The parent company of SimplyBiz and Defaqto, Fintel, has reported a 2% fall in statutory revenue for the first six months of 2023.

Fintel announced it had generated statutory revenue totalling £31.7m in the six months to the end of June, a figure down from £32.2m in H1 last year. Statutory EBITDA also fell by 16%, to £6.7m compared to £8.0m last year.

The group said the figures reflected “reduced activity” in its non-core business as well as new net revenue recognition on a major software reseller contract extension.

In terms of its core revenue, however, Fintel reported a 2% rise for H1, to £27.6m compared to £27.1m in the same period last year.

Fintel suggested the strength of its balance sheet, together with an undrawn £80m revolving credit facility, has provided significant financial flexibility and headroom to capitalise on organic and M&A opportunities.

Joint CEO of Fintel, Matt Timmins, said: “Fintel delivered a positive financial and operational performance during the first half of 2023 and continued to make significant progress in line with its strategic plan. We have increased investment into our technology and service platform, with earnings enhancing acquisitions expanding our unique proposition and driving future growth opportunities.

“Our diverse client base and proposition, combined with the cash generative nature of our business, provide resilience to tough market conditions and ensure we are well placed to capitalise on the growth opportunities arising from an evolving UK financial services landscape.

“Current trading remains encouraging and in line with our expectations. Together with the strength of our balance sheet and positive qualified M&A pipeline, we are confident of delivering further strategic progress and accelerating growth, as we continue to inspire better outcomes for retail financial services.”

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