Fintel delivers 'strong' YTD trading performance

Financial services provider Fintel revealed on Tuesday that it has experienced "strong trading" in the year to date, with its performance in line with expectations.

Fintel stated it had continued to improve earnings quality by increasing its software-as-a-service and subscription revenues via the conversion of annual managed services agreements to multi-year distribution-as-a-service agreements.

The AIM-listed firm, previously known as Simplybiz, also said its unaudited net cash position had increased to roughly £7.8m as of 30 April, while the gross drawn position of its £45.0m revolving credit facility was currently just £4.0m following a £3.0m repayment in March.

"We look forward to updating shareholders again on our further progress and plans at the time of the half-year results," said Fintel.

As of 1025 BST, Fintel shares were up 8.72% at 212.0p.

Reporting by Iain Gilbert at Sharecast.com