Fintel appoints wealth management veteran Ian Pickford as non-executive director
() , a provider of fintech and support services to the UK financial sector, announced the appointment of Ian Pickford as non-executive director effective immediately. Pickford will also serve as chair of Fintel's remuneration and nomination committees.
Fintel said Pickford was selected for his in-depth knowledge of the wealth management market and strong alignment to Fintel's values and strategic objectives. He will step down as partner at Forvis Mazars LLP where he was CEO of Forvis Mazars Financial Planning. As part of his new role, Pickford will assist in the strategic development of Fintel's digital and core service propositions to the UK advice market.
Ian Pickford commenting: "I am excited to be joining Fintel at this inflexion point for the business. Fintel, through SimplyBiz, is already renowned in the sector as the leading services platform for IFAs, has the leading research brand in Defaqto, and is well poised to emerge as one the leading digital providers to this exciting sector. I look forward to working with Phil and rest of the Board to accelerate the safe growth of the business."
Phil Smith, non-executive chair at Fintel, adding: "I am delighted to welcome Ian to the Fintel Board. He brings a great deal of leadership experience within the wealth management sector and will provide an important customer perspective on the Board alongside his skills which complement those of our other directors. We all look forward to working with Ian."
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Fintel appoints industry veteran Ian Pickford as non-exec director and chair of key committees. Pickford brings over 30 years of leadership experience to , having successfully led one of the UK's most prominent wealth management firms. As CEO of Forvis Mazars Financial Planning, he significantly expanded the business, establishing it as one of the largest advice and investment firms in the UK.
Pickford joins the Fintel group amid a period of strong growth, as reflected in 's last full-year results and recent trading updates. In FY24, Fintel's core revenues jumped by 22% to £68.9m from £56.6m LY, supported by £15m of sales from 4 acquisitions completed during the period - Owen James, Synaptic Software, ifaDASH, and Threesixty Services.
Adjusted EBITDA rose by 8.5% to £22.2m following significant investment in products and services. Core SaaS and subscription revenue was up 17% to £44.1m, reflecting growth in recurring revenue streams. ended FY24 with a robust balance sheet, including £6.3m of net cash and £50m of headroom in its £80m revolving facility, providing flexibility for further M&A.
Net debt was at £23.7m, following spend on acquisitions and product development, representing a comfortable leverage of 1.1x. Adjusted EPS was 13.2p/share, reflecting continued profitability. Final dividend was 2.45p/share proposed, resulting in a full-year dividend of 3.65p, an increase of 5.8% year-on-year.
Post-period developments, including the acquisition of RSMR and the rollout of Matrix 360, Fintel's new market intelligence platform for the general insurance sector, demonstrate the group's ongoing commitment to diversify beyond its traditional advisory stronghold. These moves are not simply bolt-on, but reflect a broader strategy to build a more integrated, data-driven ecosystem for financial intermediaries.
Strong sales momentum continues into FY25, with YTD results meeting management's forecasts and the onboarding of 6 customers to the Matrix 360 platform. The backdrop for remains positive, underpinned by structural market shifts within the UK financial services sector, including regulatory requirements and demand for data and insights.
Fintel maintains strong visibility of earnings and recurring revenues, with continued M&A expected to facilitate further organic growth through expansion of services, cross-selling, and other synergistic opportunities. With a strong balance sheet, plenty of headroom in its credit facility, and strong cash generation, the group remains well-funded for continued expansion.
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