Simplybiz expects solid earnings growth in first year on the market

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.