Fintel reports 22% revenue growth in FY24, fueled by 4 acquisitions and SaaS expansion
() , a provider of fintech and support services to the UK financial sector, announced its consolidated full-year results for the 12 months ended December 31, 2024 (FY24).
Fintel's core revenue increased by 22% to £68.9m from £56.6m LY, supported by £15.0m of sales from acquisitions completed during the period. 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.
Fintel completed 4 acquisitions in FY24 with an initial net cash investment of £16.6m, which generated £7.5m of core revenues during the year. 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. EPS benefitted from a £0.8m one-off tax benefit due to improving financial performance of acquisitions, enabling crystallisation of prior tax losses. Final dividend was 2.45p/share proposed, resulting in a full-year dividend of 3.65p, an increase of 5.8% year-on-year.
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Fintel reports another year of strong growth, marked by continued investment in products and services, aggressive M&A, and robust financial performance. Core revenue rose 22% to £68.9m, including £15m from the 4 acquisitions completed in FY24 - Owen James, Synaptic Software, ifaDASH, and Threesixty Services. Another acquisition - Rayner Spencer Mills Research (RSMR) - was completed post-period in January 2025.
Fintel saw material growth in SaaS/subscription revenue in its core business of 17%, with the aforementioned acquisitions adding further scale, IP, and quality datasets to accelerate recurring revenue growth. The acquisitions should deliver significant medium-term growth, bolstered by 's new distribution agreement with Mortgage Brain and the recent release of Defaqto's Matrix 360 market intelligence software. The expected EBITDA contribution for FY25 from RSMR is c. £0.5m.
Momentum is strong post-period, with trading in line with management expectations, and addition of 6 new customers to Fintel's 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, as intermediaries and product providers navigate the evolving market.
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.
Furthermore, with signs of an improving housing market following the latest interest rate decision, and a strong pipeline of opportunities after the launch of Matrix 360 to the insurance market, is well-positioned for sustained growth in FY25.
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