Fintech and adviser support services firm Fintel, owner of SimplyBiz and Defaqto, said profits climbed 7% to £9.6m in the six months to the end of June.

Reporting results today for the first half of the year, it said core revenue climbed 13% to £31.2m.

The figures were boosted by a number of acquisitions, the firm said, with four completed in 2023 and a further three in the first half of 2024. The acquisitions added combined core revenues of £4.8m.

Despite paying £6.4m buying businesses, on what it termed “strategic acquisitions”, and investing £2.5m into product development during the six-month period, Fintel reported its balance sheet had gross cash of £7.4m, down from £13.3m a year ago.

Matt Timmins, joint chief executive, said: “Fintel delivered a strong financial performance during the first half of 2024, whilst continuing to expand strategically through further acquisitions and organic investments.”

He said the business completed four acquisitions in the year-to-date, bringing the total to eight in the last twelve months. He said the acquisitions “have significantly enhanced our scale, capabilities and IP, whilst accelerating investment into our core propositions and technology offering.”

He said the business is “strongly positioned to capitalise on the growth opportunities across our extensive family of brands, underpinned by the strength of our balance sheet.”

In July Defaqto, owned by Fintel, conditionally acquired fund ratings and research agency RSMR for an undisclosed amount, subject to regulatory approval.

Fintel acquired support services firm Threesixty from Abrdn for £14.6m earlier in July .

It completed four other deals since the start of the year, including the acquisitions of Synaptic Software, Owen James and ifaDASH, alongside significant investment in Mortgage Brain.

In March it revealed it had invested £1.5m in Mortgage Brain and acquired 70% of fintech ifaDASH for up to £1.5m.

Fintel also acquired financial services event firm Owen James Events for up to £2.3m in January and acquired Synaptic Software from AdvancedAdvT Limited in a £4m deal in December. Those acquisitions followed the group's investment in CRM entrant Plannr, which had been announced in June 2023.