SimplyBiz unveil half year results

Jessica Nangle

September 10, 2019

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SimplyBiz has unveiled its half year results for the six months ending 30 June 2019.

The results show that group revenue increased by 20% year-on-year to £29.1m.

Mortgage completions increased by 19% to £7.4bn.

Matt Timmins, joint chief executive of The SimplyBiz Group, said: “The group has delivered a positive first half performance.

“The integration of the business is progressing well and in line with management expectations.

“As well as delivering the acquisition of Defaqto, which has made a strong contribution to revenue and profit, we have continued to grow the organic revenues, increasing average revenues per member, an expanded membership base, and an enlarged service offering more than offsetting the impact of a slowdown in the housing market.

“I would like to thank everyone in the enlarged SimplyBiz team for their dedication in delivering a successful first half of 2019.”

Operating profit increased to £3.2m from £1.3m in 2018, whilst adjusted profit after tax increased by 41% to £4.9m.

Group net debt was reported at £30.1m at 30 June 2019.

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