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SimplyBiz reports loss as IPO costs bite

SimplyBiz has reported a pre-tax loss of £1.2m for the six months to 30 June in its first set of financial results as a public company.

In the same period the prior year, the business reported a £2.4m profit.

The loss follows IPO costs of £3.6m after its float on the London Stock Exchange in April.

However, after adjustments, the business recorded operating profit of £1.2m, which was a £2.7m drop from H1 2017.

The business now says it will be pursuing “selective acquisitions” with a view to increasing its members and expanding services with channel partners.

It also raised £30m from the completion of the IPO on the Alternative Investment Market.

Chair Ken Davy says: “Our IPO in April 2018 has been very well received by our members and partners, and we have already witnessed positive commercial and reputational benefit.”

Ian McKenna: SimplyBiz’s investment advice system impresses

The business had overall revenue growth of £2.9m to £24.2m in the first half of the year, which it says reflects continued organic growth.

Assets under management  increased by 5.6 per cent to £615m, and member firm numbers increased 5.7 per cent to 3,628.

SimplyBiz says it continues to see benefit from the shift in advisers working with networks to being directly authorised with the regulator.

On the planning side, it says the launch of its end-to-end financial planning system Centra has seen “high levels of interest” with 1,635 users signed since March.

Davy says: “Our performance in the first half of 2018 has maintained our trading momentum, delivering strong top line organic and acquisition growth.”

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