Business
Trading Update and Notice of Half Year Results
Trading Update and Notice of Half Year Results.
About this update from Fintel Plc
[{"type":"text","content":"\n\n30 July 2024\n \nFintel plc\n(\"Fintel\", the \"Company\" or the \"Business\")\n \nTrading Update and Notice of Half Year Results\n \nContinued growth and strategic expansion\n \nFintel (AIM: FNTL), the award-winning 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 2024.\n \nFinancial highlights - positive trading momentum, in line with Board expectations\n· Core1 revenue increased to £31.2m (HY23: £27.6m), up 13.3%\n· Core adjusted EBITDA2 increased to £9.3m (HY23: £8.8m), up c.5.2%\n· Core SaaS & Subscription revenue of £20.0m (HY23: £18.8m), up c.6%\n· Statutory revenue of £35.7m (HY23: £31.7m), up c.12.5%\n· Adjusted EBITDA3 increased to £9.6m (HY23: £9.0m), up c.6.6%\n· Strong liquidity with gross cash of £7.4m (FY23: £12.7m; HY23: £13.3m), after £6.2m deployed into strategic investments and acquisitions, and continued organic investment into product development of c.£2.5m in the period\n· £64.0m of headroom in the £80.0m Revolving Credit Facility, providing flexibility for further investment\n· Net debt position of £8.6m (HY23: net cash of £13.3m), with a net debt to EBITDA ratio of 0.4x\n· Successful settlement in May 2024 of the 2021 'value builder' long term incentive scheme for 19 members of key management through £5m cash award, avoiding shareholder dilution\n \nOperational highlights - further progress with organic initiatives\n· Phase one development of Matrix 360 complete, offering an enhanced version of market and competitor intelligence software Defaqto Matrix. This provides the most comprehensive view of insurance products available in the market and enables providers to benchmark and optimise insurance product performance\n· Launch of Fintel IQ, industry first connected technology and workflow platform, enabling a seamless advice process for larger intermediary firms\n \nStrategic highlights - continued strategic expansion with five ac...