Simplybiz Mortgages-owner Fintel has lifted its warchest to £120m to “assist development and acquisitions” throughout its software program and enterprise assist companies items.
The Aim-listed group mentioned it raised its revolving credit score facility to £120m from £80m in July, “to assist development and acquisitions,” in a first-half buying and selling assertion.
It has built-in 9 acquisitions throughout the group in a report overlaying the six months to the tip of June.
Fintel chief government Matt Timmins added: “With a streamlined working construction, a scalable and agile working mannequin, and continued funding in high-margin, recurring software program and information revenues, we’re higher positioned than ever to seize the substantial alternatives forward.”
The group’s companies unit — which supplies compliance and enterprise assist to mortgage advisers, monetary advisers and wealth managers – posted gross sales up 20% to £24m from a yr in the past.
However, Simplybiz mortgage membership membership income, which is a part of the companies unit, fell 10% to £4.4m over the identical interval.
Overall, the group posted pre-tax revenue up 8.7% to £2.5m on income up 19% to £42.4m from 12 months in the past.
