전체 연도 결과
월 19 2024
핀텔 PLC
("Fintel", "회사", "비즈니스" 또는 "그룹")
31년 2023월 XNUMX일에 종료된 연도의 전체 연도 결과
Resilient financial performance and significant strategic and operational progress
Fintel (AIM: FNTL), the leading provider of fintech and support services to the?UK retail financial services sector, today announces its audited consolidated results for the year ended 31 December 2023.
Matt Timmins, Joint CEO of Fintel
"2023 has been a defining year for Fintel. We have delivered a resilient financial performance and significant progress against our strategy, which balances growth across our core activities, organic investment and complementary M&A.
"We are executing our strategy at pace, enhancing our service and technology platform, increasing our scale and reach, and strengthening our position at the heart of the UK retail financial services sector to inspire better outcomes for all.
"The cash-generative nature of our business, underpinned by our financial resources, positions us well to capitalise on the favourable market conditions for M&A, whilst delivering further organic growth and value to all of our stakeholders.
"In the new financial year to date, we are trading in line with expectations and remain well positioned to take advantage of opportunities in our market."
Financial highlights - Resilient performance, in line with expectations
· 조정 EBITDA1 growth of 5.6% to £20.5m (FY22: £19.4m) and adjusted EBITDA margin of 31.5% (FY22: 29.1%), during period of significant organic and inorganic investment
· 핵심2 SaaS & Subscription revenue up 2.2% to £37.6m (FY22: £36.8m); up 11.8% on a like-for-like basis excluding the gross to net revenue impact from a change in contractual terms of key software reseller agreement and acquisitions (FY23: £34.2m; FY22: £30.6m)
· Core revenue increased c.0.3% to £56.6m (FY22: £56.4m) and grew 5.6% on a like-for-like basis (FY23: £47.7m; FY22: £45.2m), excluding the impact of volatility in the mortgage market, the gross to net revenue change of the software reseller revenues and acquisitions
· Four acquisitions completed in 2023 with initial net cash investment of £13.3m, delivering combined core revenues of £1.5m in the period
· Strong balance sheet with £12.7m of cash, and £69m of headroom in £80m Revolving Credit Facility, providing flexibility for further investment
· Net cash of £1.7m (FY22: £12.8m), having invested significantly in the business and M&A
· 조정 된 EPS1 of 12.2 pence per share (FY22: 12.2 pence per share), consistently demonstrating strong profitability
· Final dividend of 2.35 pence per share proposed, resulting in a full year dividend of 3.45 pence per share, an increase of 6.2% on prior year
재무 하이라이트 | 2023 | 2022 | % 변화 |
대체 성능 측정 |
| ||
핵심2 수익 | £ 56.6m | £ 56.4m | 0.3% |
핵심 SaaS 및 구독 수익 | £ 37.6m | £ 36.8m | 2.2% |
핵심 조정 EBITDA | £ 20.2m | £ 18.6m | 8.6% |
핵심 조정 EBITDA 마진 | 35.7% | 32.9% | 280 bps |
조정 EBITDA1 | £ 20.5m | £ 19.4m | 5.6% |
조정 된 EBITDA 마진 | 31.5% | 29.1% | 240 bps |
조정 된 EPS1 | 12.2p | 12.2p | - |
법적 조치 |
|
| |
법정 수입 | £ 64.9m | £ 66.5m | (2.4의 %) |
법정 EBITDA | £ 14.4m | £ 16.7m | (13.5의 %) |
법정 EPS | 6.8p | 9.5p | (28.2의 %) |
순 현금 | £ 1.7m | £ 12.8m | (86.7의 %) |
주당 배당금 | 3.45p | 3.25p | 6.2% |
Strategic and operational highlights - Significant progress
· Fintel has made continued strategic progress, with sustained growth across core activities, organic investment into technology and research platforms, and inorganic investment to increase our scale, IP and capabilities
o Sustained growth across core activities
§ Growth in SaaS and Subscription revenue, which now represents 66.4% of core revenues (FY22: 65.1%)
§ Strong growth in fintech software revenue of 11.5%, following significant extension of proprietary software solutions
§ 24.9% growth in Distribution as a Service revenue
o Increased organic investment of £4.8m into technology and service platform
§ Enhanced Consumer Duty support and technology package, helping intermediaries to implement requirements
§ Expanded proprietary financial planning and competitor and market intelligence software solutions with launch of four new modules
§ Extended ratings and reviews portfolio and expanded into tax advantaged market
§ Deepened insights for Product Providers through upgraded partner portal, and scaling of Strategic Asset Allocation and Distribution as a Service partnerships
o M&A investment to increase our scale, IP and capabilities, capitalising on favourable market conditions
§ Four acquisitions completed over the period:
· MICAP, a provider of independent research and advice tools
· Competent Adviser, a dynamic learning platform enabling advisers to meet increasing regulatory competency requirements
· VouchedFor, a leading review site for Financial Advisers, Mortgage Advisers, Solicitors and Accountants
· AKG, a leading provider of independent assessments and ratings of financial strength
· Acquisitions are performing as expected
§ Two further acquisitions completed post period end:
· Owen James, the leading provider of strategic engagement events in UK financial services
· Synaptic Software, an independent provider of financial adviser planning and research software, and Webline, a quote and apply portal for advised sales of protection products
§ Investment in Plannr through Fintel Labs technology incubator
· Expanding Fintel's technology proposition and extending the capabilities of Defaqto Engage through a two-way integration
· With Fintel's support, Plannr has now successfully launched to the intermediary market
Current trading and outlook - Continue to trade in line with expectations
· Current trading remains in line with expectations, with growth in fintech software revenue and software license sales offsetting pressures in the UK housing market
· With expectations that interest rates and housing market activity will become more positive in 2024, Fintel is well positioned to benefit from a recovery in the mortgage market
· Clear growth strategy with demand underpinned by positive market dynamics and structural drivers including regulatory pressure, the FCA Consumer Duty regulation and demand for technology and data
· Organic growth expected to be driven by ongoing software adoption across membership base, further technology penetration across the wider market, and synergies arising from recent acquisitions
· Qualified M&A pipeline, underpinned by financial resources and favourable market conditions
노트
1Adjusted EBITDA and adjusted EPS are alternative performance measures for which a reconciliation to a GAAP measure is provided in note 8 and note 10
2핵심사업에는 패널 관리 및 조사 수익이 제외됩니다.
애널리스트 프레젠테이션
분석가 브리핑은 9년 30월 19일 오전 2024시 XNUMX분에 온라인 화상 회의 시설을 통해 개최됩니다. 참석등록을 원하시면 연락주세요 [이메일 보호].
자세한 내용은 문의하시기 바랍니다 :
핀텔 PLC Matt Timmins(공동 CEO) 닐 스티븐스(공동 CEO) 데이비드 톰슨(최고재무책임자) | MHP 그룹을 통해 |
Zeus(지명 고문 및 공동 Broker) 마틴 그린 댄 베이트 | + 44 (0) 20 3829 5000 |
Investec Bank(합동 Broker) 브루스 개로우 데이비드 앤더슨
| + 44 (0) 20 7597 5970 |
MHP 그룹(재무 PR) 레그 호어 로버트 콜렛 크리디 | +44 (0) 7736 464749 |
편집자 주
Fintel은 영국 최대의 핀테크 및 지원 서비스 기업으로, 최대 규모의 중개 비즈니스 지원 제공업체인 SimplyBiz와 선도적인 연구, 평가 및 핀테크 비즈니스인 Defaqto를 결합합니다.
Fintel은 수천 개의 중개 기업에 기술, 규정 준수 및 규제 지원을 제공하고 수백 개의 제품 제공업체에 데이터 및 타겟 유통 서비스를 제공하며 수백만 명의 소비자가 더 나은 정보를 바탕으로 재무 결정을 내릴 수 있도록 지원합니다. 우리는 세 가지 핵심 부문을 통해 고객에게 서비스를 제공합니다.
XNUMXD덴탈의 중개 서비스 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.
XNUMXD덴탈의 유통 경로 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.
XNUMXD덴탈의 핀테크 및 연구 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.
Fintel에 대한 자세한 내용은 다음 웹사이트를 참조하세요. www.wearefintel.com
의장 발언
검토 중인 연도
2023 was a year of material global socio-economic uncertainty and significant change within the UK advice market. In addition, the landmark Consumer Duty regulation was introduced by the FCA, and the impact of technology, data and automated processes on the financial services market intensified.
Despite these external changes, Fintel once again demonstrated its agility with a positive step change of our own, accelerating our strategic momentum and risk mitigation.
The advice market is the centrepin of our commercial position, economic strength, and forward strategy. 2023 was a period of tumultuous change for advisers, with material volatility across the financial needs of their clients, the adoption of Consumer Duty, ongoing market consolidation, and an accelerating race to respond to the digital future of efficient advice provision in the UK.
We enhanced our Intermediary Services support model, technology suite, and product research offering, retaining our position as the leading provider to the directly authorised intermediary market. As a result, we further deepened our key relationships, as we deliver aligned capabilities that will strengthen our members' market position, as well as our own.
Our institutional clients in the product provider market have worked with us extensively to enhance their ability to demonstrate the quality of their products and services to the market, and to optimise their distribution strategies. This has led to further solid growth in our Distribution as a Service ("DaaS") proposition, and significantly deeper relationships.
