Financial services support firm hails growth and investment
Fintel, which offers fintech and support services to the retail financial services sector, says it has achieved strategic expansion, with five acquisitions confirmed in the year-to-date, totalling nine in the past 12 months.
The Huddersfield-based business has published a trading update for the six months ended 30 June 2024, in which it reports core revenue rising to £31.2m (HY23: £27.6m), up 13.3%.
It also records core adjusted EBITDA increasing to £9.3m (HY23: £8.8m), up about 5.2%, along with strong liquidity with gross cash of £7.4m (FY23: £12.7m; HY23: £13.3m).
Matt Timmins, joint CEO, said: “Fintel has made a strong start to 2024, with positive trading momentum and continued strategic expansion, bringing new capabilities to our customers while investing in enhancing our core propositions.
“As we extend our service and technology platform, we remain focused on driving efficiencies within the UK retail financial services market and creating better outcomes for all participants.
“Looking ahead, we are confident our diverse proposition and customer base, underpinned by strong market drivers and recurring revenue streams, position us well to deliver continued strategic progress and growth.”
The company also notes it has £64m of headroom in its £80m Revolving Credit Facility, providing flexibility for further investment.
And Fintel says it continues to benefit from regulatory and structural changes in the UK financial services market, with expansion of its products and services supporting customers through this evolving landscape.
The firm intends to publish its half year results for the six months ended 30 June 2024 on 17 September 2024.
