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SimplyBiz publishes latest financial results

Jessica Nangle

September 15, 2020

mortgage products drop

SimplyBiz has published its latest financial results for the six months ending 30 June 2020, which revealed a yearly rise in operating profit and consistent revenue figures.

SimplyBiz recorded a revenue of £28.9m, which is a slight decline from figures recorded at the same time in 2019 (£29.1m).

The provider recorded an operating profit of £5.0m which is a rise from the £3.2m recorded the year previous, along with £7.4bn worth of mortgage completions in this time period.

SimplyBiz has seen its digital strategy accelerated, and also recorded decisive cost control and efficiency improvements along with scale and growth in its intermediary services.

As part of its operational update, the company’s management claims to expect a “continued slow recovery in the housing market during the second half of the year”.

Matt Timmins, joint chief executive of The SimplyBiz Group, said: We are delighted to report strong and resilient trading for H1 2020, demonstrating the robust nature of our business.

“We benefitted from an improving quality of our underlying earnings, under-pinned by six full months trading from Defaqto which helped offset a significant reduction in valuation income during the period.

“The quality of our revenues, the resilience of our customers, and the benefits of a stronger digital delivery platform have enabled strong trading during challenging times.

“We have responded quickly and decisively to deliver growth in key strategic areas, whilst improving the quality of our underlying earnings.

“We have accelerated our digital strategy. This data led, digital delivery, will further improve our quality of earnings, margins and cash generation going forward, whilst also improving customer service.

On behalf of the board, I would like to thank all of our colleagues, customers, and wider stakeholders for their support during these unprecedented times.”


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