The mortgage club’s income also grew by 8.8 per cent to £1.6m.
Across the SimplyBiz Group, revenue was up 20.2 per cent to £29.1m, including £4.2m from Defaqto whose acquisition was completed in March.
Group organic growth was three per cent, which reflected the “sustainable revenue streams” of software license income, membership income and marketing service agreements, the company said.
However Panel Manager and Surveying saw a reduction in activity owing to a lower number of housing transactions in the UK.
Panel Manager and Surveying reported income down £600,000 compared to H1 2018.
The drop in earning before interest, tax, depreciation and amortisation (EBIDTA) was contained at £100,000 owing to the group’s “flexible operating model”, it said, which “retains further capacity to mitigate reductions in volume should the market worsen.”
SimplyBiz is a provider of compliance, distribution and technology services to 3,700 financial advisers, consultants and brokers including mortgage advisers.
“We have continued to grow group organic revenues and adjusted EBITDA, with increasing average revenues per member, an expanded membership base and an enlarged service offering more than offsetting the impact of a slowdown in the housing market,” said Matt Timmins, joint chief executive of SimplyBiz Group.
Earl Shilton BS added to panel
SimplyBiz Mortgages has also added the Earl Shilton Building Society’s (ESBS) range of residential mortgages to its lender panel.
Martin Reynolds, chief executive of SimplyBiz Mortgages (pictured), said: “We believe that ESBS’s flexible and common sense approach to service, criteria and underwriting will prove useful for brokers looking for solutions for unique and complex customer requirements.”
Paul Tilley, chief executive of ESBS added: “We look forward to assisting with solutions for the varied and unique requirements that the panel members’ customers will have.”
