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.”
SimplyBiz Group (LON: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.
