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SimplyBiz coffers boosted by IPO and first half acquisition

SimplyBiz has reported a 14 per cent increase in revenue to £24.2m in the first half of the year, in which it also floated on the London Stock Exchange.

SimplyBiz has net cash of £1.2m at 30 June 2018, compared to net debt of £23m at 31 December 2017.

The business says this is down to capital raised through the IPO and its operating performance.

It says the revenue growth was boosted by the acquisition of Landmark Surveyors in January, which added £1.8m to the business.

SimplyBiz adds fifth DB transfer partner to panel

In the first half of the year membership numbers rose by 5.7 per cent to 3,628.

SimplyBiz says it has also been chosen by Vitality Invest – the new investment service from protection provider Vitality –  as a distributor.

SimplyBiz Group joint chief executive Matt Timmins says: “Our successful IPO in April 2018 has been very well received by our members and we have already witnessed positive commercial and reputational benefit.”

He adds: “Our capital position and a highly fragmented marketplace offer us ongoing opportunities to build out our service offering, reinforce the strength of our organic growth platform and pursue selective acquisitions.”

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