SimplyBiz: Group revenue up by 24%

Jessica Nangle

March 10, 2020

mortgage products drop

SimplyBiz has revealed that its group revenue is up by 24% to £62.8m for the 12 months ending 31 December 2019.

Operating profit increased by £5.2m to £12m, with a strong reported increase in mortgage completions.

SimplyBiz also emphasise a strong growth in value per intermediary customer with similar strong progress on software development and deployment.

Matt Timmins, joint chief executive officer of the SimplyBiz Group, said: We are delighted to have successfully completed the strategic acquisition and rapid integration of Defaqto and welcome these new colleagues into the SimplyBiz Group.

“This acquisition instantly expands the group’s customer base by over 50% and materially extended our software and service platform across all key sectors.

“The acquisition enhances the groups strong and sustainable profit margins.” 

The board is confident and optimistic about 2020.

“We are guiding to marginally lower growth in revenues and EBITDA, particularly in employee benefits and valuations, with operational gearing flowing through to earnings.

“We expect both headline and underlying growth to remain strong.”

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