30th Jul 2024 14:09
(Alliance News) - Fintel PLC on Tuesday said it had a strong first half to the year growing both earnings and revenue as management presses on with strategic expansion.
The Huddersfield, England-based provider of fintech and support services said in the first half that ended June 30, adjusted earnings before interest, taxes, depreciation, and amortisation rose 6.6% to GBP9.6 million from GBP9.0 million the previous year.
Statutory revenue increased 13% to GBP35.7 million from GBP31.7 million, while the company's net debt position fell 35% to GBP8.6 million from GBP13.3 million.
Joint Chief Executive Officer Matt Timmins said: "Fintel has made a strong start to 2024, with positive trading momentum and continued strategic expansion, bringing new capabilities to our customers while investing in enhancing our core propositions.
"As we extend our service and technology platform, we remain focused on driving efficiencies within the UK retail financial services market and creating better outcomes for all participants."
Since the start of the year, Fintel has announced five acquisitions to expand capabilities and quality data sets within its core markets, bringing the total number of acquisitions planned or completed in the past twelve months to nine.
Most recently, the company said it will acquire the UK fund ratings and research company Rayner Spencer Mills Research Ltd for an undisclosed sum.
"With a diverse customer base and proposition and further expansion of our technology and services platform through a series of successful acquisitions and organic investment into product development, Fintel is well positioned to benefit from operational efficiencies and growth opportunities," Fintel said.
Currently, there remains GBP64.0 million of headroom in the GBP80.0 million credit facility available to the company for acquisitions.
Fintel shares were up 0.3% to 314.00 pence each in London on Tuesday afternoon.
By Elijah Dale, Alliance News reporter
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