- Financial adviser services provider SimplyBiz posted a 23% fall in annual profit owing to one-off IPO costs, though its underlying performance improved.

Pre-tax profit for the year through December fell to £4.2m, even as revenue grew 15% to £50.7m.

Adjusted pre-tax profit, which stripped out one-off costs, rose 62% to £8.6m.

The company declared a final dividend of 2.05p per share, in respect of the nine months trading through November, as per the stated intention in IPO documents.

'The continued growth in membership numbers is testament to the value of our proposition as individuals and businesses continue to adapt to an increasingly complex and highly regulated intermediary market,' chief executive Ken Davy said.

'Having successfully deleveraged the business, our balance sheet strength ensures we have a strong platform from which we can take advantage of the significant market opportunities we see.'

At 9:53am: [LON:SBIZ] The Simplybiz Group Plc Ord Gbp0.01 share price was +12.01p at 192.51p

Story provided by