Profits have risen 56% at adviser support company SimplyBiz, as an improvement in underlying earnings from the first six full months of trading following the Defaqto acquisition helped offset a significant reduction in valuation income.

Ken Davy, founder and chairman of adviser support company SimplyBiz, is to step down to become deputy chairman next year in a senior executive reshuffle.

SimplyBiz, a provider of compliance and business services to financial advisers, has reported 2019 group revenue up by 24% to £62.8m following the “successful” acquisition of data and ratings provider Defaqto.

Adviser support group SimplyBiz has reported a 24% jump in revenue for the year ended December following its takeover of Defaqto in March 2019.