Fintech and adviser support services firm Fintel, owner of SimplyBiz and Defaqto, said acquisitions have helped the business grow its profits by 6.6% in the last six months.

Reporting half-year results it said core revenue grew 13% to £31.2m in the last year thanks to nine acquisitions it made in the last 12 months.

Its profits increased 6.6% to £9.6m compared to £9m in the first half-year of 2023.

Despite splashing out on buying businesses it reported a “strong liquidity” with gross cash of £7.4m, down from £13.3m a year ago after it spent £6.2m on “strategic investments and acquisitions”.

Matt Timmins, joint CEO of Fintel plc, said: “Fintel has made a strong start to 2024, with positive trading momentum and continued strategic expansion, bringing new capabilities to our customers while investing in enhancing our core propositions.”

He said the firm remained focused on “driving efficiencies within the UK retail financial services market and creating better outcomes for all participants.”

Looking ahead, he said the firm’s “diverse proposition and customer base, underpinned by strong market drivers and recurring revenue streams, position us well to deliver continued strategic progress and growth.”

Earlier this month Defaqto, owned by Fintel, conditionally acquired fund ratings and research agency RSMR for an undisclosed amount, subject to regulatory approval.

Fintel acquired support services firm Threesixty from Abrdn for £14.6m earlier in July .

It has completed four other complementary acquisitions and investments since the start of the year. These included the acquisitions of Synaptic Software, Owen James and ifaDASH, alongside significant investment in Mortgage Brain.

In March it revealed it had invested £1.5m in Mortgage Brain and acquired 70% of fintech ifaDASH for up to £1.5m.

Those acquisitions followed the group's investment in CRM entrant Plannr, announced last June. Fintel also acquired financial services event firm Owen James Events for up to £2.3m in January and acquired Synaptic Software from AdvancedAdvT Limited in a £4m deal in December.