Revenue and adjusted earnings have grown at Fintel, the tech provider to the financial services sector.
A trading update ahead of half year results for the Huddersfield firm shows it saw an 18.6% rise in revenue to £42.4m and a 17% rise in adjusted Ebitda to £11.2m in the six months to the end of June. Fintel operates a number of brands including market intelligence specialist Defaqto and support services operator simplybiz.
It told investors that first half trading had been strong with software as a service and subscription revenue from its products up 21% to £24.2m, compared with £20m, thanks to £3.0m inorganic growth and underlying organic growth of 6%. Bosses pointed to significant growth of the VouchedFor business thanks to new partnerships with Blackrock, Fundament and Time Investments, along with the launch of new software from Defaqto, leading to deals with big names such as Zurich, RAC and NFU Mutual, among others.
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Fintel has also negotiated a new, £120m revolving credit facility, bring a fourth bank to its panel of lenders. The deal replaced an £80m facility that was due to be refinanced later this year.
Matt Timmins, CEO, said: "2025 is progressing well, with strong trading in line with expectations. We continue to take advantage of our expanded market position with a number of new product launches and strategic partnerships across our brand portfolio. We are taking significant steps to simplify our structure and support the integration of our recent acquisitions, and the work we have done to align our business behind our core growth drivers is also progressing well."
Fintel told investors its mortgage club and property valuation business are ready to benefit from future recovery in the housing market. Mr Timmins added: "We are confident of delivering further progress in the second half of this year and beyond, with our extensive platform positioning us strongly to capitalise on the multiple growth opportunities available in a fragmented retail financial services market."