- Adjusted pre-tax profit rises 13 per cent to £15.9mn
- Underlying earnings per share (EPS) up 16 per cent to 12.2p
- Dividend per share hiked 8 per cent to 3.25p
- Net cash surges 392 per cent to £12.8mn
Fintel (FNTL:192p), a provider of compliance, business and technology services to financial intermediaries, market-leading software, financial information and product research (Defaqto), and a distribution partner to financial institutions and product providers, continues to make strong headway across all parts of its core businesses.
For instance, since acquiring Defaqto for £74.2mn (half of which was borrowed) in 2019, Fintel has doubled its profit contribution and repaid all borrowings. Last year, divisional revenue increased 18.7 per cent to £19.9mn to boost the unit’s gross profit by 15 per cent to £12.5mn (41 per cent of group total). The robust performance was in part driven by an expansion of ratings portfolio coverage and the need for product providers and financial intermediaries to meet increasing regulatory requirements.