Simplybiz expects solid earnings growth in first year on the market

24th Jan 2019 11:01

(Sharecast News) - Simplybiz, compliance and business services to financial advisers, grew membership numbers and cash, in line with management expectations last year.The newly-listed firm said reported strong revenue growth lead to solid growth in its adjusted EBITDA and associated margins.Simplybiz said it ended the year with net cash of £6.4m, having used funds raised in its IPO last April to repay the previous £35m borrowings.In terms of users, Simplybiz saw membership numbers increase 8.5% to 3,726 - partly driven by the completed acquisition and integration of Landmark Surveyors.Joint chief executive Matt Timmins said: "The board is pleased to report another excellent year for the group.""This provides us with a great deal of confidence, and we enter 2019 full of optimism and in great shape for the year ahead."As of 1100 GMT, Simplybiz shares had shot up 10.07% to 164p.