Fintech provider sees numbers climb
Fintel, a provider of fintech and support services to the UK retail financial services sector, has announced its unaudited consolidated results for the first six months of the year.
The company reported growth in core revenue, which was up 9% to £27.1 million in the first half of 2022 from £24.9 million during the same period last year. Total revenue growth also rose by 2% to £32.2 million from £31.7 million.
Fintel’s adjusted profit before tax increased by 15% to £6.9 million from £6 million, while adjusted earnings per share went up by 29% to 5.3p from 4.1p last year.
The firm’s operational highlights during the period included accelerated growth in proprietary advice software recommendations to more than £42 billion; significant growth in fintech software revenue of 17% to £7.7 million and product ratings revenue of 12% to £4.2 million; quality recurring revenues with 66% SaaS and subscription income in core business; and winning the Best Professional Adviser Service Company of the Year award for the fifth year in a row.
“Fintel has delivered a solid financial performance in the first half of the year, trading in line with expectations,” Matt Timmins, joint chief executive at Fintel plc, commented. “Growth in our core business has been strong, delivering increased revenues, earnings, and cash, while maintaining EBITDA margin and quality of earnings.
“Fintel continues to benefit from changes in regulation and these regulatory tailwinds increase demand for both our services and fintech across our diverse customer base. The continued digitisation of our service model and scaling of our fintech platform has been further strengthened by increased user adoption and development of new modules.”
Timmins added that the company has a strong balance sheet following the strategic divestment of non-core Zest Technology and Verbatim funds and the continued strong cash generation of the business.
“A cash surplus of £7.6 million and access to an undrawn £45 million revolving credit facility provides a capital base to continue to invest in our growth opportunities,” he said. “We are confident of meeting our full year expectations and longer-term growth ambitions.”