Financial services support provider Fintel posted revenue and earnings growth in its half-year results for the six months ended 30 June 2024. Still, it warned of lower full-year earnings following an acquisition spree this year.
The AIM-listed company posted total revenue growth to £35.7m for the first half of 2024, up 13 per cent year on year.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) jumped seven per cent from £9m to £9.6m.
Although it is confident it will hit revenue forecasts, Fintel warned its underlying full year EBITDA would come in “marginally lower than expectations,” due to some additional staff costs as it works on realising revenue synergies from a number of recent acquisitions.
Fintel, Simplybiz’s parent company, has completed four acquisitions year to date, including of Threesixty Services, ifaDASH, Owen James and Synaptic Software.
One conditional acquisition announced after the half year end is still subject to regulatory approval.
Matt Timmins, co-chief executive said: “Completing four acquisitions year-to-date, totalling eight in the last twelve months, we have significantly enhanced our scale, capabilities and IP, whilst accelerating investment into our core propositions and technology offering.
“With our strategic foundations firmly in place, we are strongly positioned to capitalise on the growth opportunities across our extensive family of brands, underpinned by the strength of our balance sheet.
“Current trading is robust, and we are confident of meeting our full year revenue expectations, as we continue to inspire better outcomes for retail financial services,” added Timmins.