Fintel’s EBITDA up 6% on profit recovery


Fintech and support services company Fintel recorded a 6% increase in adjusted EBITDA to £18.2m (FY20: £17.3m) for the year ended 31 December .

The fintech’s net cash for the year ended December 31 was £2.5 million.

The company reported net debt of £19.4m in 2020.

AIM-listed Fintel owns advisor data provider Defaqto and advisor support company SimplyBiz.

It sold its “non-core” tech business Zest for £10m in July and also sold its fund arm Verbatim to Tatton Asset Management in September.

Total revenue increased by 5% to £63.9m (fiscal year 20: £61m).

Core revenue also increased by 5% to £52.2m (fiscal year 20: £49.8m).

The fintech said software-as-a-service and subscription revenue now accounts for 66% of total core revenue (up from 61% in 2020) and continues to grow.

Fintel continues to digitize its core business which it says will be aided by its strategic partnership for up to 2,500 additional users through Tatton Asset Management, which was announced last year.

The company also continues to invest in its ESG strategy and has formed an ESG and well-being committee. The ESG research platform was also expanded to cover 76 retail investment funds and a digital ESG client profiler was rolled out to over 8,000 wealth managers and financial planners.

Matt Timmins, Co-CEO of Fintel, said: “We have developed a comprehensive and holistic ESG strategy, addressing the needs of stakeholders, industry and consumers, which further strengthens our position in the market and our objective. . Our central position in the market has enabled us to be a significant force in bringing ESG information to professional advisors and their clients.

“We are very excited about the next step in our journey as we continue to digitize and evolve our service model, improve retail financial services and inspire better outcomes for everyone.”

Adjusted earnings per share fell slightly to 10.5 pence (FY20: 11.3 pence). Fintel attributed the decline to the UK corporation tax change and said that on a similar basis without the tax change, earnings per share would have been 12 pence.

Fintel’s board has proposed a final dividend of 2 pence per share, resulting in a full year dividend of 3 pence per share (FY20: 2.85 pence per share).

SimplyBiz was rebranded as Fintel in March 2021, following its acquisition of fintech Defaqto and a greater focus on fintech.


Comments are closed.