Matt Timmins, Joint CEO of SimplyBiz Group plc, said:
“We are delighted to have completed the acquisition of Defaqto in March 2019 and welcome their directors and staff into The SimplyBiz Group.
“The integration of the business is progressing well and in line with management expectations. As well as delivering the acquisition, we have continued to grow the organic revenues and adjusted EBITDA of the Group.”
SimplyBiz Group PLC (AIM: SBIZ), the independent provider of compliance, technology and business services to financial advisers and financial institutions in the UK, today issued a pre-close trading update for the six months ended 30 June 2019.
In March 2019, the Group completed the acquisition of Defaqto, a financial information and technology business, through a debt and equity raise and has continued to grow the organic* revenues and adjusted EBITDA of the Group.
Highlights
– Following the acquisition of Defaqto in March 2019, the Group has delivered 20% revenue and 30% adjusted EBITDA growth in the period, including the 3-month contribution from Defaqto.
– The integration of Defaqto has and continues to progress well and the enlarged Group now serves over 6,000 intermediaries and over 350 financial institutions, significantly increasing the scale of the Group.
– The Group has continued to deliver organic revenue and adjusted EBITDA growth.
– Group net debt is £30.1m at 30 June 2019, in line with expectations, after scheduled payment of a £1.6m dividend in April.
– The Directors are confident that the Group’s overall performance is in line with expectations and intend to declare an interim dividend to Shareholders, in line with the stated dividend policy.
Outlook
– Management remains confident of delivering against their full year earnings expectation.
Notice of Half-Year Results
The Group intends to publish its half-year results on 10 September 2019.
* Organic growth is defined as the year on year increase in a financial metric, excluding the impact of acquisitions.
