Fintech and adviser support services firm Fintel, owner of SimplyBiz and Defaqto, said group revenue increased by 18.6% to £42.4m in the six months to the end of July.

The firm said underlying organic growth stood at 4.2%, with SaaS & subscription revenues up 21% to £24.2m.

The Group's adjusted profits climbed by 17% to £11.2m while its cash position stood at £8.4m, with net debt at £30.1m.

During the period it said it simplified its operating model from three divisions to two: software & data, and services. Its software & data division saw a 17% revenue increase to £18.4m, while the services division revenue increased by 20% to £24million.

The acquisition of Rayner Spencer Mills Research (RSMR) in January was completed for an initial cash outlay of £6.4m, the company said, generating £1.7m in revenue and £0.6m in profit.

Matt Timmins, Fintel CEO said: “Fintel has delivered a strong first-half performance, with double-digit revenue and EBITDA growth reflecting the strength of our business model and the quality of our earnings.

“We have also made significant strategic progress, successfully integrating nine acquisitions into two complementary divisions. This transformation marks a pivotal moment for Fintel, enabling us to concentrate resources on our most attractive markets and propositions, while providing a clear framework for innovation and growth as we transition to a software and data-led business built on recurring revenues.”

It said it had a new £120m revolving credit facility, making £81.5m available for new acquisitions.

In July 2024 Defaqto, owned by Fintel, conditionally acquired fund ratings and research agency RSMR for an undisclosed amount, with the deal confirmed to have been completed in January.

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

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.