Revenue rise for listed business support company
Huddersfield-based SimplyBiz, which provides compliance, technology and business services to financial advisers and financial institutions, has grown its revenue by 24%.
The firm has published its pre-close trading statement for the year ended 31 December 2019.
In March 2019 the Group completed the strategic acquisition of Defaqto, a financial information and technology business, through a debt and equity raise.
The enlarged Group now serves over 5,800 intermediary firms and over 350 financial institutions.
Its trading statement adds: “The Group has delivered organic revenue and adjusted EBITDA growth compared to 2018.
“The directors are confident the Group’s overall performance is broadly in line with expectations and intend to propose a final dividend to shareholders, in line with the stated dividend policy.
“The Group intends to publish its full-year results on 10 March 2020.”
Matt Timmins, Joint CEO of The SimplyBiz Group, said: “We are delighted to have successfully completed the acquisition and integration of Defaqto and welcome these new colleagues into the SimplyBiz Group.
“The acquisition significantly expands our customer base and breadth of proposition, whilst enhancing the Group‘s strong and sustainable profit margins.
“Trading in the Group has continued in line with management‘s expectation and the Group‘s cash generative model has enabled it to repay £7m of debt in the post-acquisition period.”
