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SimplyBiz revenues and membership on the up

SimplyBiz revenues and membership on the up

Support services provider SimplyBiz has seen its revenues increase by 14 per cent to £24.2m in the six months to the end of June 2018.

The Yorkshire-based company said £1.8m of this increase was due to the acquisition of Landmark Surveyors, which was completed in January, but the rest was due to its growth in membership.

Member numbers increased by 5.7 per cent in the six month period, reaching 3,628.

These trading figures - the first since SimplyBiz floated on the London Stock Exchange earlier this year - also showed the company's earnings were performing "in line with expectations".

Matt Timmins, joint chief executive of The SimplyBiz Group, said: "We performed strongly in the first half, maintaining our trading momentum and delivering results in line with management expectations.

"Our successful IPO in April 2018 has been very well received by our members and we have already witnessed positive commercial and reputational benefit.

"Our capital position and a highly fragmented marketplace offer us ongoing opportunities to build out our service offering, reinforce the strength of our organic growth platform and pursue selective acquisitions."

SimplyBiz highlighted the benefit of its IPO by pointing to the fact the company now has net cash of £1.2m, compared to net debt of £23m at the end of last year.

Last month Vitality entered the investment market with a range of products aimed at financial advisers, and SimplyBiz's distribution channels were a product launch partner.

SimplyBiz will published the full half-year results since its listing in September.