# Fintel achieve solid revenue growth, up 10% to £31.7m

- Link: https://www.directorstalkinterviews.com/fintel-achieve-solid-revenue-growth-up-10-to-31.7m/4121023590
- Published: 2021-09-21T07:15:46+01:00
- Author: Giles

**Fintel plc** (LON:FNTL), the leading provider of fintech and support services 
to the UK Retail Financial Services sector, has announced its unaudited consolidated
results for the six months ended 30 June 2021.

**Financial highlights:**

·      Solid Revenue growth – up 10% to £31.7m (H1’20: £28.9m)

·      Strong Adjusted EBITDA*^(1) – up 12% to £8.3m (H1’20: £7.4m)

·      Solid adjusted EBITDA*^(1) margin – up 60 bps to 26.1% (H1’20: 25.5%)

·      Adjusted PBT*^(2) – up 12% to £6.0m (H1’20: £5.4m)

·      Adjusted EPS*^(3) – down 2% to 4.1p (H1’20: 4.2p), after one off tax charges

·      Robust cash flow conversion*^(4) of 81% (H1’20: 65%)

·      Strategic deleveraging – proforma net debt*^(5  )to EBITDA ratio of c.0.2x(
H1’20: 1.5x)

**Strategic** **Highlights**

·      Strategic disposal of non-core Zest Technology

·      Strategic Technology and Distribution partnership with Tatton Asset Management

·      Strategic disposal of Verbatim Funds

·      Strategic launch of Distribution as a Service (“DaaS”)

**Dividend**

The Board intends to pay an interim dividend of 1.0p per share, on or around 4 November
2021.

*^(1) _Adjusted EBITDA is earnings before interest, tax, depreciation, amortisation,
share option charges and exceptional operating costs._

*^(2) _Adjusted PBT is calculated as adjusted profit before tax, which excludes 
exceptional operating costs and amortisation of intangible assets arising on acquisition._

*^(3) _Adjusted Earnings Per Share is calculated as adjusted profit after tax, which
excludes exceptional operating costs and amortisation of intangible assets arising
on acquisition, divided by the average number of ordinary shares in issue for the
period._

*^(4) _Free cash flow conversion is calculated as adjusted EBITDA, less working 
capital movements, lease payments, CAPEX, development expenditure, corporation tax
and interest paid, as a percentage of Adjusted EBITDA._

_*_^(5)_Net debt position __is shown on a proforma basis at 30 June 2021 including
the effect of the sale of Zest Technology and Verbatim funds.__ _

> **Matt Timmins, Joint CEO of Fintel plc, commented:**
> “I am delighted to report that Fintel delivered a robust financial performance
> in the first half of the year, and we remain confident of meeting our full year
> expectations.
> We have also made significant strategic progress in the period, signing our largest
> ever fintech contract in a partnership that includes the disposal of the Verbatim
> funds, and realised excellent value from the sale of Zest. The launch of “distribution
> as a service” is off to an excellent start.
> We have significant financial resources to match our ambitions for the business,
> both in terms of accelerating organic growth and creating value through acquisitions”

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