Following the 2023 launch of Fintel Labs, a venture designed to strengthen our technology proposition and foster innovation in the sector, we invested in and supported an innovative technology business, customer relationship management ("CRM") entrant Plannr. CRM is mission critical to the technologies deployed by our client base, and our early-stage investment in and collaboration with Plannr will provide us with the leading strategic CRM platform for small to medium-sized intermediary firms long into the future. Alongside this, we renewed our strategic partnership with Intelligent Office, the leading medium to large-sized adviser CRM platform in the UK, with a revised five-year partnership agreement. This new agreement gave rise to a material change in how we account for the business between us, reducing our reportable run-rate revenues, whilst significantly increasing our reportable profit margin percentage from these activities.
Coming into 2023 we were acutely aware that asset prices across global financial technology, research and services had dropped significantly, as the increasing cost of capital directly impacted private equity investment and those incumbents backed by it, whilst trading uncertainties dampened the inorganic ambitions of larger institutions in the market.
Fintel has strategically mapped acquisition targets within adjacent markets since its highly successful acquisition of Defaqto in 2019, but we paused activity in the run-up to 2023, as asset prices were prohibitive to shareholder value creation. That changed significantly in 2023, when the fiscal capacity and deal foundations we created over recent years combined with attractive asset prices, enabled us to participate tactically in the M&A market. We have done so with great success, without equity dilution to our shareholders, and at an efficient cost of capital through the use of our own liquidity and favourable debt conditions, whilst retaining a positive net cash position at the year end.
Our acquisition strategy is clear. We look for technology and data-led businesses which offer cultural alignment, a strong forward growth profile and, most crucially, a clear place in the service needs of our client base.
Financially, the business has delivered consistently throughout 2023, demonstrating the largely recurring nature of its growing revenue streams and its ability to control operating costs, and invest significantly in its future. 2023 has demonstrated that Fintel is a highly resilient, predictable growth engine that operates uniquely in a growing market sector.
As a purpose-led organisation, we continue to strengthen our environmental, social and governance ("ESG") commitments, aligning to key external reporting standards and expanding our internal KPIs as we embed ESG principles across our operations. With a focus on long-term sustainable value creation for all of our stakeholders, we are committed to delivering measurable benefits for our business, the financial sector and broader society.
Our progress this year is a testament to our exceptional people, unique culture, and focused client engagement as we continue to simplify and improve a rapidly changing market.
재무성과 및 배당
The underlying resilience and cash-generative nature of our business have been clearly demonstrated through our strong financial performance for FY23, despite the backdrop of a challenging macroeconomic environment both domestically and internationally.
Both our revenue and adjusted profit before tax continued to perform in line with the Board's expectations for the full year. This, coupled with our continued strong cash flow conversion and balance sheet, has again enabled us to demonstrate our progressive dividend policy with a further year-on-year enhancement. This resulted in an interim dividend of 1.1 pence per Ordinary Share, paid in November 2023, and I am pleased to confirm that the Directors are recommending a final dividend of 2.35 pence per share payable on 19 June 2024, resulting in a full year dividend of 3.45 pence per share.
우리의 전략에 대한 진행
Our primary focus for 2023 was to: (a) sustain growth across our core activities, (b) increase our organic investment into our future technology and research offerings, and (c) take significant advantage of market conditions through a series of targeted acquisitions. Each of these reflects our strategic ambitions for medium to long-term profitable growth, and the establishment of a market leading position and dominant market share within our target sectors.
I am pleased to report that despite considerable negative market sentiment, most notably in the connected sectors of mortgages and surveying, we have progressed well against each of these objectives.
We have invested significantly across 2023, and we will continue to do so across 2024, as we have clear sight of material and sustainable shareholder value creation opportunities.
Fintel is a business with a clear strategy, a positive market environment in which to execute it, and an experienced team that combines vision with a proven ability to deliver consistent strategic progress year on year.
Board transition
The Board of Directors has remained stable and unchanged during 2023, enabling a smooth transition of the Chair role from Ken Davy to me, with Ken returning to standard non-executive status as indicated to our shareholders this time last year. This demonstrates the robustness of our succession planning and the cohesiveness of our Board in managing structural change effectively.
I would like to take this opportunity to thank Ken directly for his excellent support throughout both my entry into Fintel and the transition to Chair. Furthermore, I would also like to thank the remaining Board members for their support, diligence and commitment throughout 2023.
Outlook
It remains clear that the macro-economic environments, both domestically and internationally, remain challenging for UK businesses in the medium term. That said, I am confident that the UK financial services sector will continue to offer opportunities for a business such as ours to grow, diversify and enhance shareholder value. We have the Executive team, the strategy, and the financial strength to take direct advantage of structural changes in the market.
Throughout 2023 we have demonstrated our ability to deliver significant strategic progress. We enter 2024 with momentum and are confident in our ability to continue to enhance shareholder value across the medium term.
I would like to express the Board's deep gratitude to each of our Fintel colleagues for their innovation, hard work, commitment and dedication to the Company and, indeed, to our many external partners and customers, all of whom bring value to us each day.
These are the bedrocks of our future success over the years to come, as we continue to inspire better outcomes for all.
필 스미스
비상임이사
합동 최고 경영자 성명서
Strategic expansion capitalising on market opportunities
2023 has been a defining year for Fintel. We have delivered a resilient financial performance and invested significantly, enhancing our service and technology platform and increasing our scale and reach through the completion of four complementary acquisitions in the year.
We have strengthened our unique position at the heart of the retail financial services sector, and in a rapidly changing market, we have helped financial professionals deliver better outcomes for their clients, remain compliant in the face of changing regulation, and drive their businesses forward at pace.
As we scale our compelling proposition, enhancing our insight, IP and technology capabilities to meet evolving market needs, we are strongly positioned for continued organic and acquisitive growth, creating sustainable value for all of our stakeholders.
In a year of significant volatility, in particular within the mortgage market, our total statutory revenue remained resilient, decreasing by 2.4% to £64.9m (FY22: £66.5m), while our adjusted EBITDA increased by 5.6% to £20.5m (FY22: £19.4m) and adjusted EBITDA margin to 31.5% (FY22: 29.1%), in line with Board expectations.
전략적 우선순위
Our strategic priorities are to deliver growth, enhance margin and improve the underlying quality of our core revenues in line with our medium-term objectives. To deliver these objectives we balance sustainable growth across our core activities, organic investment into our technology and research platforms with inorganic investment to increase our scale, IP and capabilities.
Following significant organic investment into our technology and services platform of £4.8m and into four acquisitions with initial net cash investment of £13.3m in 2023, we see further opportunities to capitalise on favourable market conditions and execute our inorganic growth strategy in 2024. We will continue to realise our active M&A pipeline, leveraging our financial agility to expand our market position, increase market penetration in our target sectors and deliver material and sustainable shareholder value.
Strategic delivery - sustained growth across our core activities
We continue to focus on scaling our core business and improving the underlying quality of our revenues. Our three medium-term (2021-2024) strategic objectives balance continued growth with re-investment in our core capabilities as we digitise and enhance our service and technology platform.
전략적 목표 대비 진행
전략적 초점 | 2023 | 2024 대상 |
Core Revenue growth | 5.6 % * | 5-7의 % |
한계 | 35.7% | 35-40의 % |
수입의 질 | 66.4% | 70-80의 % |
핵심 수익 성장
Objective: core business revenue growth of 5-7% annually.
In 2023 our core business continued to perform well and in line with our target range, growing 5.6% (FY23: £47.7m; FY22: £45.2m) on a like-for-like basis*. Key drivers consisted of strong growth in fintech software and membership services revenue, combined with expansion of data services and ongoing adoption of the Distribution as a Service ("DaaS") proposition. Our total core revenue remained resilient, increasing by 0.3% in the year (FY23: £56.6m; FY22: £56.4m), enhanced by £1.5m revenue from the four acquisitions completed in the year.
*Like-for-like basis strips out the impact of acquisitions, mortgage market volatility and the changes in revenue recognition of a software reseller agreement
EBITDA 마진
Objective: core EBITDA margin of 35-40%.
Our core business delivered an adjusted EBITDA of £20.2m (FY22: £18.6m) and an EBITDA margin of 35.7% (FY22: 32.9%), during a year of significant organic and inorganic expansion of our scale, IP and capabilities, performing in line with our target range.
수입의 질
Objective: 70-80% of core revenue from SaaS and subscriptions
SaaS and subscription revenue has increased by 2.2% to £37.6m, now representing 66.4% (FY22: 65.1%) of the core revenues. Key drivers were continued expansion of our DaaS proposition, and quality recurring revenue streams added through recent acquisitions. These positive drivers offset the impact of the amendment of our largest software reseller agreement.
Organic and inorganic investment to capitalise on 성장 기회
The UK retail financial services market is open, independent, and competitive, providing choice and value to consumers. However, it is also complex and fragmented, with 수천 제품 선택하다 에, 에 의해 전달 hundreds of providers, through thousands of intermediaries, within a changing regulatory environment.
In this dynamic landscape, Fintel provides technology and services to financial product manufacturers, intermediaries and consumers. Fintel's wide-reaching sector presence and unparalleled market insight ensure continued and numerous opportunities for growth. Benefiting from a clear growth strategy underpinned by structural market drivers, 우리 모델 combines diverse and recurring revenue streams with a proven ability to adapt to industry trends, respond to customer demand and develop new products. 이는 significant opportunities for both organic and acquisitive growth, enhanced revenue quality, and sustainable value creation for all of our stakeholders.
