17 Jul 2018 07:00
The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain
17 July 2018
The SimplyBiz Group plc ("SimplyBiz" or the "Group")
Pre-close trading statement for six months ended 30 June 2018
and Notice of Half Year Results
SimplyBiz (AIM: SBIZ), the leading independent provider of compliance and business services to financial advisers and financial institutions in the UK, is today issuing a pre-close trading update for the six months ended 30 June 2018.
The Group has performed strongly since the start of the year, with trading in line with expectations. The period marked the Group's successful admission to AIM in April 2018, with continuing organic growth supplemented by further returns from the Group's proven inorganic growth strategy.
Highlights
- Group membership numbers increased by 5.7% to 3,628 from 3,433 at 31 December 2017 (3,367 at 30 June 2017)
- Group revenues increased by 13.7% to £24.2m (June 2017: £21.3m). £1.8m of the increase in revenue is due to the acquisition of Landmark Surveyors, which was acquired on 23 January 2018, with the underlying growth in revenues reflecting the similar growth in membership
- Adjusted earnings before interest, tax, depreciation and amortisation ('EBITDA') performing in line with expectations
- Net cash of £1.2m, as compared to net debt of £23.0m at 31 December 2017, reflecting operating performance and the beneficial impact of capital raised at IPO
- Completion and integration of Landmark Surveyors Limited
- The Vitality Group, a market leader in the provision of personal financial services, has recently launched Vitality Invest and has selected SimplyBiz's distribution channels as a key product launch partner for 2018
Notice of Half-Year Results
The Group intends to publish its half-year results on 11 September 2018.
Matt Timmins, Joint CEO of The SimplyBiz Group plc, said:
"We performed strongly in the first half, maintaining our trading momentum and delivering results in line with management expectations. Our successful IPO in April 2018 has been very well received by our members and we have already witnessed positive commercial and reputational benefit.
"Our capital position and a highly fragmented marketplace offer us ongoing opportunities to build out our service offering, reinforce the strength of our organic growth platform and pursue selective acquisitions."
Enquiries:
SimplyBiz | via Instinctif Partners |
Matt Timmins (Joint Chief Executive Officer) |
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Neil Stevens (Joint Chief Executive Officer) |
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Zeus Capital (Nominated Adviser and Broker) | +44 (0) 20 3829 5000 |
Martin Green Andrew Jones Pippa Underwood |
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Instinctif Partners | +44 (0)20 7457 2831 / SimplyBiz@instinctif.com |
Giles Stewart Rachel Cashmore Ambrose Fullalove |
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Notes to Editors
About SimplyBiz
With over 3,600 member firms in the UK, SimplyBiz is a leading independent provider of compliance and business services to financial advisers, including directly authorised IFAs, directly authorised mortgage advisers, workplace consultants and directly authorised consumer credit brokers. It also provides marketing and promotion, product panelling and co-manufacturing services to more than 135 financial institutions, through access to its membership.