(Alliance News) - SimplyBiz Group PLC said Tuesday it expects to report a rise in earnings and revenue for 2019, as the company grows both organically and through acquisitions.
The finance-focused services provider said for the year, it has delivered a 50% rise in adjusted earnings before interest, taxes, depreciation and amortisation, and 24% growth in revenue over 2018.
For 2018, SimplyBiz reported adjusted Ebitda at GBP11.4 million, on revenue of GBP50.7 million.
The group attributed part of the stronger performance to the acquisition of fintech platform owner Defaqto in March for GBP74.3 million, which has been fully integrated, and allows SimplyBiz to serve around 5,800 intermediary firms and 350 financial institutions.
Simplybiz said it is confident that its overall performance will be in line with expectations, and intends to propose a final dividend to shareholders.
"Trading in the group has continued in line with management's expectation and the group's cash generative model has enabled the group to repay GBP7 million of debt in the post-acquisition period, further deleveraging the group," said Joint Chief Executive Officer Matt Timmins.
"The group's consistent and recurring income model, and strong forward revenue visibility, continues to provide the board with confidence and optimism as we enter 2020," Timmins added.
SimplyBiz will publish its annual results on March 10.
Shares in SimplyBiz - which is based in Huddersfield - were down 2.3% at 228.7 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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