Business
Trading Update, Acquisitions & Notice of Results
Trading Update, Acquisitions & Notice of Results.
About this update from Fintel Plc
[{"type":"text","content":"\n\n27 July 2023\n \nFintel plc\n(\"Fintel\", the \"Company\" or the \"Business\")\n \nTrading Update, Acquisitions and Notice of Half Year Results\n Positive start to 2023; strategic investments to accelerate future growth\n \nFintel (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 2023.\n \n\"Fintel has made a positive start to 2023, with a solid performance in our Core business and significant strategic progress through a series of successful investments and acquisitions.\n \n\"During the period, Fintel successfully negotiated a new five-year technology contract for its member firms with an existing vendor on improved terms, which will reduce pass through costs and the associated revenues, whilst increasing EBITDA margin.\n \n\"In addition, Fintel is pleased to announce today the acquisition of MICAP and Competent Adviser, two technology platforms serving in excess of 15,000 users, complementing our recent investment in Plannr Technologies through Fintel Labs and further strengthening our product and service proposition.\"\n \nMatt Timmins, Joint CEO\n \n \nFinancial highlights\n \n· Core1 revenue increased to £27.6m (HY22: £27.1m, LfL: £26.6m) up 1.6% in total and 4% on a like for like basis\n· Core adjusted EBITDA2 increased to £8.8m (HY:22 £8.2m) up c.8%\n· Statutory revenue £31.7m (HY22: £32.2m), down c.2%, reflects both new net revenue recognition on major software reseller contract extension in current period and reduced activity in non-core business\n· Adjusted EBITDA3 increased to £9.0m (HY22: £8.7m) up c.4%\n· Strong liquidity with cash position of £13.3m (FY22: £12.8m; HY22: £7.6m), driven by continued strong operating cash flow conversion, which is expected to exceed 100% (HY22: 124%)\n· Four year £80m Revolving Credit Facility remains undrawn, providing significant headroom for organic investment and M&A opportunities\n \nStrategic highlights\n \n· Acquisition of MICAP by subsidiary business Defaqto, the leading provider of financial information, ratings and fintech\no MICA...