Growth strategy remains on course at business support firm
Fintel, which provides fintech and support services to the UK retail and financial services sector, has reported strong core revenue growth of 8% to £56.4m in its full year results for the year ended 31 December 2022.
The Huddersfield-headquartered business has also recorded pre-tax profits of £12.4m (2021: £19.9m)
Fintel says it has a strong balance sheet with a new and increased four-year £80m Revolving Credit Facility completed in December 2022 on more favourable terms, providing flexible funding capacity.
Joint CEO, Matt Timmins, said: “Fintel continues to deliver on its strategic plan of accelerating growth, digitisation and service expansion. During 2022 we delivered another set of strong financial results, while continuing to invest in our technology and services platform.
“We have started 2023 with real momentum, continuing to trade in line with expectations and progress our strategy at pace, forging multi-year strategic partnerships and developing our unique technology and service platform.
“As we look to the future, we are confident in our financial agility and growth strategy that is underpinned by our resilient and highly cash generative business.”
The business says it enjoyed growth in recurring revenue across all three of its operating divisions.
It saw continued growth in core SaaS and subscription revenue across all operating divisions, which it says was driven by customer demand for technology and insights services.
Fintel says its business model of strong reoccurring income with most of the remainder being solid repeatable income, gives it “tremendous visibility of and confidence in” its overall revenues.
It adds it has made a confident start to the new financial year, which is consistent with the Board’s expectations.
Organic growth is expected to be driven by ongoing software adoption across the company’s membership base and increased financial technology penetration.