After floating on the stock exchange last year, financial consultant SimplyBiz has increased its cash from a debt of £1.6m to a surplus of £6.4m since April of 2018, a rapid change from its £23m debt posted at the end of 2017. The firm has also posted a 15% increase in revenue since the IPO, along with the launch of a financial planning system Centra and the purchase of Landmark Surveyors Limited.
SimplyBiz chairman Ken Davy says: “I’m delighted to report a strong performance for 2018, in a transformational year which saw the group’s successful admission to Aim and continued momentum in its organic and inorganic growth strategy.
“With our impressive revenue growth, well-supported by a number of structural drivers, the strength of the group’s regulation and capital light operating model is clearly demonstrated by a significant increase in EBITDA margin.
“The continued growth in membership numbers is testament to the value of our proposition as individuals and businesses continue to adapt to an increasingly complex and highly regulated intermediary market. Having successfully deleveraged the business, our balance sheet strength ensures we have a strong platform from which we can take advantage of the significant market opportunities we see.”
