23 March 2021
2020 Resilient Trading, Robust Earnings, Strong Cash Flows and Digital Growth
Fintel (AIM: FNTL), the leading provider of fintech and support services to the UK retail financial services sector, today announces its audited consolidated results for the twelve months ended 31 December 2020.
Matt Timmins, Joint CEO of Fintel plc, commented:
"We are delighted to report strong, resilient trading and substantial growth in our digital delivery during a challenging year. Rapid and ongoing digital acceleration enabled us to deliver resilient revenues with a strong adjusted EBITDA margin and adjusted earnings marginally ahead of our July 2020 guidance. Our speedy deployment of our proprietary technology enabled all our customers to continue to use our services digitally, without any disruption.
"Our continued strong cashflow enabled us to reduce net debt efficiently, whilst delivering an ambitious and exciting R&D programme for future growth.
"The importance and value of our embedded services for our customers enabled us to grow in our core membership services, Fintech contracts and recommendations. We were delighted to receive increased customer engagement and satisfaction in the year - something we never take for granted at Fintel.
"The quality and resilience of our mortgage adviser business enabled us to deliver modest year on year growth in lending volume, albeit with lower net fees due to product mix.
"On behalf of the Board, I would like to thank all our Fintel colleagues, customers, and wider stakeholders for all their support during these unprecedented times."
* 1 Adjusted EBITDA is earnings before interest, tax, depreciation, amortisation, share option charges and operating exceptional costs. Adjusted profit before and profit after tax exclude operating exceptional costs and amortisation of intangible assets arising on acquisition.
* 2 Adjusted Earnings Per Share is calculated as adjusted profit after tax, which excludes operating exceptional costs and amortisation of intangible assets arising on acquisition, divided by the average number of ordinary shares in issue for the period. EPS floor communicated on 23 rd July 2020.
* 3 Free cash flow conversion is calculated as adjusted EBITDA, less working capital movements, lease payments, CAPEX, development expenditure, corporation tax paid and interest, as a percentage of Adjusted EBITDA.