Rising tide of regulation
The UK financial services regulatory landscape is constantly evolving, and financial firms need to adapt quickly and efficiently to the changing requirements whilst continuing to operate profitably. The recent changes resulting from the FCA Consumer Duty regulation require intermediaries to evidence suitability at point of sale, and financial product providers at the point of product design, creating opportunities for Fintel across the value chain.
Responding to this need, we expanded our Consumer Duty support package, helping intermediaries to implement requirements across all four consumer outcomes included in the regulation. We also adapted two of our key software solutions including the launch of Consumer Duty Profiles within our proprietary financial planning software, enabling advisers to benchmark products and evidence fair value, as well as the Customer Appeal module within our market and competitor intelligence software, showing the relative importance that different customer profiles place on the insurance product features, and enabling product providers to evidence fair value and suitability. We also expanded our regulatory technology capability, acquiring Competent Adviser, a regulatory learning platform for intermediaries, and VouchedFor, provider of the Elevation feedback tool, helping intermediaries monitor Consumer Duty compliance.
With an experienced team of nearly 150 in-house product and regulatory experts and a growing suite of technology solutions supporting delivery of compliance requirements, we are strongly positioned to continue benefiting from regulatory change.
Product value as important as price
The UK's financial services market offers thousands of financial products to choose from. This wealth of choice creates complexity for today's educated consumers, who increasingly pay attention to quality and suitability of financial products, looking beyond the price.
Providing an independent, expert assessment of a product's features and benefits and distilling this into ratings, Defaqto Star Ratings are recognised by 98% of intermediaries and trusted by consumers, with 89% of people more likely to choose a Defaqto rated product. In 2023 we built on this brand equity, refreshing the Star Ratings proposition with an updated brand identity and expanding our reach through a new distribution partnership with one of the leading comparison sites, MoneySupermarket. We also enhanced the ratings coverage to include tax-advantaged products, leveraging the data from MICAP, provider of independent research and advice tools for tax-advantaged investment products, acquired in July 2023.
Maintaining the UK's largest financial product database with over four million product features mapped, and a wide-reaching, unique expert product ratings brand, with Defaqto Star Ratings present in an estimated 52 million of consumer financial decisions, we continue to be well positioned to capitalise on the growing consumer demand for product insight and comparison.
Demand for data and insights
With the growth in digital product distribution and regulatory focus on suitability and fair value, the demand and need for quality financial data throughout the product development and sales lifecycle is stronger than ever.
From our position at the heart of the retail financial services market, we provide data and insight services throughout the value chain, helping consumers make better informed financial decisions, intermediaries to recommend suitable products and product providers to design and distribute better products. In 2023 we improved our partner portal insights, scaled our Distribution as a Service offering, and expanded our ratings and reviews platform into adjacent markets. We also completed the successful acquisition of MICAP, provider of independent research and insight on tax-advantaged products, and AKG, provider of financial strength assessments, significantly increasing the scale and IP of our subsidiary business Defaqto.
As we realise synergies resulting from these recent acquisitions and continue to scale our data and technology platform, we see material opportunities to enrich our services and deepen our market penetration in this sector.
Demand for flexible, integrated technology
Ongoing consolidation in the intermediary market has created a need for flexible, modular operating systems. With advisers currently using multiple pieces of software, integration and scalability are key to efficiency.
In this context our objective is to lead innovation, delivering products and solutions that add value and eliminate effort for our clients and the wider market. In 2023 we enhanced our proprietary financial planning software with the launch of a product and platform switching module and a cash flow planning tool, and completed a two-way integration with new CRM solution Plannr. We also completed two acquisitions, Competent Adviser and VouchedFor, through our knowledge and technology platform Fintel IQ, designed to provide modular, integrated solutions to the retail financial services market whilst widening our addressable market and penetration.
We will continue to invest in our technology platform, helping financial intermediaries operate more effectively and increasing value per customer. We see further opportunities for growth in this area, as we continue to realise our active M&A pipeline and consolidate a fragmented UK financial technology market.
가치 창출
Our underlying financial resilience, underpinned by a diverse customer base, growing quality revenue streams, disciplined cost control and significant investments in future growth, enables us to continue to expand our proposition and revenue streams despite the backdrop of a challenging macroeconomic environment.
We continue to re-invest in our people, data and digital capabilities, focusing on enhancing our technology platform, knowledge and IP, with a record organic investment in our technology and service platform of £4.8m during the year. We do this whilst developing valuable services for our customers, supporting our people and ensuring we manage our operations responsibly, building a strong platform for sustainable growth.
The cash-generative nature of our business, combined with a significant revolving credit facility, positions us well to continue realising our active M&A pipeline, further enhancing our revenue streams and delivering value to all of our stakeholders.
Our robust adjusted earnings per share ("EPS") performance of 12.2 pence per share (FY22: 12.2 pence per share), taking into account significant investment in the year underscores our strong profitability and commitment to generating substantial value for our shareholders, underpinned by a progressive dividend policy. On a statutory basis EPS was 6.8 pence per share (FY22: 9.5 pence per share), which is reflective of significant investment in system transformation and M&A adviser costs.
더 나은 결과 보장
Fintel's purpose of inspiring better outcomes is at the centre of everything we do. Guided by that purpose, in 2022 we launched a holistic environmental, social and governance strategy, cementing our long-term commitment to sustainable value creation for all of our stakeholders. In 2023 we focused on integrating ESG principles within our operations and delivering on commitments set out in our Better Outcomes Plan, driving measurable change in our business, our industry and wider society in line with our stakeholder priorities and leading reporting standards and frameworks. This progress has been recognised by the ICA Compliance Awards 2023, seeing us shortlisted as a finalist for the "ESG Initiative of the Year" award.
우리 국민
We invest in our people, recognising that our team is fundamental to our ongoing success. As we seek to cultivate an engaging, inclusive workplace where everyone can thrive, we prioritise addressing our employee feedback and needs. We are delighted to see this approach reflected in our strengthened position in the top 20 "Best Companies to Work For" in financial services, as well as the "Outstanding Company to Work For" accreditation awarded for the second consecutive year and a further accolade, winning "Employer of the Year" at the FT Adviser Diversity in Finance Awards 2023.
We are also delighted to welcome Phil Smith's appointment as Chair of Fintel, succeeding our founder Ken Davy. Ken's leadership and dedication have been instrumental in shaping the robust foundation and remarkable trajectory of our Company over the years. Looking ahead, we are confident that Phil's stewardship will further our commitment to excellence, innovation, and sustained growth.
Outlook
We have started 2024 with momentum, completing the acquisitions of Synaptic Software, an independent provider of financial adviser planning and research software, and Owen James, the leading provider of strategic engagement events in UK financial services.
The core business continues to trade well, with pressures in the UK housing market offset by growth in fintech software revenue and software licence sales. With expectations that interest rates and market activity will adjust positively in 2024, we are well positioned to benefit from a recovery in the mortgage market.
Our expanding market position, diverse customer base and recurring revenue streams provide resilience against these macroeconomic headwinds and we continue to benefit from structural drivers including increasing regulatory requirements as a result of the FCA Consumer Duty regulation and ongoing demand for data and insights across the retail financial services value chain.
As we realise our active M&A pipeline, we are well placed to capitalise on favourable market conditions, leveraging our financial agility and the significant headroom in our £80m revolving credit facility.
Looking to the future, we are confident in executing our growth strategy, delivering an end-to-end service platform for UK retail financial services and consolidating a fragmented fintech market to enhance our future earnings, proposition and growth opportunities, as we inspire better outcomes for all.
맷 티민스, 닐 스티븐스
공동 최고경영자(CEO)
재무 검토
31년 2023월 XNUMX일 종료
연말 | 연말 | |
31 12월 | 31 12월 | |
2023 | 2022 | |
| £ m | £ m |
그룹 수익 | 64.9 | 66.5 |
경비 | (44.4) | (47.1) |
조정 EBITDA | 20.5 | 19.4 |
조정된 EBITDA 마진 % | 31.5% | 29.1% |
감가 상각 | (0.4) | (0.3) |
리스자산의 감가상각 | (0.4) | (0.4) |
개발비 및 소프트웨어 상각 | (1.3) | (1.1) |
조정 된 EBIT | 18.4 | 17.6 |
Operating costs - non underlying | (4.4) | (0.7) |
Impairment on sale of operations | (0.2) | (0.7) |
주식옵션 수수료 | (1.5) | (1.3) |
기타 무형 자산의 상각 | (2.2) | (2.0) |
순 금융 비용 | (0.5) | (0.5) |
과세 전 소득 | 9.6 | 12.4 |
과세 | (2.2) | (2.3) |
세후 이익 | 7.4 | 10.1 |
Adjusted earnings per share* ("EPS") | 12.2 | 12.2 |
* Adjusted EPS excludes non-underlying costs and amortisation of intangible assets arising on acquisition, divided by the average number of Ordinary Shares in issue for the period.
수익
The business continued to perform well throughout 2023, with our diverse customer base offsetting the impact of the mortgage market. Core revenue grew 0.3% to £56.6m (FY22: £56.4m), slightly ahead of the same period last year and in line with the Board's expectations.
Core organic revenue of £55.1m (FY22: £56.4m) is impacted by an amendment in contractual terms of our primary software reseller agreement which has been recognised on a net basis since May 2023. Core organic revenue, on a like-for-like basis, has increased by 2.9% (LfL: FY23: £51.7m; FY22: £50.2m), stripping out the impact of acquisitions and the gross to net revenue recognition of the renegotiated software seller agreement.
