TIDMSBIZ

RNS Number : 8407M

SimplyBiz Group PLC (The)

26 January 2021

26 January 2021

The SimplyBiz Group plc

("SimplyBiz" or the " Group ")

Pre-close trading statement for year ended 31(st) December 2020 and notice of full year results

Resilient Trading, Resilient Results

SimplyBiz (AIM: SBIZ), a leading independent provider of Fintech and Support Services to financial advisers and financial institutions in the UK, today issues a pre-close trading update for the twelve months ended 31(st) December 2020.

Highlights

   --      Resilient revenues - GBP61m (2019: GBP63m) 
   --      Strong adjusted EBITDA margin* - 28.3% (2019: 28.3%) 
   --      Robust cash flow conversion** - expected to exceed 65% (2019: 46%) 
   --      Net debt reduced - to GBP19.5m (31 December 2019: GBP27.0m) 
   --      Net debt to adjusted EBITDA  ratio - comfortable at 1.1x (2019: 1.5x) 
   --      Adjusted EPS - marginally above 11.0 pence per share***

Dividend

The Board intends to recommend a final dividend of no less than 2p per share.

Outlook

The Board remains confident of the resilient ongoing profitability, growth prospects and strong cash generation of its core business.

Notice of Full Year Results

The Group intends to publish its Full Year Results statement on 16(th) March 2021.

Matt Timmins, Joint CEO of The SimplyBiz Group plc, said:

"We are delighted to have delivered a resilient trading performance in a challenging year, demonstrating the robust nature of our core revenues and an ongoing improvement in the quality of our underlying earnings, offsetting an expected reduction of valuation income in the period.

"Throughout 2020 we have continued to accelerate our digital strategy, grown our core customer base, and delivered exciting new services which will further improve our quality of earnings, margins and cash generation in the future."

"We are confident that the Group is in a strong position and is moving forward with agility and pace."

* Adjusted EBITDA is earnings before interest, tax, depreciation, amortisation, share option charges and operating exceptional costs.

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

*** EPS guidance provided on 23(rd) July 2020.

For further information please contact:

 
 The SimplyBiz Group plc via Instinctif Partners 
  Matt Timmins (Joint Chief Executive Officer) 
  Neil Stevens (Joint Chief Executive Officer) 
 
  Zeus Capital (Nominated Adviser and Joint Broker) +44 (0) 20 
  3829 5000 
  Martin Green 
  Dan Bate 
  Pippa Hamnett 
 
  Liberum (Joint Broker) +44 (0) 20 3100 2222 
  Cameron Duncan 
  James Greenwood 
  Ed Phillips 
 
  Instinctif Partners (Financial PR) +44 (0)79 6778 9383 
  Mark Walter SimplyBiz@instinctif.com 
  Lewis Hill 
 
 
  Notes to Editors 
  The SimplyBiz Group provides essential support services, software 
  and data that enable professional financial advisers, financial 
  intermediaries and product providers to deliver better outcomes 
  for their customers. The SimplyBiz Group supports over 3,000 
  intermediary firms with regulatory and business support in addition 
  to 1,900 customer firms of its fintech platform, while providing 
  essential distribution support to over 400 financial institutions. 
  The Company's understanding of the changing regulatory landscape 
  and deep insights into the needs of customers, advisers and 
  product providers enables it to add unique value to the retail 
  financial services sector. For more information, please visit: 
  www.simplybizgroup.co.uk/ .

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

TSTDXGDBSXDDGBU

(END) Dow Jones Newswires

January 26, 2021 02:00 ET (07:00 GMT)

Fintel (LSE:FNTL)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Fintel Charts.
Fintel (LSE:FNTL)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Fintel Charts.