Mortgage News
SimplyBiz eyes acquisitions as member firm numbers rise
SimplyBiz reported strong performance and growth in line with expectations for 2018 in a trading update, with the potential for “selective acquisitions” to follow.
The financial services group is the parent firm of SimplyBiz Mortgages network.
SimplyBiz membership of directly authorised firms increased year on year by 8.5% to 3,726, from 3,433.
It comes after the group floated on the stock market in April 2018.
The IPO and a strong operating performance have helped the company boost its net cash to £6.4m from a debt of £23m a year earlier.
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Integration of Landmark Surveyors Limited also contributed to revenue growth in the year, the group said.
The group said it intends to propose a final dividend to shareholders.
Matt Timmins, joint chief executive of The SimplyBiz Group, said: “The board is pleased to report another excellent year for the group, with great financial performance and a strong year-end balance sheet, supplementing the success of the IPO and acquisition of Landmark Surveyors.
“One of the many positive factors of our business model is our recurring income and forward revenue visibility.
“This provides us with a great deal of confidence, and we enter 2019 full of optimism and in great shape for the year ahead.
“Our capital position and a highly-fragmented marketplace offer us ongoing opportunities to build out our service offering, reinforce the strength of our organic growth platform and pursue selective acquisitions.”