Ken Davy, the founder of Fintel - the financial fintech and support services firm which owns SimplyBiz and Defaqto - is to step down as chair in May.

Mr Davy, one of the best know entrepreneurs in the financial services sector, will remain as a non-executive director of the company.

His role as chair will be taken by Phil Smith, currently an independent non-executive director. Mr Smith will become chair following the group's AGM on 18 May.

The news comes as the company reported revenue up 8% to £56.4m for the year ended 31 December. Adjusted EBITDA, a measure of profit, was up 6% to £19.4m.

The company said its financial performance was in line with board expectations and there had been “strong core revenue growth” with significant growth in the fintech and research division.

A final dividend of 2.25 pence per share was proposed, resulting in a full year dividend of 3.25 pence per share, an increase of 8% on prior year.

There was growth in recurring revenue across all three operating divisions driven by “demand for technology and insights services across customer base.”

There was an extension of compliance offering with the launch of a comprehensive support package in response to the FCA's new Consumer Duty regulation.

Fintel said there was also continued expansion of Defaqto's research and ratings platform with a major upgrade to proprietary Financial Planning technology including additional modules and new back office integration.

The company is looking at a “selective M&A pipeline expected to enhance growth in the medium term, underpinned by enhanced financial reserves and strong cashflow conversion.”

Joint CEO, Matt Timmins, said: "Fintel continues to deliver on its strategic plan of accelerating growth, digitisation and service expansion. During 2022 we delivered another set of strong financial results, while continuing to invest in our technology and services platform.

"We have started 2023 with real momentum, continuing to trade in line with expectations and progress our strategy at pace, forging multi-year strategic partnerships and developing our unique technology and service platform.

"As we look to the future, we are confident in our financial agility and growth strategy that is underpinned by our resilient and highly cash generative business. We are well positioned for strong and sustainable growth, inspiring better outcomes for all."