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.

Some £11.8m of the rise in group revenue was due to the contribution from Defaqto which was acquired in March for £51.4m.

Pre-tax profits for the group more than doubled from £4.2m to £10.8m.

However, just 1% of SimplyBiz's overall growth in revenue was due to organic growth. The company saw strong growth in membership fees but a 14% fall in valuation services revenues, due to a flat housing market, and a 32% decline in employee benefit software revenues largely due to re-platforming of that business.

Matt Timmins, joint chief executive of SimplyBiz Group, said: "We are delighted to have successfully completed the strategic acquisition and rapid integration of Defaqto and welcome these new colleagues into the SimplyBiz Group. This acquisition instantly expands the group's customer base by over 50% and materially extended our software and service platform across all key sectors.”

He said the company was optimistic about 2020.

A final dividend is proposed of 2.85p per share, meaning a full year dividend of 4.26p per share.

SimplyBiz, founded by entrepreneur Ken Davy, has more than 3,700 member firms in the UK including directly authorised IFAs, directly authorised mortgage advisers, workplace consultants and directly authorised consumer credit brokers.

It also provides marketing and promotion, product panelling and co-manufacturing services to more than 135 financial institutions through access to its membership.

Defaqto’s fintech platform has more than 9,500 users at 3,300 firms and has been run as a separate business since the takeover.

• SimplyBiz also announced today the retirement of Tim Trotter, a non independent non-executive director. Chairman Ken Davy said Mr Trotter had served the board with “distinction.”