Fintech and adviser support services firm Fintel, owner of SimplyBiz and Defaqto, has reported a 0.3% rise in revenue to £56.6m for the year ending in December, compared to £56.4m in 2022.

The firm also reported strong liquidity with a cash position of £12.7m, and £69m of headroom in a £80m revolving credit facility.

It said its core adjusted EBITDA (a measure of profit) climbed 5.6% to £20.5m from £19.4m while its core SaaS (software as a service) and subscription revenue rose 2.2% to £37.6m, compared to £36.8m in the previous year.

SaaS and subscription revenue now represents 66.4% of core revenues, climbing from 65.1% in 2022, the company said.

The company completed four acquisitions in 2023 with initial net cash investment of £13.3m, delivering combined core revenues of £1.5m in the period.

The four acquisitions completed over the period were:

• MICAP, a provider of independent research and advice tools, for an undisclosed sum
• Competent Adviser, a dynamic learning platform enabling advisers to meet increasing regulatory competency requirements, for an undisclosed sum
• VouchedFor, a review site for financial advisers, mortgage advisers, solicitors and accountants, for £7.5m
• AKG, a provider of independent assessments and ratings of financial strength, for £1.6m

Acquisitions are performing as expected, the company said. Two further acquisitions were completed after the end of the year:

• Owen James, the provider of strategic engagement events in UK financial services, for up to £2.3m
• Synaptic Software, an independent provider of financial adviser planning and research software, and Webline, a quote and apply portal for advised sales of protection products, for £4m.

Matt Timmins, joint chief executive of Fintel, said 2023 had been a defining year.

He said: "We are executing our strategy at pace, enhancing our service and technology platform, increasing our scale and reach, and strengthening our position at the heart of the UK retail financial services sector to inspire better outcomes for all.”

He indicated the firm would be making more acquisitions this year. He said the cash-generative nature of the business, underpinned by its financial resources, positions it well to capitalise on the favourable market conditions for M&A.

He said: "In the new financial year to date, we are trading in line with expectations and remain well positioned to take advantage of opportunities in our market."

The firm has proposed a final dividend of 2.35 pence per share, resulting in a full year dividend of 3.45 pence per share, an increase of 6.2% on the prior year.