Wednesday, October 28, 2020

‘Strong & resilient trading’ for SimplyBiz

SimplyBiz, the Huddersfield-based business support firm, has reported “strong and resilient trading” in half-year results released this week.

In half-year results for the six months ended 30 June 2020, the listed business reported revenue of £28.9 million, a slight decline on the £29.1 million for the same period in 2019.

However, pre-tax profits were reported at £4.4 million – up from £2.7 million for the previous year.

Adjusted EBITDA for the first half of 2020 was £7.4 million, down from £8 million on the previous year. Net debt stood at £25.8 million compared to £30.1 million in 2019.

“We are delighted to report strong and resilient trading for H1 2020, demonstrating the robust nature of our business,” said joint CEO Matt Timmins.

“We benefited 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.”

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