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Matt Timmins, Joint CEO of Fintel #FNTL talks about their 2021 results where revenue, EBITDA & recurring income all increased and is also confident on their outlook as their SaaS and subscription income now represent 66% of total core revenues and continues to grow across all three operating divisions.
Financial Highlights
• 5% increase in total revenue up £2.9m to £63.9m (FY20: £61.0m)
• 5% increase in core1 revenue - up £2.4m to £52.2m (FY20: £49.8m)
• 6% increase in adjusted EBITDA2 - up to £18.3m (FY20: £17.3m)
• Positive net cash3 of £2.6m (FY20: net debt of £19.4m)
• Strong balance sheet with £45m revolving credit facility of which £38m remains undrawn
• Adjusted EPS4 of 10.5 pence (FY20: 11.3 pence), on a like for like basis excluding the impact of the change in the UK Corporation Tax rate EPS would have been 12 pence
• Final dividend proposed of 2 pence per share, resulting in a full year dividend of 3 pence per share (FY20: 2.85 pence per share)
Operational Highlights
• SaaS and subscription revenues now represent 66% of total core revenues (FY20: 61%) and continuing to grow across all three operating divisions.
• Continued digitisation of core business.
• Strategic partnership to deploy proprietary advice technology for up to 2,500 additional users through Tatton Asset Management.
• Increasing revenue quality - Successful scaling of distribution as a service ("DaaS") with 14 partners converted to long term subscription agreements.
• Solid EBITDA margin of 28.6% (FY20: 28.4%) delivered during a year of investment in digital growth and strategic divestment.
• Development of comprehensive ESG strategy, following a wide-ranging materiality assessment with key stakeholder groups, supported by formation of an ESG and Wellbeing Committee.
• ESG research platform expanded to cover 76 retail investment funds with digital ESG client profiler deployed to over 8,000 wealth managers and financial advisers.
• Significant strategic progress with successful sale of non-core Zest Technology and disposal of Verbatim funds.
About Fintel
Fintel is the UK's leading fintech and support services business, combining the largest provider of intermediary business support, SimplyBiz, and the leading research, ratings, and Fintech business, Defaqto.
Fintel provides technology, compliance and regulatory support to thousands of intermediary businesses, data and targeted distribution services to hundreds of product providers and empowers millions of consumers to make better informed financial decisions. We serve our customers through three core divisions:
The Intermediary Services division provides technology, compliance, and regulatory support to thousands of intermediary businesses through a comprehensive membership model. Members include directly authorised IFAs, Wealth Managers and Mortgage Brokers.
The Distribution Channels division delivers market Insight & analysis and targeted distribution strategies to financial institutions and product providers. Clients include major Life & Pension companies, Investment Houses, Banks and Building Societies.
The Fintech and Research division (Defaqto) provides market leading software, financial information and product research to product providers and intermediaries. Defaqto also provides product ratings (Star Ratings) on thousands of financial products. Financial products are expertly reviewed by the Defaqto research team and are compared and rated based on their underlying features & benefits. Defaqto ratings help consumers compare and buy financial products with confidence.