Fintel, the financial services support provider, announced revenue and earnings growth for the first six months of 2024, ending 30 June. Despite this positive development, the company has warned of lower full-year earnings, following a series of acquisitions this year.
In its half-year results, Fintel reported a total revenue increase to £35.7 million, marking a 13 per cent rise year-on-year. The adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) grew by seven per cent, rising from £9 million to £9.6 million.
Even though the company expressed confidence in meeting its revenue forecasts, it cautioned that underlying full-year EBITDA would be slightly below expectations. This is attributed to additional staff costs as the company works on integrating its recent acquisitions to realise revenue synergies.
The company has completed four acquisitions in the year to date, including Threesixty Services, ifaDASH, Owen James, and Synaptic Software. Additionally, one conditional acquisition announced post-half-year is still pending regulatory approval.
Co-chief executive Matt Timmins commented, ‘Completing four acquisitions year-to-date, totalling eight in the last twelve months, we have significantly enhanced our scale, capabilities and IP, whilst accelerating investment into our core propositions and technology offering.’ He added, ‘With our strategic foundations firmly in place, we are strongly positioned to capitalise on the growth opportunities across our extensive family of brands, underpinned by the strength of our balance sheet.’
Timmins also noted that current trading is robust and that the company remains confident in meeting its full-year revenue expectations.
Fintel’s strategic acquisitions have spurred significant revenue growth and strengthened its market position. However, the company acknowledges that integrating these acquisitions will result in slightly lower-than-expected full-year EBITDA. With a strong balance sheet and strategic foundations, Fintel remains optimistic about leveraging future growth opportunities.