Matt Timmins of Fintel discusses their positive 2021 results & reasons for confidence in their outlook
Episode 644, Mar 31, 2022, 11:18 AM
Matt Timmins, Joint CEO of Fintel #FNTL talks about their 2021 results where revenue, EBITDA & recurring income all increased and is also confident on their outlook as their SaaS and subscription income now represent 66% of total core revenues and continues to grow across all three operating divisions.
Matt Timmins, Joint CEO of Fintel #FNTL talks about their 2021 results where revenue, EBITDA & recurring income all increased and is also confident on their outlook as their SaaS and subscription income now represent 66% of total core revenues and continues to grow across all three operating divisions.
Financial Highlights
• 5% increase in total revenue up £2.9m to £63.9m (FY20: £61.0m)
• 5% increase in core1 revenue - up £2.4m to £52.2m (FY20: £49.8m)
• 6% increase in adjusted EBITDA2 - up to £18.3m (FY20: £17.3m)
• Positive net cash3 of £2.6m (FY20: net debt of £19.4m)
• Strong balance sheet with £45m revolving credit facility of which £38m remains undrawn
• Adjusted EPS4 of 10.5 pence (FY20: 11.3 pence), on a like for like basis excluding the impact of the change in the UK Corporation Tax rate EPS would have been 12 pence
• Final dividend proposed of 2 pence per share, resulting in a full year dividend of 3 pence per share (FY20: 2.85 pence per share)
Operational Highlights
• SaaS and subscription revenues now represent 66% of total core revenues (FY20: 61%) and continuing to grow across all three operating divisions.
• Continued digitisation of core business.
• Strategic partnership to deploy proprietary advice technology for up to 2,500 additional users through Tatton Asset Management.
• Increasing revenue quality - Successful scaling of distribution as a service ("DaaS") with 14 partners converted to long term subscription agreements.
• Solid EBITDA margin of 28.6% (FY20: 28.4%) delivered during a year of investment in digital growth and strategic divestment.
• Development of comprehensive ESG strategy, following a wide-ranging materiality assessment with key stakeholder groups, supported by formation of an ESG and Wellbeing Committee.
• ESG research platform expanded to cover 76 retail investment funds with digital ESG client profiler deployed to over 8,000 wealth managers and financial advisers.
• Significant strategic progress with successful sale of non-core Zest Technology and disposal of Verbatim funds.