The financial services company is the parent firm of SimplyBiz Mortgages – the UK’s third largest mortgage club with around 1,600 members.
Mortgage completions within the group increased to more than £16bn, annual results showed.
However, increased mortgage income was offset by a 14 per cent reduction in income from property valuations, which was attributed to a UK-wide slowdown in housing transactions.
As a result, revenues in this division totalled £26.8m in 2019, down from £27.4m in 2018.
Separately, SimplyBiz’s intermediary services arm now counts 3,700 directly authorised firms, contributing to 38 per cent of group revenue.
Overall group profit increased by £5.2m in the year to £12m.
It comes after the group last year bought financial services firm Defaqto.
‘Growth to remain strong’
Matt Timmins, joint chief executive officer of The SimplyBiz Group (pictured), said: “We are delighted to have successfully completed the strategic acquisition and rapid integration of Defaqto and welcome these new colleagues into the SimplyBiz Group.
“This acquisition instantly expands the group’s customer base by over 50 per cent and materially extended our software and service platform across all key sectors.
“The acquisition enhances the group’s strong and sustainable profit margins.”
“The board is confident and optimistic about 2020. We expect both headline and underlying growth to remain strong.”
