Fintel (FNTL:185p), a provider of compliance, business and technology services to financial intermediaries, delivered an impressive first-half cash flow performance while at the same time reporting 9 per cent growth in its core revenue to £27.1mn (excluding a flat £5.1mn revenue contribution from non-core property surveying).
The group’s well-respected management team continues to make progress with increasing Software-as-a-Service (SaaS) revenue and converting more distribution partners to multi-year subscription agreements. A key take was the 21 per cent higher revenue of £9.4mn in the group’s fintech and research division (Defaqto), a provider of financial information and research to product providers and intermediaries, as well as ratings that help consumers compare and buy financial products with confidence. Higher uptake and usage of the service, and the positive contribution from a strategic distribution agreement with Tatton Asset Management, were key drivers. In fact, the Tatton agreement helped increase the divisional contribution from high-margin software by almost a quarter to £4.6mn. Ratings’ revenue rose by 10 per cent to £4.2mn.
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