Excluding the impact of mortgage market volatility, core organic revenue grew by 5.6% in line with our medium-term target (LfL: FY23: £47.7m; FY22: £45.2m). Whilst mortgage related activities experienced a significant 21.2% revenue decline during the year, the segment remains profitable, and is well positioned for a rapid return to previous performance levels as the UK housing market normalises.
In line with the Company's strategy, four acquisitions were completed during the year with expansion into adjacent markets enhancing our scale, IP, and proposition. The combined core revenue from these acquisitions recognised during the period amounted to £1.5m.
On a statutory basis, Group revenue, encompassing the non-core property surveying business, experienced a reduction of £1.6m to £64.9m (FY22: £66.5m). Excluding the impact of the change in the software reseller agreement revenue recognition and acquisitions, as well as the impact of increased volatility in the mortgage market, statutory revenue for 2023 remained resilient, reflecting the inherent strength of our subscription-based model which underpins our growth opportunities.
31 12 월 23 | 31 12 월 22 | 변화 | 변화 | |
Core organic revenue ex. Mortgage commissions | £ 47.7m | £ 45.2m | £ 2.5m | 5.6% |
Core organic revenue from mortgage commissions | £ 4.0m | £ 5.0m | (1.0만 파운드) | (21.2의 %) |
Core organic revenue, like-for-like basis* | £ 51.7m | £ 50.2m | £ 1.5m | 2.9% |
Core organic revenue from software reseller agreements | £ 3.4m | £ 6.2m | (2.8만 파운드) | (46.0의 %) |
Total core organic revenue | £ 55.1m | £ 56.4m | (1.3만 파운드) | (2.5의 %) |
Core revenue from acquisitions | £ 1.5m | £없음 | £ 1.5m | N / A |
Total core revenue | £ 56.6m | £ 56.4m | £ 0.2m | 0.3% |
* Like-for-like basis strips out the impact of acquisitions and the changes in revenue recognition of a software reseller agreement.
부문별 실적
중개 서비스
당사의 중개 서비스 부서는 포괄적인 멤버십 모델을 통해 금융 중개 회사에 규정 준수 및 비즈니스 서비스를 제공합니다. 금융 자문가, 모기지 자문가, 자산 관리자를 포함한 회원은 FCA의 규제를 받습니다.
Intermediary Services revenue decreased 4.9% to £22.4m (FY22: £23.5m). Stripping out the revenue impact of the change in contractual terms of the software reseller agreement and acquisitions, revenue grew 5.4% on a like-for-like basis (LfL: FY23: £18.3m, FY22: £17.3m). The Intermediary Services division is well positioned to continue benefiting from increasing regulatory changes, including the Consumer Duty regulation, with demand for services driving growth across a number of its key revenue lines.
During 2023 Fintel acquired Competent Adviser and VouchedFor. These contributed combined revenues of £0.8m (£0.5m to software license income and £0.3m to membership fee income respectively), and gross profit of £0.3m to the division from the date of acquisition.
2023년 중개 서비스 부서는 다음을 제공했습니다.
· average revenue per customer ("ARPC") of £8,019 (FY22: £7,807) - an increase of 2.7%;
· membership fee income of £11.8m (FY22:?£11.5m) - an increase of 3.2%;
· software licence income of £3.7m (FY22:?£6.3m) - as a result of the change in contractual terms of primary software reseller agreement now recognised on a net basis through revenue since May 2023;
· additional services income of £6.1m (FY22:?£5.7m) - an increase of 6.0%; and
· gross profit* of £10.9m (FY22:?£9.5m) with gross profit margin** of?48.9% (FY22: 40.4%).
* 총 이익은 수익에서 직접 운영 비용을 뺀 값으로 계산됩니다.
** 매출총이익률은 매출총이익의 백분율로 계산됩니다.
유통 경로
유통 채널 사업부는 제품 제공업체에 데이터, 유통 및 마케팅 서비스를 제공합니다.
Core Distribution Channels?revenues decreased to £11.9m (FY22: £13.0m). Excluding volatility in mortgage related commissions, core Distribution Channels income was consistent with prior year. Whilst mortgage related activities experienced a significant 21.2% revenue decline during 2023, this segment remained profitable, and is well positioned for a rapid return to previous performance levels as the UK housing market normalises. We continue to scale our Distribution as a Service ("DaaS") offering into adjacent markets and extending our partnerships, as we convert our revenue to long term subscription agreements with 74% of partner revenue converted to DaaS.
2023년 유통 채널 제공:
· core commission revenues of £6.8m (FY22: £8.1m) - a decrease of 16.4%;
· marketing services revenues of £5.1m (FY22: £4.9m) - an increase of 3.6%, as we see the continued conversion of product provider revenue to long-term subscription agreements with DaaS revenues of £3.7m (FY22: £3.0m), an increase of 24.9%;
· non-core panel management and valuation services revenues of £8.4m (FY22: £10.1m) - a decrease of 17.3%; and
· Gross profit of £7.6m (FY22: £9.2m) with gross profit margin of 37.8% (FY22: 39.8%).
핀테크 및 연구
Fintech and Research includes our Defaqto business and provides market-leading software, financial information and product research to product providers and financial intermediaries.
Fintech and Research revenues grew by 12.0% to £22.3m (FY22: £19.9m), driven by ongoing software adoption and demand for ratings.
In 2023 we further enhanced our Fintech and Research capabilities, accelerating deployment of our proprietary financial planning software, and expanding our research and ratings platform, including the launch of new Star and Diamond Ratings for enterprise and investment scheme ("EIS").
During 2023 Fintel acquired MICAP and AKG contributing combined revenues of £0.7m in product ratings revenue, and gross profit of £0.2m from date of acquisition.
2023년 핀테크 및 연구 부서는 다음을 제공했습니다.
· 소프트웨어 매출 £10.7m (FY22: £9.5m) - 11.5% 증가;
· Product ratings revenue of £10.1m (FY22: £8.9m) - an increase of 14.1%;
· Other income of £1.5m (FY22: £1.5m) from consultancy and ad hoc work; and
· Gross profit of £14.2m (FY22: £12.5m) with a gross profit margin of 63.4% (FY22: 63.0%).
수익성
Adjusted EBITDA remains strong at £20.5m (FY22: £19.4m), increasing by 5.6%.
Our core business delivered a solid adjusted EBITDA margin of 35.7% (FY22: 32.9%).
그 결과 조정된 EBITDA 마진 31.5%(FY22: 29.1%)는 고마진 비즈니스 라인의 지속적인 성장과 개선된 수익 혼합으로 인해 이전 기간과 잘 비교됩니다.
The business continues to deliver towards medium-term targets and is well positioned for continued scalable growth.
Adjusted EBITDA margin is calculated as adjusted EBITDA (as defined in note 8), divided by revenue. Whilst adjusted EBITDA is not a statutory measure, the Board believes it is a highly useful measure of the underlying trade and operations, excluding one-off and non-cash items.
핵심 사업의 조정 EBITDA도 좋은 성과를 내어 8.6% 증가한 £20.2m입니다(FY22: £18.6m). 핵심 조정 EBITDA는 비핵심 부동산 측량 사업의 거래 결과를 제외하고 위에서 계산한 조정 EBITDA입니다.
Non-underlying adjustments
The operating charge to the income statement in respect of non-underlying items of £6.8m (FY22: £3.4m) includes the following:
· operating expenses of £4.4m, including:
· £1.8m M&A-related costs - consisting of professional advisory fees on completed and pipeline acquisitions;
· £1.5m transformation costs - implementation costs to enhance Fintel's customer relationship management ("CRM") platform and a new enterprise resource planning ("ERP") system both of which are targeted to go live in April 2024;
· £0.7m employee restructuring;
· £0.4m award related costs;
· amortisation of other intangible assets of £2.2m - relating to intangibles acquired on acquisition of Regulus Topco Limited (owner of Defaqto Limited), Landmark Surveyors Limited, and 2023 acquired entities: Competent Advisor, VouchedFor, AKG and MICAP; and
· impairment on disposal of operations of £0.2m relating to contingent consideration recognised in respect of the disposed Verbatim funds.
No other costs have been treated as non-underlying.
주식 기반 지불
Share-based payment charges of £1.5m (FY22: £1.3m) have been recognised in respect of the options in issue and include the IFRS 2 cost of the new long-term growth incentive plan issued on 18 August 2023.
금융수입과 지출
Finance income of £0.3m (FY22: £nil) relates to interest earned on surplus cash on short term deposits.
Finance expenses of £0.8m (FY22:?£0.5m) includes interest costs on the drawn portion of the RCF, interest on leasing arrangements and the commitment fee for the unutilised facility. Of the seven acquisitions across 2023 and this year to date, four were entirely funded through cash reserves, while the initial consideration for VouchedFor and Synaptic Software involved partial debt financing.
과세
The rate of corporation tax applicable for 2023 is a blended average rate of 23.5% following the corporation tax rate change in April 2023 to 25%. The underlying effective tax rate of 20.7% for the period (FY22: 19%) includes the estimated beneficial impact of research and development claims for Defaqto. As a significant UK corporation tax paying Group, we settle our liability for corporation tax on a quarterly basis in advance and have paid c.£2.8m in corporation taxes evenly throughout the year.
주당 순이익
Earnings per share has been calculated based on the weighted average number of shares in issue at each balance sheet date. Adjusted earnings per share in the period amounted to 12.2 pence per share (FY22: 12.2 pence per share). Statutory earnings per share in the period amounted to 6.8 pence per share (FY22: 9.5 pence per share).
