SimplyBiz has seen its profits hit by the cost of floating on the London Stock Exchange.
The support services provider posted an operating profit of £1.2m for the six months to the end of June 2018, down from £3.9m for the same period last year.
SimplyBiz said this had been caused by costs of £3.6m relating to its initial public offering earlier this year, which raised £30m for the company.
The Huddersfield-based company has said the results were in line with expectations, and also revealed its revenue was up almost 14 per cent to £24.2m while its debts of £1.6m had been eliminated and replaced with a cash reserve of £1.2m.
Ken Davy, SimplyBiz's chairman, said: "Our performance in the first half of 2018 has maintained our trading momentum, delivering strong top line organic and acquisition growth of over 13 per cent and increasing our adjusted Ebitda margins to 22 per cent.
"Our IPO in April 2018 has been very well received by our members and partners, and we have already witnessed positive commercial and reputational benefit. We continue to increase the number of members and channel partners that we serve, as well as look to pursue selective acquisitions.
"I would like to thank everyone in the SimplyBiz team for their dedication in delivering a successful first half of 2018."
SimplyBiz's membership increased by 5.7 per cent to 3,628 at the end of June 2018 while its assets under management increased by 5.6 per cent to £615m.
damian.fantato@ft.com
