Membership and revenues at SimplyBiz on the rise
SimplyBiz, a business support company set up by the chairman of the Huddersfield Giants Super League Club Ken Davy in 2002, has this morning published its first six-month trading update since its Stock Market flotation in April.
In the six months to 30 June, group revenues increased by 13.7% to £24.2m (June 2017: £21.3m). The firm said £1.8m of the revenue increase was due to the acquisition of Landmark Surveyors, which was acquired on 23 January, with the underlying growth in revenues reflecting the similar growth in membership.
The period marked the group’s successful admission to AIM in April 2018. The Huddersfield-based firm said that its continuing organic growth was supplemented by further returns from the group’s proven inorganic growth strategy.
Group membership numbers increased by 5.7% to 3,628 from 3,433 at 31 December 2017. Numbers stood at 3,367 on 30 June 2017. The listed firm said it had net cash of £1.2m, as compared to net debt of £23m at 31 December 2017, reflecting operating performance and the beneficial impact of capital raised at IPO.
The Vitality Group, a market leader in the provision of personal financial services, has recently launched Vitality Invest and has selected SimplyBiz’s distribution channels as a key product launch partner for 2018
Matt Timmins, joint CEO 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.”
