Yorkshire fintech firm Fintel boosts revenues after acquisition spree

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Revenue at Yorkshire fintech Fintel has grown more than 13% on the back of a flurry of acquisitions in the last year.

The Huddersfield provider of systems for financial services businesses saw core revenue increase to £31.2m in the six months to the end of June and core adjusted Ebitda of £9.3m, an increase of about 5.2%.

It follows nine acquisitions by the AIM-listed firm in the last 12 months, including the conditional acquisitions of Rayner Spencer Mills Research; compliance and business support provider Threesixty Services, and a 70% stake in reg-tech business ifaDASH. The deals also included a new distribution agreement with tech provider Mortgage Brain; the acquisition of events business Owen James and financial adviser planning and research software provider Synaptic Software.

Those transactions left Fintel with gross cash of £7.4m, compared with £13.3m in the same period of 2023, with £6.2m being spent on investments and acquisitions and around £5.2m on product development. Headroom of £64m in the firm’s £80m revolving credit facility was also reported, with net debt of £8.6m, compared with a net cash position of £13.3m in the first half of last year.

Matt Timmins, joint CEO of Fintel plc, 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.

“Looking ahead, we are confident that our diverse proposition and customer base, underpinned by strong market drivers and recurring revenue streams, position us well to deliver continued strategic progress and growth.”

Original artice – https://business-live.co.uk/all-about/yorkshire-humber

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No new freeports in Budget despite No 10 announcing five more would be built

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Yorkshire fintech firm Fintel boosts revenues after acquisition spree

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No new freeports in Budget despite No 10 announcing five more would be built

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