Fintech and support services firm Fintel saw a 6% increase in adjusted EBITDA to £18.3m (FY20: £17.3m) for the year ended 31 December.

The fintech’s net cash position for the year ended 31 December was £2.6m.

The firm reported net debt of £19.4m in 2020.

AIM-listed Fintel owns adviser data provider Defaqto and adviser support firm SimplyBiz.

It sold its “non-core” Zest technology business for £10m in July and also sold its Verbatim fund arm to Tatton Asset Management in September. 

Total revenue increased 5% to £63.9m (FY20: £61m).

Core revenue also rose 5% to £52.2m (FY20: £49.8m).

The fintech said software as a service and subscription revenues now represent 66% of total core revenues (up from 61% in 2020) and are continuing to grow.

Fintel is continuing to digitize its core business which is says will be helped by its strategic partnership for up to 2,500 additional users through Tatton Asset Management, which was announced last year.

The firm also continues to invest in its ESG strategy and has formed an ESG and Wellbeing Committee. The ESG research platform was also expanded to cover 76 retail investment funds and a digital ESG client profilers was deployer to over 8,000 wealth managers and Financial Planners.

Matt Timmins, joint CEO at Fintel, said: “We have developed a comprehensive and holistic ESG strategy, addressing stakeholder, industry and consumer needs which further strengthens our market position and purpose. Our central position in the market has enabled us to be a significant force in bringing ESG information to professional advisers and their clients.  

“We are very excited for the next stage of our journey as we continue to digitise and scale our service model, improve retail financial services, and inspire better outcomes for all.’’ 

Adjusted earnings per share dropped slightly to 10.5pence (FY20: 11.3pence). Fintel attributed the drop to the change in UK Corporation Tax and said on a like to like basis without the tax change earnings per share would have been 12 pence.

The Fintel board has proposed a final dividend of 2 pence per share, resulting in a full year dividend of 3 pence per share (FY20: 2.85 pence per share).

SimplyBiz rebranded as Fintel in March 2021, following its acquisition of fintech Defaqto and a greater focus on financial technology. 

• Editor's Note: In an earlier version of this story we quoted incorrect figures for EBITDA and net cash. The correct figure for EBITDA is £18.3m (not £18.2m) and the figure for net cash is £2.6m (not £2.5m). Apologies for the errors.