LONDON (Alliance News) - Compliance and business services firm SimplyBiz Group PLC announced its maiden dividend Tuesday after interim revenue rose despite listing costs sinking the firm to a loss.
For the six months ended June, the newly-listed firm sank to a pretax loss of GBP1.2 million from GBP2.4 million profit the year prior. This was despite revenue rising to GBP24.2 million from GBP21.3 million the year before.
Profit performance was hurt by GBP3.6 million in listing fees associated with its recent initial public offering on the London Stock Exchange. In April, SimplyBiz listed at 170.00 pence per share giving the market capitalisation at GBP130.0 million.
Shares in SimplyBiz were 4.5% higher at 185.00 pence on Tuesday.
"We are delighted to announce our first results as a public company, following our successful AIM flotation in April," SimplyBiz Chairman Ken Davy said. "Our performance in the first half of 2018 has maintained our trading momentum, delivering strong top line organic and acquisition growth of over 13% and increasing our adjusted EBITDA margins to 22%."
"Our IPO in April 2018 has been very well received by our members and partners, and we have already witnessed positive commercial and reputational benefit," Davy added. "We continue to increase the number of members and channel partners that we serve, as well as look to pursue selective acquisitions."
SimplyBiz proposed a 0.98 pence per share maiden interim dividend.