Fintel, formerly known as SimplyBiz, has sold its ‘non-core’ Zest tech business for £10m, the company reported today. 

The income from the sale may rise by a further £1.5m depending on Zest’s full year revenue. Zest provides employee benefits software. 

Fintel says the sale will help reduce Fintel’s net debt. 

AIM-listed Fintel, which owns adviser data provider Defaqto and also incorporates SimplyBiz, the firm's previous name, also today provided a trading update for the six months ended 30 June.

Revenues rose 10% to £31.7m (H1 2020 £28.9m) and Adjusted EBITDA (a measure of profit) was up 12% to £8.3m (H1 2020 £7.4m).

The company said that the business continued to “trade well” in the first six months of the year in line with expectations.  

The company is moving increasingly towards the digital delivery of products and services, it said. 

The firm will publish interim results for the six months ended 30 June on 21 September.

Matt Timmins, joint CEO of The SimplyBiz Group plc, said: "We are delighted to report significant strategic progress and strong trading across the first six months of the year. We have successfully sold Zest Technology for an excellent price, allowing us to streamline the business in line with our strategy to focus on our core, and create funding headroom to support our future growth.

“Our ongoing and rapid digital acceleration means Fintel continues to grow with real momentum. We're now in an even stronger financial position and developing the business with focus, pace and agility.”