Business
Trading Update
Trading Update.
About this update from Fintel Plc
[{"type":"text","content":"\n \n \n \n 28 July 2022\n \n \n \n \n Fintel plc\n \n \n \n (\"Fintel\", the \"Company\" or the \"Business\")\n \n \n \n Trading Update\n \n \n \n \n Robust core business performance drives continued growth following strategic disposals\n \n \n \n \n \n \n Fintel (AIM: FNTL), the leading provider of fintech and support services to the UK Retail Financial Services sector today issues a trading update for the six months ended 30 June 2022.\n \n \n \n \n \n \n Financial Highlights\n \n \n \n ·\n Core revenue1 growth of c.9% to £27.1m (HY21: £24.9m)\n \n \n ·\n Total revenue growth of 2% to £32.2m (HY21: £31.7m)\n \n \n ·\n Adjusted EBITDA2 up 5% to £8.7m (HY21: £8.3m)\n \n \n ·\n Improved Adjusted EBITDA margin of 27.0% (H1 2021: 26.1%)\n \n \n ·\n Significant financial resources with £7.6m cash and undrawn £45m RCF\n \n \n ·\n Underlying operating cash flow conversion3 expected to exceed 120% (HY21: 135%)\n \n \n \n \n \n \n \n \n Operational update\n \n \n \n In the first six months of 2022 the Business has continued to trade well with strong Core revenue1 growth in line with the Board's expectations and outpacing\n the revenue impact of strategic disposals. Continued progress in the conversion of Distribution as a Service (\"DaaS\") 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 our medium term objective4.\n \n \n \n \n \n With the continued digitisation of the Business and successful conversion and scaling of DaaS, earnings quality continues to grow in absolute terms with SaaS and subscription income delivering c.66% of our expanded Core revenues.\n \n \n \n \n \n Underlying operating cash flow conversion remains strong, in excess of 120%. £7.6m of cash at 30 June 2022, together with the £45m Revolving Credit Facility fully undrawn, provides significant financial resources to fund growth both through organic investment and strategic acquisitions.\n \n \n \n \n \n \n Notice of Interim Results\n \n \n \n Fintel intends to publish its interim results for the six months ended 30 June 2022 on 20 September 2022.\n \n \n \n \n \n \n Matt Timmins, Joint CEO of Fintel plc, said:\n \n \n \n \"We are delighted to report continued solid trading and earnings qual...