Fintech and support services firm Fintel reported a 4% rise in total revenue growth in 2022 despite what it termed “the challenging macroeconomic climate.”

Revenue growth climbed £2.6m to £66.5m for the year to 31 December.

in an end of year trading update to 31 December 2022, the parent company of SimplyBiz and Defaqto said it outperformed analysts’ expectations by £2.4m.

Matt Timmins, joint chief executive of Fintel, said: “2022 has been a year of continued strategic progress and strong trading. The business has performed well, with both revenue and earnings growth in line with the board’s expectations, despite the challenging macroeconomic climate.”

Core revenue growth climbed 8% to £56.4m from £52.2m in 2021, Fintel said.

Mr Timmins said: "Continued enhancement and expansion of our technology and service platform has contributed to increased Core SaaS and subscription income across all operating divisions.”

He said the company had been recognised as the "Best Professional Adviser Service Company of the Year" for the fifth consecutive year, as well as being accredited as an "Outstanding Company to Work For" by Best Companies.

The company also reported a net cash position of £12.8m, up from £2.5m.

It said it had completed an increased four year £80m revolving credit facility in December 2022, up from £45m and “on more favourable terms.”

The company said the new, higher facility will provide “significant, flexible funding capacity for growth opportunities arising in the market.”

It said a selective M&A pipeline is expected to enhance earnings and growth opportunities in the medium term.

Mr Timmins said: "Our resilient operating cashflow conversion, combined with our enhanced funding capacity provide considerable financial agility as we pursue strategic acquisitions, and we remain confident that Fintel is in a strong position to deliver both our strategic goals and growth ambitions."

SimplyBiz rebranded as Fintel in March 2021, following its acquisition of fintech Defaqto and a greater focus on financial technology. 

Fintel will announce its full year results for the year ended 31 December 2022 on 21 March 2023.