Fintel delivers 'strong' YTD trading performance
Fintel
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17:21 06/07/22
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.
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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