Fintel delivers 'strong' YTD trading performance

Fintel stated it had continued to improve earnings quality by increasing its software-as-a-service and subscription revenues via the conversion of annual managed services agreements to multi-year distribution-as-a-service agreements.

The AIM-listed firm, previously known as Simplybiz, also said its unaudited net cash position had increased to roughly £7.8m as of 30 April, while the gross drawn position of its £45.0m revolving credit facility was currently just £4.0m following a £3.0m repayment in March.

"We look forward to updating shareholders again on our further progress and plans at the time of the half-year results," said Fintel.

As of 1025 BST, Fintel shares were up 8.72% at 212.0p.

Reporting by Iain Gilbert at Sharecast.com