LONDON (ShareCast) - (Sharecast News) - Technology and business services provider SimplyBiz Group said on Tuesday that both revenues and underlying earnings had continued to grow in 2019.
In a pre-close update for the year to 31 December, SimplyBiz said it delivered 24% revenue growth and 50% adjusted EBITDA growth, with a "strong" adjusted EBITDA margin of 27%, up from 23% in the prior year.

The AIM-listed outfit said the integration of information and technology business Defaqto had been successfully completed, with the enlarged group now serving more than 5,800 intermediary firms and more than 350 financial institutions, significantly increasing its scale.

Group net debt was £27m at the end of December, broadly in line with management's expectations and representing a "comfortable" net debt to EBITDA leverage ratio of less than 1.6 times.

SimplyBiz said it was confident that its overall performance was "broadly in line with expectations" and that it intends to propose a final dividend to shareholders.

Joint chief executive Matt Timmins said: "Trading in the group has continued in line with management's expectation and the group's cash-generative model has enabled the group to repay £7m of debt in the post-acquisition period, further deleveraging the group."

"The group's consistent and recurring income model, and strong forward revenue visibility, continues to provide the board with confidence and optimism as we enter 2020."

As of 1005 GMT, SimplyBiz shares were down 3.42% at 226p.

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