Strategic goals within reach at financial services support specialist
Fintel, a provider of fintech and support services to the UK Retail Financial Services sector, has seen core revenue growth of about 9% to £27.1m (HY21: £24.9m) in its trading update for the six months ended 30 June 2022.
The Huddersfield-headquartered business also reports total revenue growth of 2% to £32.2m (HY21: £31.7m), with adjusted EBITDA up 5% to £8.7m (HY21: £8.3m).
Fintel notes it has significant financial resources with, £7.6m cash and an undrawn £45m revolving credit facility.
Matt Timmins, joint CEO, said the company had achieved solid trading and earnings quality in the first half of the year, in line with its strategic goals and Board expectations.
He added: “Growth in our core business has been strong and in-line with the top end of our medium-term objectives, with the balance of new revenues continuing to come through SaaS and subscriptions.
“Increasing regulation continues to drive market demand for our unique Services and fintech offering.
“Our strong balance sheet and cash flow conversion provides the financial agility to pursue strategic acquisitions and we remain confident of delivering our strategic goals and growth ambitions.”
Fintel adds that continued progress in the conversion of Distribution as a Service revenue has seen a greater proportion of these existing revenues recognised in H1.
On a full year basis, the current core revenue expectation is trading at the upper end of the range of the company’s medium term objective.
Fintel intends to publish its interim results for the six months ended 30 June 2022 on 20 September 2022.