현금 흐름 및 마감 현금 포지션
At 31 December 2023 the Group reported a robust liquidity position, featuring a total cash balance of £12.7m, £1.7m net of debt (FY22: £12.8m), and substantial headroom in the £80m revolving credit facility with £69m undrawn.
Net cash to adjusted EBITDA ratio is 0.1 times at FY23 (FY22: 0.7 times).
Underlying operating cash flow conversion was strong at 88% (FY22: 118%), despite a significant increase in development expenditure of £4.5m (FY22: £1.7m). This is calculated as underlying cash flow from operations as a percentage of adjusted operating profit. Underlying cash flow from operations is calculated as adjusted operating profit, adjusted for changes in working capital, depreciation, amortisation, CAPEX and share-based payments. A reconciliation of free cash flow and underlying cash flow conversion is provided in note 8 to the financial statements.
The Company's significant capitalised development expenditure, M&A and transformation costs impact the Company's cash generation.
취득
Investments in four acquisitions were made in the year of £13.3m (net of cash acquired of £1.8m and including acquisition costs). Upfront consideration of £15.1m for these four acquisitions was funded by £8.6m from cash reserves and £6.5m from the Group's £80m revolving credit facility. Deferred and business performance contingent consideration payable over the next three years is capped at £12.5m.
Subsequent to the year end, a further investment of £6.4m was made in a further three companies and was funded by cash reserves and existing drawings on the RCF facility. Details of all the acquisitions are given in note 20 to the Financial Statements.
자본 할당
The Group's priority is to strike a balance between sustaining the core business, pursuing growth through acquisitions and delivering value to shareholders. Strategic initiatives include organic investment in enhancing and broadening our product offering; and inorganic investment, such as strategically aligned acquisitions. The Group manages its capital structure through regular review by the Board ensuring alignment with the Company's objectives and responsiveness to changing market conditions. In the event that the Group needs to adjust its policy, we retain an agile approach in order to meet the ever-changing needs of our business and market.
피제수
During the year the Company paid the?final dividend in respect of FY22 of £2.3m, and an interim dividend in respect of FY23 of £1.1m. The Board is proposing a full year dividend in respect of FY23 of 3.45 pence, an increase of 6.2% on the FY22 dividend of 3.25 pence. The proposed final dividend of 2.35 pence (FY22: 2.25 pence) reflects the Group's strong business performance and cash generation during the year. The dividend is payable on 19 June 2024, to?shareholders on the register on 24 May 2024 with an ex-dividend date of 23 May 2024, subject to shareholder approval at the Company's annual general meeting.
회계 정책
The Group's consolidated financial information has been prepared consistently in accordance with UK-adopted International Accounting Standards ("UK-adopted IAS"). The Group applied for the first time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2023. Their adoption is not expected to have a material effect on the financial statements.
관심가는
The Directors have undertaken a comprehensive assessment to consider the Company's ability to trade as a going concern for a period of 18 months to 30 September 2025.
The Directors have robustly tested the going concern assumption in preparing these financial statements, considering a number of severe but plausible downside scenarios, which would collectively be considered remote. The Group continues to enjoy robust cash generation and maintains a strong liquidity position at 31 December 2023 and the Directors remain satisfied that the going concern basis of preparation in the financial statements is appropriate.
On the basis of the Group's current and forecast profitability and cash flows, and the availability of committed funding, the Directors consider and have concluded that the Group will have adequate resources to continue in operational existence for at least the next 18 months. As a?result, they continue to adopt a going concern basis in the preparation of the financial statements.
데이비드 톰슨
최고 재무담당자(CFO)
연결손익계산서 및 기타포괄손익계산서
31년 2023월 XNUMX일로 종료되는 회계연도
| 2023 | 2023 | 2022 | 2022 | |||
2023 | Underlying | 연말 | 2022 | Underlying | 연말 | ||
Underlying | 조정* | 31 12월 | Underlying | 조정* | 31 12월 | ||
| 주의 사항 | £ m | £ m | £ m | £ m | £ m | £ m |
수익 | 5-6 | 64.9 | - | 64.9 | 66.5 | - | 66.5 |
운영 비용 | 7-8 | (48.0) | (4.4) | (52.4) | (50.2) | (0.7) | (50.9) |
기타 무형 자산의 상각 | 12 | - | (2.2) | (2.2) | - | (2.0) | (2.0) |
Impairment on disposal of operations | 7 | - | (0.2) | (0.2) | - | (0.7) | (0.7) |
그룹 영업이익/(손실) | 16.9 | (6.8) | 10.1 | 16.3 | (3.4) | 12.9 | |
금융 수입 | 9 | 0.3 | - | 0.3 | - | - | - |
재정 비용 | 9 | (0.8) | - | (0.8) | (0.4) | (0.1) | (0.5) |
과세전 이익/(손실) | 16.4 | (6.8) | 9.6 | 15.9 | (3.5) | 12.4 | |
과세 |
| (3.4) | 1.2 | (2.2) | (2.9) | 0.6 | (2.3) |
해당 회계연도의 이익/(손실) |
| 13.0 | (5.6) | 7.4 | 13.0 | (2.9) | 10.1 |
주주에게 귀속되는 이익: |
|
|
| ||||
회사 소유주 |
|
| 7.1 | 9.8 | |||
비 지배 지분 |
|
|
| 0.3 |
|
| 0.3 |
|
|
|
| 7.4 |
|
| 10.1 |
주당 순이익 - 조정(펜스) | 10 |
|
| 12.2p | 12.2p | ||
주당순이익 - 기본(펜스) | 10 |
|
| 6.8p | 9.5p | ||
주당 순이익 - 희석(펜스) | 10 |
|
| 6.8p |
|
| 9.4p |
당기 또는 전년도 기타포괄손익에 포함될 항목은 없습니다.
* Underlying adjustments are detailed in note 7
연결재무상태표
31년 2023월 XNUMX일 현재
31 12월 2023 | 31 12월 2022 |
| |||||
| 주의 사항 | £ m | £ m |
| £ m | £ m | |
비유동 자산 |
| ||||||
투자 | 1.2 | - | |||||
재산, 식물 및 장비 | 11 | 1.2 | 1.2 |
| |||
임대자산 | 11 | 2.2 | 2.2 |
| |||
무형자산 및 영업권 | 12 | 118.2 | 95.2 |
| |||
매출 채권 및 기타 채권 |
| 1.5 |
|
| 1.6 |
|
|
비유동 자산 |
|
| 124.3 |
|
| 100.2 |
|
유동 자산 |
| ||||||
매출 채권 및 기타 채권 | 10.2 | 10.6 |
| ||||
유동 법인세 자산 | - | 0.4 |
| ||||
현금 및 현금성 자산 |
| 12.7 |
|
| 12.8 |
|
|
총 유동 자산 |
|
| 22.9 |
|
| 23.8 |
|
총자산 |
|
| 147.2 |
|
| 124.0 |
|
자산 및 부채 |
| ||||||
공평 |
| ||||||
주식 자본 | 15 | 1.0 | 1.0 |
| |||
프리미엄 계정 공유 | 15 | 67.0 | 66.8 |
| |||
기타 준비금 | 17 | (50.0) | (51.3) |
| |||
이익 잉여금 |
| 84.6 |
|
| 80.8 |
|
|
회사의 소유주에게 귀속되는 자본 | 102.6 | 97.3 |
| ||||
비 지배 지분 |
|
| 0.3 |
|
| 0.5 |
|
총 자본 |
|
| 102.9 |
|
| 97.8 |
|
부채 |
| ||||||
유동 부채 |
| ||||||
매입 채무 및 기타 채무 | 20.9 | 18.6 |
| ||||
리스 부채 | 14 | 0.4 | 0.4 |
| |||
총 유동 부채 |
|
| 21.3 |
|
| 19.0 |
|
비유동 부채 |
| ||||||
대출 및 차입 | 14 | 10.7 | - |
| |||
기타 채무 | 5.1 | - |
| ||||
리스 부채 | 14 | 1.5 | 1.8 |
| |||
이연 법인세 부채 |
| 5.7 |
|
| 5.4 |
|
|
비유동 부채 |
|
| 23.0 |
|
| 7.2 |
|
총 부채 |
|
| 44.3 |
|
| 26.2 |
|
총 지분 및 부채 |
|
| 147.2 |
|
| 124.0 |
|
연결자본변동표
31년 2023월 XNUMX일로 종료되는 회계연도
공유 | 공유 | 기타 | 비 - 제어 | 잉여금 | 금액 |
| |
자본 | 프리미엄 | 준비금 | 관심 | 수입 | 공평 |
| |
| £ m | £ m | £ m | £ m | £ m | £ m |
|
1년 2022월 XNUMX일 잔액 | 1.0 | 65.6 | (52.3) | 0.3 | 73.9 | 88.5 |
|
당해 년도 총 포괄 이익 |
| ||||||
올해의 이익 | - | - | - | 0.3 | 9.8 | 10.1 |
|
당해 년도 총 포괄 이익 | - | - | - | 0.3 | 9.8 | 10.1 |
|
소유주와의 거래, 자본에 직접 기록 |
| ||||||
주식의 발행 | - | 1.2 | - | - | - | 1.2 |
|
배당 | - | - | - | (0.1) | (3.2) | (3.3) |
|
쉐어옵션 차지 | - | - | 1.3 | - | - | 1.3 |
|
행사시 주식옵션 적립금 해제 | - | - | (0.3) | - | 0.3 | - |
|
소유자의 총 기부금 및 소유자에 대한 분배 | - | 1.2 | 1.0 | (0.1) | (2.9) | (0.8) |
|
31 년 2022 월 XNUMX 일 잔액 | 1.0 | 66.8 | (51.3) | 0.5 | 80.8 | 97.8 |
|
1년 2023월 XNUMX일 잔액 | 1.0 | 66.8 | (51.3) | 0.5 | 80.8 | 97.8 |
|
당해 년도 총 포괄 이익 |
| ||||||
올해의 이익 | - | - | - | 0.3 | 7.1 | 7.4 |
|
당해 년도 총 포괄 이익 | - | - | - | 0.3 | 7.1 | 7.4 |
|
소유주와의 거래, 자본에 직접 기록 |
| ||||||
주식의 발행 | - | 0.2 | - | - | - | 0.2 |
