(Alliance News) - SimplyBiz Group PLC on Tuesday said contribution from an acquisition and double-digit organic growth in several key income lines led to a sharp rise in first half revenue and a swing to profit.
The company, which provides compliance services, recorded pretax profit of GBP2.7 million for the six months to June 30, versus a loss of GBP1.2 million a year before.
Revenue rose 20% year-on-year to GBP29.1 million, with a GBP4.2 million contribution from the acquisition of financial services technology firm Defaqto and headline organic revenue growth of 3.0%. SimplyBiz bought Defaqto for GBP74 million in March.
First half adjusted earnings before interest, taxes, depreciation and amortisation increased 30% to GBP6.8 million.
"The group has delivered a positive first half performance, and we are delighted to have completed the acquisition of Defaqto in March 2019. The integration of the business is progressing well and in line with management expectations. The board is pleased to declare an interim dividend of 1.41 pence per share in line with our dividend policy and remains confident of delivering against full-year earnings expectations," said SimplyBiz Joint Chief Executive Matt Timmins.
London-listed shares in the company were trading 0.5% higher at 200.00 pence each.