Fintel PLC on Tuesday reported a drop in its annual profit as costs increased, but lifted its dividend.

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

The firm reported that pretax profit dropped 23% to £9.6 million in 2023 from £12.4 million the year before. This resulted partly from a 2.4% increase in operating expenses to £52.4 million from £50.9 million the previous year.

Revenue fell by 2.4% to £64.9 million from £66.5 million in 2022.

Fintel proposed a final dividend of 2.35 pence, up 4.4% from 2.25p a year ago, which resulted in a full-year dividend of 3.45p per share, a 6.2% increase from 3.25p.

Looking ahead, Fintel said it is trading in line with expectations.

Commenting on its results, Chief Executive Officer Matt Timmins said: ‘2023 has been a defining year for Fintel. We have delivered a resilient financial performance and significant progress against our strategy, which balances growth across our core activities, organic investment and complementary M&A

‘In the new financial year to date, we are trading in line with expectations and remain well positioned to take advantage of opportunities in our market,’ he added.

Shares in Fintel fell 4.8% to 270.44 pence each in London on Tuesday afternoon.

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