Huddersfield-based Fintel is 'well-placed to capitalise on favourable conditions for acquisitions'

A Yorkshire-based provider of fintech and support services to the retail financial services sector said it was well-placed to capitalise on favourable market conditions for acquisitions as it delivered a “resilient” full year performance.
Greg Wright
By Greg Wright
Published 19th Mar 2024, 11:13 BST

Fintel, which is the parent company of SimplyBiz and Defaqto, has announced its audited consolidated results for the year ended December 31 2023. The group recorded adjusted EBITDA (earnings before interest, taxation depreciation and amortisation) growth of 5.6 per cent to £20.5m, during a period of “significant investment”.

Four acquisitions were completed in 2023 with initial net cash investment of £13.3m, delivering combined core revenues of £1.5m over the period.

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The group said current trading remains in line with expectations, with growth in fintech software revenue and software license sales offsetting pressures in the UK housing market.

Matt Timmins, Joint CEO of Fintel, said: “2023 has been a defining year for Fintel. We have delivered a resilient financial performance and significant progress against our strategy, which balances growth across our core activities, organic investment and complementary M&A." (Photo supplied on behalf of Fintel)Matt Timmins, Joint CEO of Fintel, said: “2023 has been a defining year for Fintel. We have delivered a resilient financial performance and significant progress against our strategy, which balances growth across our core activities, organic investment and complementary M&A." (Photo supplied on behalf of Fintel)
Matt Timmins, Joint CEO of Fintel, said: “2023 has been a defining year for Fintel. We have delivered a resilient financial performance and significant progress against our strategy, which balances growth across our core activities, organic investment and complementary M&A." (Photo supplied on behalf of Fintel)

The statement added: “With expectations that interest rates and housing market activity will become more positive in 2024, Fintel is well positioned to benefit from a recovery in the mortgage market.”

Matt Timmins, the joint CEO of Fintel, which has its head office in Huddersfield, West Yorkshire, said: “2023 has been a defining year for Fintel.

He added: “We have delivered a resilient financial performance and significant progress against our strategy, which balances growth across our core activities, organic investment and complementary M&A (mergers and acquisitions).

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“We are executing our strategy at pace, enhancing our service and technology platform, increasing our scale and reach, and strengthening our position at the heart of the UK retail financial services sector to inspire better outcomes for all.

“The cash-generative nature of our business, underpinned by our financial resources, positions us well to capitalise on the favourable market conditions for M&A, whilst delivering further organic growth and value to all of our stakeholders.

“In the new financial year to date, we are trading in line with expectations and remain well positioned to take advantage of opportunities in our market.”

Fintel said two further acquisitions have been completed since the end of 2023 and are performing as expected.

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Mr Timmins said the group, which employs around 600 staff, foresaw further acquisitions but stressed that Fintel was “very selective”. He said there was “a real energy and entrepreneurialism in the fabric of Huddersfield”.

He added that Huddersfield “was an excellent base for Fintel with a fantastic university”.

Related topics:HuddersfieldWest Yorkshire

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