Fintel (FNTL) Trading Update summary

Financial performance

• Revenue rose 21% to £78.3m, with core revenue up 22% to £68.9m and SaaS & Subscription revenue up 17% to £44.1m.

• Adjusted EBITDA increased 8.5% to £22.2m, reflecting ongoing investment in products and services.

• Net debt stood at £23.7m, with leverage at 1.1x after significant acquisition and investment activity.

• Strong balance sheet maintained, with £6.3m cash and £50m headroom in the £80m Revolving Credit Facility.

• Core organic revenue grew 2% on a like-for-like basis, excluding acquisitions and revenue recognition changes.

Strategic and operational highlights

• Completed four strategic acquisitions in 2024, including Threesixty Services, ifaDASH, Owen James, and Synaptic Software.

• Acquisition of 70% of RSMR completed in January 2025, with the remaining 30% to be acquired over 24 months.

• Focus on integrating acquisitions and delivering revenue synergies to drive medium-term organic growth.

• New distribution agreement with Mortgage Brain enhances adviser network access to CRM and submission software.

• Launched Defaqto's Matrix 360 in January 2025, expanding technology and data propositions.

Outlook and guidance

• Recent acquisitions provide a strong platform for future growth and support strategic ambitions.

• Market outlook remains positive, driven by regulatory changes and demand for data and insights.

• Business will absorb the forecasted £0.65m increase in Employer's NIC for FY25 without impacting earnings.

• Confident in delivering further strategic progress in 2025, focusing on integration, synergies, and organic growth.

• Full year results for 2024 will be announced on 18 March 2025.