Fintel’s 2025 results: headline numbers and why they matter
Fintel has delivered a solid set of audited results for the year ended 31 December 2025, with double‑digit top line growth and improving margins. The Group has also completed a major reorganisation into two divisions, aiming to build a more scalable fintech and data platform for the UK retail financial services market.
For retail investors, the big picture is simple: more recurring software and subscription income, healthier profits, strong cash conversion, and enough balance sheet flexibility to keep investing and acquiring.
| Metric | FY25 | FY24 | Change |
|---|---|---|---|
| Revenue | £85.9m | £78.3m | +9.6% |
| SaaS & Subscription revenue | £48.7m (57% of total) | £44.4m | +9.6% |
| Adjusted EBITDA | £25.9m | £22.2m | +16.6% |
| Adjusted EBITDA margin | 30.1% | 28.3% | +180 bps |
| Adjusted EPS | 13.7p | 13.2p | +3.8% |
| Statutory EPS | 6.1p | 5.7p | +7.0% |
| Underlying operating cash conversion | 102% | 78% | +2,400 bps |
| Net debt | £31.1m (1.2x leverage) | £25.3m | +22.9% |
| Dividend per share | 3.80p | 3.65p | +4.1% |
Quick jargon buster: “SaaS & Subscription” refers to recurring software and membership fees. “Adjusted EBITDA” strips out one‑offs and non‑cash items to show underlying profitability. “Cash conversion” measures how well profits turn into cash. “Leverage” is net debt divided by adjusted EBITDA.
Growth drivers: acquisitions plus sticky recurring revenue
Revenue rose to £85.9m, up 10%, helped by £7.0m year‑on‑year inorganic growth. Organic revenue nudged up 0.8% to £75.5m, reflecting integration work and sector consolidation headwinds. The RSMR acquisition (completed January 2025) contributed £3.4m of revenue and £1.1m of EBITDA.
The key strategic point is mix: recurring SaaS & subscription income reached £48.7m and now accounts for 57% of Group revenue. That improves visibility and tends to support valuation multiples.
Software & Data: high margin and expanding datasets
- Division revenue rose 10% to £37.1m, with adjusted EBITDA of £15.3m and a margin of 41.3%.
- Software was £22.5m; Data £11.5m; Marketing & Consultancy £3.1m.
- Standouts: Risk Ratings up 9% to £4.5m; VouchedFor software up 20% to £3.8m.
- Matrix360, the market intelligence platform, onboarded 23 institutional customers in its first 12 months.
- RSMR extended research and ratings, adding £2.4m of ratings revenue and £1.0m of marketing and consultancy.
Why it matters: this division carries the highest margins and deepens Fintel’s data moat. More proprietary data typically equals better pricing power and stickier customers.
Services: compliance resilience and broader distribution
- Division revenue increased 10% to £48.8m, with adjusted EBITDA of £14.8m and a 30.3% margin.
- Membership & Compliance £21.7m; Distribution £17.4m; Surveying £9.7m.
- Threesixty, acquired in 2024, contributed £6.6m to Membership & Compliance and £0.4m to Distribution, plus £1.4m of EBITDA.
Headwind watch: Simplybiz membership fees declined 9% (£0.9m) to £8.7m as IFA firms consolidate. Fintel notes this consolidation is slowing and larger firms are buying more compliance services, partly offsetting the fee pressure.
Bright spots inside Services: Protection & Insurance income rose to £4.5m and Mortgages to £4.4m – both up 10% – and Marketing & Events reached £8.5m.
Margin expansion, cash discipline and the dividend
Group adjusted EBITDA margin improved to 30.1% from 28.3%, reflecting integration benefits and mix shift. Underlying operating cash conversion was strong at 102% (FY24: 78%), supporting investments and dividends.
Net debt rose to £31.1m (1.2x leverage) after acquisitions and product investment. Liquidity looks comfortable: £17.3m of cash and £72.5m of undrawn headroom on the £120m revolving credit facility. Covenants were achieved with solid headroom (interest cover 7.62x; leverage 1.2x against a <3.0x limit).
The Board proposes a final dividend of 2.5p, bringing the full‑year dividend to 3.80p, up 4.1%. Payable on 18 June 2026, subject to approval.
Strategic transformation: simpler structure, stronger platform
Fintel has reorganised from three divisions to two: Fintel Services and Fintel Software & Data. The Group integrated nine acquisitions into coherent product lines, rolled out a unified sales strategy and a single CRM view to improve cross‑sell and customer lifetime value. The goal is a more unified adviser technology platform.
Tech and AI moves you should note
- Digital and AI‑enabled compliance tools progressed, including “agentic AI” prototypes within file checking and compliance workflows.
- Omnicore, a whole‑of‑market distribution platform, launched in Q4 2025 and is showing early traction with advisers and product partners.
- VouchedFor’s Consumer Duty tool (Elevation) saw membership jump 83% to 6,600 advisers.
- Post year‑end, Fintel bought Pearson Ham’s market pricing data business (initial cash £7.5m, deferred £3.5m). Management says it should be earnings accretive in its first full year.
Why it matters: deeper proprietary data and AI‑assisted workflows should enhance product differentiation, unlock higher‑margin analytics, and widen the cross‑sell opportunity across the platform.
Outlook for 2026: in line start and clear growth levers
Trading at the start of FY26 is in line with the Board’s expectations. The growth case rests on:
- Higher demand for technology, data and regulatory support as Consumer Duty and wider regulation continue to reshape advice and distribution.
- Further integration to a unified platform, improving efficiency and cross‑sell.
- Balance sheet capacity to back organic initiatives and selective acquisitions.
- The Pearson Ham pricing data acquisition, expected to be earnings accretive in its first full year.
My take: the positives and the watch‑outs
What I like
- Recurring revenue now 57% of the mix, with margin expansion to 30.1% – a good combo.
- Cash conversion at 102% provides real firepower for product, M&A and dividends.
- Software & Data margins at 41.3% underline the value of proprietary datasets and ratings.
- Clear strategic execution: divisional simplification, single CRM, unified go‑to‑market, and tangible progress in AI and distribution (Omnicore).
What to keep an eye on
- Organic revenue growth was just 0.8% as the Group focused on integration and absorbed IFA consolidation. Re‑acceleration is the key 2026 test.
- Non‑underlying costs remained high at £9.3m (M&A and restructuring). These should normalise if the acquisition programme eases and integration completes.
- Net debt increased to £31.1m. Leverage is modest at 1.2x, but investors will want to see disciplined use of the £120m facility as further deals arise.
- Execution on Omnicore, Matrix360 upsell, and embedding Pearson Ham’s pricing data into the platform will determine how much operating leverage Fintel can unlock.
Bottom line
Fintel’s 2025 numbers show a business getting simpler, more data‑rich and more profitable. The model leans further into sticky, recurring revenues with widening software and analytics capability. If organic growth picks up as integration benefits flow through, and the new data assets scale as planned, FY26 could mark the shift from “build” to “harvest”. For now, the dividend is growing, cash generation is strong, and the balance sheet leaves room to keep compounding.
