Last checked at 21 May 2024 07:00
21 May 2024
Fintel plc
(the "Company", the "Group" or "Fintel")
Annual General Meeting
Trading Update
Fintel plc (AIM: FNTL), as previously announced, is holding its Annual General Meeting ("AGM") today at 10.00 a.m. BST at Fintel House, St Andrew's Road, Huddersfield, HD1 6NA.
Trading update
The Group continues to execute against its strategy and is trading in line with the Board's expectations.
The Group has made further strategic progress, completing four complementary acquisitions and investments since the start of the year, including the acquisitions of Synaptic Software, Owen James and ifaDASH, alongside investment in Mortgage Brain.
With our unaudited gross cash position of £10.6m as at 30 April 2024, net debt of £0.4m and £69m headroom within our £80m revolving credit facility, we remain well positioned to capitalise on organic growth opportunities and our strong M&A pipeline.
The Board remains confident that Fintel's strategy will deliver sustainable long-term growth, underpinned by positive market dynamics and structural growth drivers including evolving regulation, FCA Consumer Duty and demand for technology and data.
We look forward to updating shareholders again in our half year trading update in July 2024 and interim results in September 2024.
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Notes to Editors 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 and analysis and targeted distribution strategies to financial institutions and product providers. Clients include major Life and 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 and benefits. Defaqto ratings help consumers compare and buy financial products with confidence. For more information about Fintel, please visit the website: www.wearefintel.com |