18 May 2023
Fintel plc
(the "Company" or "Fintel")
Annual General Meeting Statement
Fintel plc (AIM: FNTL), as previously announced, is holding its Annual General Meeting ("AGM") today at 10:00 at Fintel House, St Andrew's Road, Huddersfield, HD1 6NA.
TRADING UPDATE
The Company is pleased to report continued trading in line with the Board's expectations, coupled with operational progress in line with the company's strategy.
We continue to benefit from a strong balance sheet with our unaudited net cash position increasing to c.£13.6m of net cash as of 30 April 2023 (31 December 2022: £12.8m), providing significant flexibility for inorganic and organic growth opportunities.
The Board remains confident that Fintel's strategy, underpinned by positive market dynamics, positions it well to deliver strong and sustainable growth.
We look forward to updating shareholders again in our half year trading update in July 2023 and interim results in September 2023.
THE BOARD
As previously announced, Ken Davy will be stepping down today from the role of Chair of the Company and will be succeeded by Phil Smith, who was Independent Non-Executive Director of Fintel. Ken will remain on the Board as a Non-Executive Director.
Ken Davy remarked: "I am delighted that Phil is stepping up to succeed me in the role as Chair of Fintel. Phil brings a wealth of industry knowledge, leadership qualities and business transformation experience, fully aligned to the strategic direction of Fintel. We are confident that Phil will take Fintel to even greater heights and the Board will fully support him in this endeavour.
Phil Smith commented: "Having had the pleasure of serving on the Board of Fintel for the last year, it is my privilege to be taking over as Chair of this incredible company. I am grateful to Ken for his ongoing counsel and support and look forward to continuing to work with him, and the wider Board, as Fintel continues to execute its growth strategy."
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Notes to Editors Fintel is the UK's leading fintech and support services business, combining the largest provider of intermediary business support, SimplyBiz, and the leading research, ratings and Fintech business, Defaqto. Fintel provides technology, compliance and regulatory support to thousands of intermediary businesses, data and targeted distribution services to hundreds of product providers and empowers millions of consumers to make better informed financial decisions. We serve our customers through three core divisions:
The Intermediary Services division provides technology, compliance, and regulatory support to thousands of intermediary businesses through a comprehensive membership model. Members include directly authorised IFAs, Wealth Managers and Mortgage Brokers.
The Distribution Channels division delivers market Insight and analysis and targeted distribution strategies to financial institutions and product providers. Clients include major Life and Pension companies, Investment Houses, Banks, and Building Societies.
The Fintech and Research division (Defaqto) provides market leading software, financial information and product research to product providers and intermediaries. Defaqto also provides product ratings (Star Ratings) on thousands of financial products. Financial products are expertly reviewed by the Defaqto research team and are compared and rated based on their underlying features and benefits. Defaqto ratings help consumers compare and buy financial products with confidence.
For more information about Fintel, please visit the website: www.wearefintel.com
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