Fintel (FNTL) Trading Update summary

Financial performance

• Core revenue rose 13.3% to £31.2m, with statutory revenue up 12.5% to £35.7m for H1 2024.

• Core adjusted EBITDA increased by 5.2% to £9.3m; adjusted EBITDA up 6.6% to £9.6m.

• Core SaaS & Subscription revenue grew 6% to £20.0m.

• Gross cash stood at £7.4m after £6.2m in strategic investments and £2.5m in product development.

• Net debt was £8.6m, with a net debt to EBITDA ratio of 0.4x and £64.0m headroom in the £80.0m RCF.

Operational and strategic developments

• Completed phase one of Matrix 360, enhancing insurance product benchmarking and intelligence.

• Launched Fintel IQ, a connected technology and workflow platform for intermediary firms.

• Announced five acquisitions year-to-date, including Rayner Spencer Mills Research and Threesixty Services.

• Acquired 70% of ifaDASH, boosting CRM and compliance digitisation capabilities.

• Entered a new distribution agreement and minority investment with Mortgage Brain, expanding adviser tools.

Outlook and guidance

• Benefits from regulatory and structural changes in UK financial services are expected to continue.

• Ongoing expansion of technology and services platform through acquisitions and organic investment.

• Board remains confident in meeting full-year expectations.

• Half year results for the period ending 30 June 2024 will be published on 17 September 2024.