Acquisition helps drive business support firm’s growth
SimplyBiz, a listed business support company based in Huddersfield, has seen its group revenue rise by 24% to £62.8m (FY18: £50.7m).
The company has announced its audited results for the 12 months ended 31 December 2019, which also include an increase in operating profit by £5.2m to £12m, with pre-tax profits up to £10.8m from £4.2m. Adjusted EBITDA was up 49% to £17m (FY18: £11.4m).
Highlights for the firm, which provides compliance and business services to financial advisers and financial institutions in the UK, include its strategic acquisition of financial services technology business Defaqto, and strong progress on software development and deployment.
And it reported an increase in mortgage completions and a healthy operating margin.
Matt Timmins, joint chief executive officer of The SimplyBiz Group, said: “We are delighted to have successfully completed the strategic acquisition and rapid integration of Defaqto and welcome these new colleagues into the SimplyBiz Group.
“This acquisition instantly expands the Group’s customer base by over 50% and materially extended our software and service platform across all key sectors. The acquisition enhances the Group‘s strong and sustainable profit margins.
“The Board is confident and optimistic about 2020. We are guiding to marginally lower growth in revenues and EBITDA, particularly in employee benefits and valuations, with operational gearing flowing through to earnings.
“We expect both headline and underlying growth to remain strong.“
