Revenues at adviser support company SimplyBiz fell by 3% in 2020 although profits remained steady.

According to the firm’s latest trading update, revenues for 2020 were £61m compared to £63m in 2019.

Profits for SimplyBiz remained steady with an adjusted EBITDA margin of 28.3% (2019: 28.3%).

Adjusted EBITDA is a generally accepted measure of profits. It is earnings before interest, tax, depreciation, amortisation, share option charges and operating exceptional costs.

The firm reduced its net debt considerably to £19.5m (2019: £27m) leaving a net debt to adjusted EBITDA ratio of 1.1x (2010: 1.5x).

Earnings per share were marginally above 11 pence. In the trading update the firm said its board intends to recommend a final dividend of “no less than 2p per share”.

Full year results will be published on 16 March.

Matt Timmins, joint CEO of The SimplyBiz Group, said that in 2020 the group has accelerated its digital strategy which he expects will improve the firm’s quality of earnings, margins and cash generation in the future.

He said: “We are confident that the group is in a strong position and is moving forward with agility and pace.”