SimplyBiz sees ‘organic’ revenue growth in first results as a public company
SimplyBiz, the Huddersfield-based business support company, has reported its first set of financial results as a public company, following its AIM flotation in April.
For the six months ended 30 June, the group reported revenues of £24.2m, which is a 13.7% rise on the £21.3m achieved in 2017. Adjusted pre-tax profit also increased 60.8% to £4.5m.
Operating profit fell to £1.2m (H1 2017: £3.9m), but this dip was due to the inclusion of IPO related costs of £3.6m.
During this period, SimplyBiz completed the acquisition of Landmark Surveyors, which was taken over on 23 January. Group membership numbers also increased by 5.7% to 3,628 from 3,433 at 31 December 2017.
In addition, the group’s Distribution Channels division secured contract wins with new providers Guardian Financial Services and Vitality Invest, and Centra was also successfully launched. Centra is SimplyBiz’s end to end financial planning system, which has seen 1,635 users sign up since its launch in March.
Ken Davy, chairman of SimplyBiz, said: “We are delighted to announce our first results as a public company, following our successful AIM flotation in April.
“Our performance in the first half of 2018 has maintained our trading momentum, delivering strong top line organic and acquisition growth of over 13% and increasing our adjusted EBITDA margins to 22%.
“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.”
