Huddersfield’s Fintel has reported underlying earnings of £8.7m in the first half of 2022 and says it is well placed to make acquisitions.
The firm said core revenue had increased 9% to £27.1m in the six months to the end of June, up from £24.9m in the same period last year. Investors were told there had been continued progress in the conversion of distribution as a service (DaaS) revenue during the first half and revenue generation was performing at the upper end of expectations for the full year.
Fintel – which operates intermediary business support function SimplyBiz and research, ratings and fintech business Defaqto – also pointed to its ability to invest and acquire through a £7.6m cash position together with a £45m revolving credit facility fully undrawn.
Matt Timmins, joint CEO of Fintel plc, said: “We are delighted to report continued solid trading and earnings quality in the first half of the year, in line with our strategic goals and board expectations. Growth in our core business has been strong and in-line with the top end of our medium-term objectives communicated in our CMD (Dec20) with the balance of new revenues continuing to come through SaaS and subscriptions.
“Increasing regulation continues to drive market demand for our unique services and fintech offering. Our strong balance sheet and cash flow conversion provides the financial agility to pursue strategic acquisitions and we remain confident of delivering our strategic goals and growth ambitions.”
