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26 Jan 2021 | 10:09

Simplybiz revenues and margins remain 'resilient' in 2020

(Sharecast News) - Fintech outfit Simplybiz said on Tuesday that both revenues and underlying margins had remained "resilient" in 2020 despite the ongoing Covid-19 pandemic.

Simplybiz expects full-year revenues to be approximately £61.0m, down from £63.0m, while adjusted underlying earnings margins remained flat in the twelve months ended 31 December at 28.3%.

The AIM-listed group said cash flow conversion was projected to exceed 65%, helping it reduce net debt from £27.0m at the end of 2019 to £19.5m just a year later.

Simplybiz, which intends to recommend a final dividend of no less than 2.0p per share, added that adjusted earnings per share would come in "marginally above" 11.0p per share.

Joint chief executive Matt Timmins said: "We are delighted to have delivered a resilient trading performance in a challenging year, demonstrating the robust nature of our core revenues and an ongoing improvement in the quality of our underlying earnings, offsetting an expected reduction of valuation income in the period.

"We are confident that the group is in a strong position and is moving forward with agility and pace."

As of 1155 GMT, Simplybiz shares were up 4.24% at 188.94p.
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