|
배당 | - | - | - | (0.5) | (3.5) | (4.0) |
|
쉐어옵션 차지 | - | - | 1.5 | - | - | 1.5 |
|
행사시 주식옵션 적립금 해제 | - | - | (0.2) | - | 0.2 | - | |
소유자의 총 기부금 및 소유자에 대한 분배 | - | 0.2 | 1.3 | (0.5) | (3.3) | (2.3) | |
31 년 2023 월 XNUMX 일 잔액 | 1.0 | 67.0 | (50.0) | 0.3 | 84.6 | 102.9 |
|
연결현금흐름표
31년 2023월 XNUMX일로 종료되는 회계연도
연말 | 연말 |
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31 12월 | 31 12월 |
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2023 | 2022 |
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| 주의 사항 | £ m | £ m |
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영업 활동에서 발생한 순 현금 | 18 | 12.5 | 15.6 |
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투자 활동으로 인한 현금 흐름 |
| |||
부동산, 플랜트 및 장비 구매 | (0.3) | (0.2) |
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금융 수입 | 0.3 | - |
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개발비 | (4.5) | (1.7) |
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Cost of acquisitions - net of cash received | (13.3) | - | ||
주식 투자 | (1.0) | - | ||
Loan to equity interest | (0.6) | - | ||
영업 매각 순수익 |
| 0.6 | - |
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투자 활동에 사용 된 순 현금 흐름 |
| (18.8) | (1.9) |
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금융 활동으로 인한 현금 흐름 |
| |||
금융 비용 | (0.5) | (0.2) |
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Loan drawn/(repaid) | 11.0 | (7.0) |
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차입과 관련된 거래비용 | - | (0.5) |
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리스 책임의 지불 | (0.5) | (0.5) |
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자본금 발행 | 0.2 | 1.2 |
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배당금 지급 |
| (4.0) | (3.3) |
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자금조달 활동의 순현금흐름(사용) |
| 6.2 | (10.3) |
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현금 및 현금 등가물 순 (감소) / 증가 | (0.1) | 3.4 |
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연초 현금 및 현금성자산 |
| 12.8 | 9.4 |
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연말 현금 및 현금 등가물 |
| 12.7 | 12.8 |
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기본이 아닌 operating costs, as per note 7, are included in net cash generated from operating activities.
During the year there were cash outflows of £13.3m (net of cash acquired of £1.8m) in respect of investment in four acquisitions by the Group. Further details can be found in note 20.
노트
1 일반 정보 및 작성 기준
연결재무제표는 영국이 채택한 국제회계기준("영국이 채택한 IAS")에 따라 작성되었습니다.
31년 202월 XNUMX일 종료 연도의 재무 정보3 31년 202월 XNUMX일 종료된 연도2 해당 기간에 대한 그룹의 법정 계정을 구성하지 않습니다. 31년 202월 XNUMX일 종료된 기간의 법정 계정2 회사 등록 기관에 전달되었습니다. 기말에 대한 법정계정31년 202월 XNUMX일3 그룹의 연례 총회 후에 회사 등록 기관에 전달됩니다.
31년 202월 XNUMX일 회계 감사 보고서3 31년 202월 XNUMX일2 were unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
2 계속기업
The Board has concluded that it is appropriate to adopt the going concern basis, having undertaken a rigorous review of financial forecasts and available resources. The Directors have concluded that the Group will have sufficient funds to meet its liabilities as they fall due. It is expected that the group will operate comfortably within its financial loan covenants for the foreseeable future including the 18-month period from the date of approval of the financial statements to 30 September 2025, with significant headroom to draw down if required.
The Group's financial risk management objectives as well as details of its financial instruments and its exposure to interest, credit and liquidity risk are described in the financial statements. Specific consideration has been given to climate risk. None of these factors have a significant impact on the Group's revenues, customer base or supply chain and therefore do not impact the Group's ability to continue as a going concern.
At 31 December 2023 the Group reported a strong liquidity position with total cash position of £12.7m, with net cash of £1.7m (2022: £12.8m) and £69m of headroom in the £80m revolving credit facility. The Group reported total net assets of £102.9m as at 31 December 2023 (2022: £97.8m). The Directors have robustly tested the going concern assumption in preparing these financial statements. The Directors' assessment takes into account the Group's strong liquidity position at 31 December 2023. The Directors have identified revenue as the most sensitive assumption in their going concern assessment. A number of severe but plausible downside scenarios have been modelled which assess the impact of increasingly severe reductions in revenue before any mitigating actions are considered. In addition, a reverse stress test has been performed to determine the extent to which revenue would need to decline throughout the entire going concern period for either liquidity to be exhausted or covenants breached. The Directors consider the significance of the reduction in revenues required to breach covenants within the reverse stress test to be remote and remain satisfied that the going concern basis of preparation is appropriate.
3 회계 정책
The accounting policies adopted are consistent with those used in preparing the consolidated financial statements for the financial year ended 31 December 2022.
4 수익 인식
수익은 IFRS 15에 명시된 XNUMX단계 모델을 참조하여 인식됩니다. 수익은 기업이 고객에게 재화나 용역을 이전할 때 기업이 받을 자격이 있을 것으로 예상하는 금액으로 측정하여 인식됩니다. 특정 기준의 충족 여부에 따라 수익이 인식됩니다.
? over time, in a manner that depicts the entity's performance; or
? at a point in time, when control of the good or service is transferred to the customer.
수익은 받았거나 받을 대가의 공정 가치로 측정되며, 정상적인 사업 과정에서 제공된 재화와 서비스에 대해 받을 수 있는 금액에서 할인, VAT 및 기타 판매 관련 세금을 차감한 금액을 나타냅니다.
그룹은 다음과 같은 범주로 수익을 보고하고 있으며, 각 범주에 대한 인식 기준은 다음과 같습니다.
분할 | 수익원 | 이행 의무 | 수익인식회계정책 | 고객 지불 시기 |
중개 서비스 | 회원 서비스 | 금융 및 중개 회사에 규정 준수 및 비즈니스 서비스 제공. 구독 모델에 따라 제공되는 특정 서비스: 서비스형 소프트웨어, 지원, 규정 준수 방문, 학습 및 개발. | 그룹의 멤버십은 제공된 특정 서비스(출력 방법)에 대한 액세스에 따라 소득이 인식되는 가입 모델입니다. 멤버십 서비스에는 서비스 액세스에 따라 초과 시간 기준으로 인식되는 지원, 소프트웨어 및 소득이 포함됩니다. 멤버십 서비스에는 규제 기관 방문, 학습 및 개발과 같은 특정 서비스도 포함되며 수익은 서비스가 제공되는 시점에 고객에 대한 서비스에 따라 인식됩니다. | 구독료는 일반적으로 구독 기간이 시작되기 전에 매월 청구되며 같은 달에 자동 이체로 징수됩니다. |
추가적인 서비스 | 파일 확인, 웹 사이트 호스팅 및 유지 관리, 신용 확인, 학습 및 개발과 같이 지속적 또는 주기적으로 제공되는 추가 규정 준수 및 비즈니스 서비스 제공. | 기타 멤버십 서비스로부터 발생한 수익은 특정 서비스가 제공되는 시점 또는 필요에 따라 합의된 지원 기간 동안 고객과 합의한 가치에 따라 인식됩니다. 각 서비스는 IFRS 15에 따라 평가되며 수익은 서비스 제공에 따라 인식됩니다. | 규정 준수 방문, 파일 확인 및 웹 사이트 유지 관리 비용은 매월 자동 이체로 수집되며 서비스가 제공될 때 비용이 청구됩니다. 추가 서비스는 일반적으로 신용 조건에 따라 제공되며 고객은 조건에 따라 비용을 지불합니다. | |
소프트웨어 라이센스 수입 | 당사 네트워크 수익 내에서 중개 회사에 대한 소프트웨어 라이선스 제공(및 지원)은 이행의무가 시간이 지남에 따라 충족되는 것으로 인식됩니다. | 소프트웨어 라이선스 수익은 라이선스 기간에 걸쳐 정액으로 인식됩니다. 라이선스의 성격상 그룹은 라이선스 기간 동안 소프트웨어와 고객의 유틸리티에 영향을 미치는 활동을 수행해야 합니다. | 송장은 라이선스 비용이 발생한 달에 자동 이체 방식으로 발행 및 징수되며, 계약이 월 중에 체결된 경우 필요에 따라 비례 배분됩니다. | |
유통채널 | 마케팅 서비스 수익 | 상품 제공자에게 광고, 마케팅 서비스, 이벤트 후원 제공. | 수익은 고객에게 제공되는 용역에 따라 인식됩니다(산출법). | 송장은 일반적으로 월 단위로 발행되며 분기별로 발행되는 금액도 더 적습니다. 고객은 합의된 조건에 따라 비용을 지불합니다. |
서비스형 배포("Daas") | 제공업체 파트너에게 분석 및 광범위한 컨설팅 서비스 제공. | 수익은 고객에게 제공되는 용역에 따라 인식됩니다(산출법). | 송장은 일반적으로 월 단위로 발행되며 분기별로 발행되는 금액도 더 적습니다. 고객은 합의된 조건에 따라 비용을 지불합니다. | |
수수료 수익 | 제품 제공자 배포로 인한 수수료 수익입니다. | 수수료는 기본 모기지 및 보험 관련 상품의 본인으로 간주되는 제XNUMX자 공급자의 판매 확인 후 전액 인식됩니다. 보험 계약자가 취소하면 커미션 요소가 환수되고 그에 따라 환수 조항이 계산됩니다. | 수수료 수익은 일반적으로 제XNUMX자 제공업체의 판매 확인 후 XNUMX~XNUMX주 사이에 수령됩니다. | |
평가 서비스 | 고객에게 제공되는 설문조사 및 평가 서비스입니다. | 수익은 합의된 가격에 따라 서비스가 고객에게 인도되는 시점에 인식됩니다. | BXNUMXB 평가 서비스는 선불 또는 신용 조건에 따라 지불되며 고객은 이러한 조건에 따라 지불합니다. BXNUMXC(Business-to-Consumer) 결제는 일반적으로 선불로 이루어집니다. | |
핀테크 및 연구
| 핀테크 소프트웨어 솔루션 | 관련 상품을 연구, 출시 및 시장에 배포할 수 있도록 금융 상품 제공업체에 소프트웨어 라이센스 계약을 제공(및 지원)합니다. 이행의무로서 소프트웨어를 제공하는 것은 일정 기간 동안 충족된 소프트웨어에 대한 '접근권'을 약속하는 것입니다.
