StockMarketWire.com - SimplyBiz, which provides compliance and other services to financial advisers, reported a rise in first-half profit on lower expenses and stuck to its full-year guidance.

Pre-tax profit for the six months through June increased to £4.4m, up from £2.7m on-year, though the rise owed to a £3.0m one-off expense being booked in the previous year.

Revenue edged back to £28.9m, from £29.1m and adjusted earnings before interest, tax, depreciation and amortisation fell to £7.4m, from £8.0m.

The company maintained its full-year guidance for adjusted earnings per share of no less than 11p, down from 13p on-year.

SimplyBiz did not declare an interim dividend, as previously guided. It said a further updated on its dividend plans would be provided in January.

Joint chief executive Matt Timmins said the first-half performance was 'resilient' and demonstrated the robust nature of the business.

'We benefitted from an improving quality of our underlying earnings, under-pinned by six full months trading from Defaqto which helped offset a significant reduction in valuation income during the period,' he said.

'The quality of our revenues, the resilience of our customers, and the benefits of a stronger digital delivery platform have enabled strong trading during challenging times.'






At 9:59am: [LON:SBIZ] The Simplybiz Group Plc Ord Gbp0.01 share price was +10p at 157p



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