continues to execute its growth strategy."

Davy founded The SimplyBiz Group 16 years ago.

In Fintel’s results earlier this year the group reported a 4 per cent uptick in total revenue growth at £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.

Core revenue growth remained strong, up 8 per cent to £56.4mn from £52.2mn the previous year.