재무 상담사 고객 추천을 돕기 위한 Engage 소프트웨어 제공. | 소프트웨어 라이선스 수익은 라이선스 기간에 걸쳐 정액으로 인식됩니다. 라이선스의 성격상 그룹은 라이선스 기간 동안 소프트웨어와 고객의 유틸리티에 영향을 미치는 활동을 수행해야 합니다. | 소프트웨어 라이센스는 지불 조건이 적용된 미리 월별 또는 분기별로 청구됩니다.
Engage 제품은 매월 청구되며 월별 자동 이체를 통해 같은 달에 징수됩니다. |
연구 - 위험 매핑, 펀드 검토 및 평가 서비스 | 별점 - 금융 상품 또는 제안의 기능 품질과 포괄성을 평가하기 위한 독립적이고 신뢰할 수 있는 업계 표준입니다. 등급은 해당 점수와 함께 제품을 판촉할 수 있도록 일정 기간 동안 제품 제공자에게 라이센스가 부여됩니다.
위험 등급 - 자문가가 포트폴리오를 고객의 위험 프로필에 일치시킬 수 있도록 자금을 독립적으로 검토합니다. 이는 합의된 기간 동안 허가된 위험 등급을 통해 제공됩니다. | Revenue from star and risk ratings is recognised straight line over the agreed contractual period of the licence, which is typically one year. | 별표 및 위험 등급으로 인한 수익은 연간 단위로 미리 청구되며 고객은 합의된 조건에 따라 비용을 지불합니다. |
계약 자산
계약자산은 대가를 받는 것이 용역과 이행의무의 성공적인 완료를 조건으로 하는 용역에서 얻은 수익에 대해 최초로 인식됩니다. 용역이 완료되면 미수수익으로 인식된 금액은 매출채권으로 재분류됩니다.
계약 부채
A contract liability is recognised if a payment is received or a payment is due (whichever is earlier) from a customer before the Group transfers the related goods or services. Contract liabilities are recognised as deferred income until the Group delivers the performance obligations under the contract (i.e. transfers control of the related goods or services to the customer) at which point revenue is recognised in line with the delivery of the performance obligation.
5 중요한 회계 추정 및 판단
그룹은 미래에 관해 특정한 추정과 판단을 내립니다. 추정과 판단은 역사적 경험과 현재 상황에서 합리적이라고 판단되는 미래 사건에 대한 기대 등 기타 요인을 바탕으로 지속적으로 평가됩니다. 향후 실제 경험은 이러한 추정 및 판단과 다를 수 있습니다. 자산과 부채의 장부금액에 중요한 조정을 초래할 수 있는 유의적인 위험이 있는 추정과 판단은 아래에서 논의됩니다.
취득
Throughout the year four acquisitions were completed, each introducing additional complexity, judgement, and disclosure requirements.
Acquisitions made during the period have multiple success-based contingent consideration linked to financial performance. The contingent payments have been fair valued at acquisition and revalued at the balance sheet date based on the probability of success of each milestone. Due to the complexities and uncertainties in the arrangements, management judgement has been used in arriving at the fair values. For each acquisition, the fair value of contingent consideration at the acquisition date represents the estimated most likely pay-out based on management's forecast of future trading and performance discounted at the Group's incremental borrowing rate.
In addition, the application of IFRS 3 requires us to identify and recognise the assets acquired and liabilities assumed at their fair value. Judgement and estimation has been applied in identifying and measuring the fair value of separately acquired intangible assets using appropriate valuation methods.
친선
그룹은 영업권이 손상되었는지 여부를 매년 테스트해야 합니다. 회수가능액은 사용가치 계산에 따라 결정됩니다. 이 방법을 사용하려면 미래 현금 흐름의 추정과 현금 흐름의 현재 가치를 계산하기 위한 할인율의 선택이 필요합니다. 추정 불확실성의 주요 원인은 미래 현금 흐름의 추정, 특히 Fintech and Research CGU의 사용 가치 계산과 관련이 있습니다.
More information, including carrying values in respect of the Fintech and Research CGU, is included in note 12.
수익
In the previous year, a significant judgement was disclosed in relation to the presentation of revenue arising sales of software licences to member firms on a "right to access" basis as principal. Following changes to the underlying contractual arrangements in the year, such sales are now recognised as agent and this is no longer considered to be an area of significant judgement.
6 세그먼트 정보
당해 연도에 회사는 영국에 본사를 두고 있었고 모든 수익은 영국의 외부 고객으로부터 발생했습니다. 그룹은 그룹의 수익에 전혀 중요하지 않은 노르웨이에 사업을 운영하고 있습니다.
그룹에는 IFRS 하에서 보고부문으로 간주되는 XNUMX개의 영업부문이 있습니다. 세 가지 보고 부문은 다음과 같습니다.
· Intermediary Services;
· Distribution Channels; and
· Fintech and Research.
중개 서비스는 직접 승인된 IFA, 직접 승인된 모기지 자문가, 직장 컨설턴트 및 직접 승인된 자산 관리자를 포함하여 개별 금융 중개 회원사에 규정 준수 및 규제 서비스를 제공합니다.
Distribution Channels provides marketing and promotion and Distribution as a service ("DaaS") to financial institutions. This division of the Group also undertakes survey panelling and surveying work for mortgage lenders.
The Fintech and Research segment provides proprietary advice technology; independent ratings and reviews of products and funds.
보고 가능한 세그먼트는 제품/고객 유형을 기반으로 파생됩니다. 경영진은 최고영업의사결정자("CODM")에게 제출된 내부 보고와 일치하는 방식으로 보고된 영업 부문과 함께 IFRS 8의 적용에 대한 판단을 적용했습니다.
자원 할당 및 성과 평가에 대한 결정을 내리기 위해 경영진과 그룹의 CODM(Fintel plc 이사회)이 모니터링하는 것은 위에 나열된 세 가지 핵심 부서의 운영 결과입니다. 따라서 그룹의 보고 대상 영업 부문으로 정의되는 것은 이러한 부문입니다.
Segmental information is provided for gross profit and adjusted EBITDA, which are the measures used when reporting to the CODM. The tables below present the segmental information.
중개 서비스 | 유통 경로 | 핀테크 및 연구 | 관리 및 지원 비용 | 그룹 | |
31년 2023월 XNUMX일 종료 | £ m | £ m | £ m | £ m | £ m |
수익 | 22.4 | 20.2 | 22.3 | - | 64.9 |
직접 운영 비용 | (11.5) | (12.6) | (8.1) | - | (32.2) |
매출 총 이익 | 10.9 | 7.6 | 14.2 | - | 32.7 |
관리 및 지원 비용 |
|
|
| (12.2) | (12.2) |
조정 EBITDA | 20.5 | ||||
Operating costs (non-underlying) | (4.4) | ||||
Impairment on disposal of operations | (0.2) | ||||
기타 무형 자산의 상각 | (2.2) | ||||
개발 비용 및 소프트웨어 상각 | (1.3) | ||||
감가 상각 | (0.4) | ||||
리스자산의 감가상각 | (0.4) | ||||
쉐어옵션 차지 |
|
|
|
| (1.5) |
영업 이익 |
|
|
|
| 10.1 |
순 금융 비용 |
|
|
|
| (0.5) |
과세 전 소득 |
|
|
|
| 9.6 |
관리자 및 | |||||
중개인 | 콘텐츠 배급 | 핀 테크 및 | 고객 지원 | ||
서비스 | 채널 | 리써치 | 비용 | 그룹
| |
31년 2022월 XNUMX일 종료 | £ m | £ m | £ m | £ m | £ m |
수익 | 23.5 | 23.1 | 19.9 | - | 66.5 |
직접 운영 비용 | (14.0) | (13.9) | (7.4) | - | (35.3) |
매출 총 이익 | 9.5 | 9.2 | 12.5 | - | 31.2 |
관리 및 지원 비용 |
|
|
| (11.8) | (11.8) |
조정 EBITDA | 19.4 | ||||
Operating costs (non-underlying) | (0.7) | ||||
Impairment on disposal of operations | (0.7) | ||||
기타 무형 자산의 상각 | (2.0) | ||||
개발 비용 및 소프트웨어 상각 | (1.1) | ||||
감가 상각 | (0.3) | ||||
리스자산의 감가상각 | (0.4) | ||||
쉐어옵션 차지 |
|
|
|
| (1.3) |
영업 이익 |
|
|
|
| 12.9 |
순 금융 비용 |
|
|
|
| (0.5) |
과세 전 소득 |
|
|
|
| 12.4 |
When assessing the trading performance of individual operating segments, central costs have been presented separately. The presentation of gross profit by segment to provides an overview of the trading performance for each operating segment.
