StockMarketWire.com - Financial adviser services provider SimplyBiz has announced slightly lower revenues for the first half of 2020 as its mortgage valuation business was 'significantly impacted' by the lockdown restrictions in the second quarter.

In a pre-close trading update for the six months to 30 June 2020, the company reported revenues of £28.9m, down from £29.1m in the first half of 2019.

SimplyBiz said: 'A full revenue contribution from Defaqto in this period has helped to offset a significant reduction in valuation revenue due to the lockdown restrictions.'

It reported a strong adjusted EBITDA margin of 25.5% is expected during the period through sustainable cost management.

The company saw volumes in its mortgage valuation business moderately increase in June but said that 'management believes that there will be a suppressed housing market for rest of the year'.

Joint chief executive Matt Timmins said: 'We are pleased to report strong trading for H1 2020, demonstrating the robust nature of our revenues and an improvement in the quality of our underlying earnings, offsetting a significant reduction of valuation income in the period.'

At 10:04am: [LON:SBIZ] The Simplybiz Group Plc Ord Gbp0.01 share price was +2.75p at 152.75p



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