Revenue growth slows for Fintel but profits rise



Total revenue for fintech and support services firm Fintel grew 2% to £32.3m (HY21: £24.9m) for the half year ended 30 June.

This compares to 5% growth in total revenue in 2021.

However, core revenues rose 9% to £27.1m (HY21: £24.9m). Core revenues exclude revenues from panel management and surveying.

The growth in core revenue was in line with the board’s expectations and outpaced the revenue impact of strategic disposals made by the fintech firm during the half.

The fintech, which owns Defaqto and SimplyBiz, has set itself the objective of core revenue growth between 5% and 7% a year.

Fintel said software as a service and subscription income delivered around 66% of core revenues.

Adjusted EBITDA, seen as a measure of profitability, rose 5% to £8.7m for the half (H121: 26.1%).

Fintel hinted that it was on the hunt for acquisitions, saying that it currently has access to “significant financial resources to fund growth” through acquisitions. The fintech had £7.6m of cash at the end of the half, as well as a £35m revolving credit facility which is currently fully undrawn.

Matt Timmins, joint CEO of Fintel, 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.”

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