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Fintel PLC on Tuesday reported a higher revenue but profit fell as costs increased significantly.
The Huddersfield, England-based provider of fintech and support services said pretax profit declined 24% to £3.4 million in the first half of 2024 from £4.5 million a year ago.
Revenue grew 13% to £35.7 million from £31.7 million. However, expenses increased 15% to £26.1 million from £22.7 million. Further, operating costs of an exceptional nature increased 33% to £2.0 million from £1.5 million, while net finance costs trebled to £600,000 from £200,000.
Fintel declared an interim dividend of 1.2 pence per share, up 9.1% from 1.1p a year ago.
Looking ahead, the company said it continued to trade well, expecting to meet revenue expectations due to key structural drivers such as continued organic growth and positive market dynamics including regulatory pressure and demand for data and insights.
Joint Chief Executive Officers Neil Stevens & Matt Timmins said: ‘Fintel’s long-term growth remains underpinned by the evolving UK financial services and regulatory landscape, supporting the continued expansion of our market position and technology and service platform. With a diverse client base and proposition, we are confident of continuing to capitalise on growth opportunities across an expanded family of brands.’
Fintel shares fell 2.9% to 304.00 pence each on Tuesday morning in London.
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