Source - Alliance News

Fintel PLC on Tuesday said revenue was up as it expects further growth in 2023, despite a fall in profit.

Huddersfield, England-based Fintel provides technology and support for the retail financial services sector.

It reported 2022 revenue of £66.5 million, increasing 4.1% from £63.9 million in 2021. The company said the revenue increase was driven by the resilience of its membership and subscription-based operating model.

Pretax profit was £12.4 million, down 38% from £19.9 million a year ago, while earnings per share fell to 9.5 pence from 15.7p. The company said 2021 benefited from exceptional gains of £7.8 million.

Fintel declared a final dividend of 2.25 pence per share, bringing the total dividend for 2022 to 3.25p, increasing from 3.000p in 2021. The company said the dividend increase reflects its strong business performance.

The company said it continues to trade in line with its expectations in 2023, as has made progress in ‘forging multi-year strategic partnerships and developing our unique technology and service platform.

Joint Chief Executive Officer Matt Timmins said: ’Fintel continues to deliver on its strategic plan of accelerating growth, digitisation and service expansion. During 2022 we delivered another set of strong financial results, while continuing to invest in our technology and services platform.

‘As we look to the future, we are confident in our financial agility and growth strategy that is underpinned by our resilient and highly cash generative business. We are well positioned for strong and sustainable growth, inspiring better outcomes for all.’

Fintel shares rose 7.8% to 199.35 pence each in London on Tuesday afternoon.

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