Intermediary services includes revenue and costs from acquisitions made during the year of £0.8m and £0.6m, with gross profit contribution of £0.2m. Fintech and research includes revenue and costs of £0.7m and £0.5m, with gross profit contribution of £0.2m. No acquisitions were made in 2022.
재무상태표는 경영진에 의해 보고 부문 간에 분석되지 않으며 CODM은 그룹 재무상태표를 전체적으로 고려합니다.
재무정보가 포함된 연도 동안 총 수익의 10% 이상을 창출한 고객은 없습니다.
7 영업이익
청구 후 해당 연도 영업 이익이 달성되었습니다.
연말 | 연말 | |
31 12월 | 31 12월 | |
2023 | 2022 | |
| £ m | £ m |
유형자산의 감가상각 - 소유 | 0.4 | 0.3 |
리스자산의 감가상각 | 0.4 | 0.4 |
연구비 | 0.7 | 0.6 |
기본 조정
Underlying adjustments include amortisation of other intangible assets and operating and finance costs of a non-recurring nature.
연말 | 연말 | |
31 12월 | 31 12월 | |
2023 | 2022 | |
| £ m | £ m |
Non-underlying costs - operating |
| |
M&A 프로젝트 비용 | 1.8 | 0.1 |
변환 비용 | 1.5 | 0.5 |
구조 조정 비용 | 0.7 | - |
Award related costs | 0.4 | - |
Impairment on disposal of operations | 0.2 | 0.7 |
Loan refinance costs - operating | - | 0.1 |
Non-underlying costs - finance |
| |
Loan refinance costs - finance | - | 0.1 |
기타 기본 조정 |
| |
기타 무형 자산의 상각 | 2.2 | 2.0 |
기본 조정 - 세전 | 6.8 | 3.5 |
The operating charge to the income statement in respect of non-underlying items of £6.8m (2022: £3.5m) includes the following:
- operating expenses of £4.4m;
- £1.8m M&A-related costs - consisting of professional advisory fees on completed and pipeline acquisitions,
- £1.5m transformation costs - implementation costs to enhance Fintel's customer relationship management ("CRM") platform and a new enterprise resource planning ("ERP") system both of which are targeted to go live in April 2024;
- £0.7m employee restructuring, and
£0.4m award related costs.
- amortisation of other intangible assets of £2.2m - relating to intangibles acquired on acquisition of Regulus Topco Limited, owner of Defaqto Limited, Landmark Surveyors Limited, and 2023 acquired entities: Competent Advisor, VouchedFor, AKG and MICAP; for which revenue arising from those acquisitions is included in underlying; and
- impairment on disposal of operations of £0.2m relating to contingent consideration recognised in respect of disposed Verbatim funds.
No other costs have been treated as non-recurring in the period. The above adjustments have been excluded as they are not considered part of underlying trade.
8 비GAAP 기준에 대한 GAAP 조정
The Group uses a number of "non-GAAP" figures as comparable key performance measures, as they exclude the impact of items that are non-cash items and also items that are not considered part of ongoing underlying trade. Amortisation of other intangible assets has been excluded on the basis that it is a non-cash amount relating to acquisitions. The Group's "non-GAAP" measures are not defined performance measures in IFRS. The Group's definition of the reporting measures may not be comparable with similarly titled performance measures in other entities.
조정 EBITDA는 다음과 같이 계산됩니다.
연말 | 연말 | |
31 12월 | 31 12월 | |
2023 | 2022 | |
| £ m | £ m |
영업 이익 | 10.1 | 12.9 |
다시 추가 : | ||
감가상각비(주11) | 0.4 | 0.3 |
Depreciation of leased assets (note 11) | 0.4 | 0.4 |
기타 무형자산의 상각(주석 12) | 2.2 | 2.0 |
개발비 및 소프트웨어 상각(주석 12) | 1.3 | 1.1 |
EBITDA | 14.4 | 16.7 |
다시 추가 : | ||
Impairment on disposal of operations (note 7) | 0.2 | 0.7 |
쉐어옵션 차지 | 1.5 | 1.3 |
Operating costs (non-underlying) (note 7) | 4.4 | 0.7 |
조정 EBITDA | 20.5 | 19.4 |
비핵심 측량 사업의 조정 EBITDA | 0.3 | 0.8 |
핵심 조정 EBITDA | 20.2 | 18.6 |
Non-underlying operating costs have been excluded as they are not considered part of the underlying trade.
Share option charges have been excluded from adjusted EBITDA as a non-cash item.
조정영업이익은 다음과 같이 계산됩니다.
연말 | 연말 | |
31 12월 | 31 12월 | |
2023 | 2022 | |
| £ m | £ m |
영업 이익 | 10.1 | 12.9 |
다시 추가 : | ||
Impairment on disposal of operations (note 7) | 0.2 | 0.7 |
Operating costs (non-underlying) (note 7) | 4.4 | 0.7 |
기타 무형자산의 상각(주석 12) | 2.2 | 2.0 |
조정 된 영업 이익 | 16.9 | 16.3 |
세전 조정 이익은 다음과 같이 계산됩니다.
연말 | 연말 | |
31 12월 | 31 12월 | |
2023 | 2022 | |
| £ m | £ m |
과세 전 소득 | 9.6 | 12.4 |
다시 추가 : | ||
Impairment on disposal of operations (note 7) | 0.2 | 0.7 |
Operating costs (non-underlying) (note 7) | 4.4 | 0.7 |
Finance cost (non-underlying) | - | 0.1 |
기타 무형자산의 상각(주석 12) | 2.2 | 2.0 |
세전 조정 이익 | 16.4 | 15.9 |
세후 조정 이익은 다음과 같이 계산됩니다.
연말 | 연말 | |
31 12월 | 31 12월 | |
2023 | 2022 | |
| £ m | £ m |
세후 이익 | 7.4 | 10.1 |
다시 추가 : | ||
Impairment of contingent consideration (note 7) | 0.2 | 0.7 |
Operating costs (non-underlying) (note 7), net of tax | 3.7 | 0.5 |
기타 무형자산 상각(주석 12), 이연법인세 차감액 | 1.7 | 1.6 |
비지배지분에 귀속되는 이익 | (0.3) | (0.3) |
세후 조정 이익 | 12.7 | 12.6 |
잉여현금흐름 환산은 다음과 같이 계산됩니다.
연말 | 연말 | |
31 12월 | 31 12월 | |
2023 | 2022 | |
| £ m | £ m |
조정 된 영업 이익 | 16.9 | 16.3 |
다음에 대해 조정 됨 : | ||
유형 자산의 감가상각 | 0.4 | 0.3 |
리스자산의 감가상각 | 0.4 | 0.4 |
개발 비용 및 소프트웨어 상각 | 1.3 | 1.1 |
쉐어옵션 차지 | 1.5 | 1.3 |
Research and development benefit | (0.1) | - |
운전자본의 순변동 | (0.7) | 1.8 |
부동산, 플랜트 및 장비 구매 | (0.3) | (0.2) |
개발비 | (4.5) | (1.7) |
영업의 기본 현금 흐름 | 14.9 | 19.3 |
기본 영업현금흐름 환산 | 88% | 118% |
순이자 지급 | (0.3) | (0.2) |
소득세 납부 | (2.8) | (4.8) |
임대 책임 지불 | (0.5) | (0.5) |
무료 현금 흐름 | 11.3 | 13.8 |
조정 EBITDA | 20.5 | 19.4 |
무료 현금 흐름 변환 | 55% | 71% |
9 금융수익 및 비용
금융 수입
연말 | 연말 | |
31 12월 | 31 12월 | |
2023 | 2022 | |
| £ m | £ m |
은행이자 | 0.3 | - |
재정 비용
연말 | 연말 | |
31 12월 | 31 12월 | |
2023 | 2022 | |
| £ m | £ m |
상각후원가로 금융부채에 대해 지급하는 이자 | 0.7 | 0.3 |
임대채무에 대한 금융수수료 | 0.1 | 0.1 |
Loan refinance costs (non-underlying) | - | 0.1 |
| 0.8 | 0.5 |
10 주당 순이익
연말 | 연말 | |
31 12월 | 31 12월 | |
주당 기본 수입 | 2023 | 2022 |
모기업의 주주에게 귀속되는 이익(백만 파운드) | 7.1 | 9.8 |
가중평균 발행주식수 | 103,776,394 | 103,184,717 |
주당 기본 이익(펜스) | 6.8 | 9.5 |
연말 | 연말 | |
31 12월 | 31 12월 | |
희석 주당 이익 | 2023 | 2022 |
모기업의 주주에게 귀속되는 이익(백만 파운드) | 7.1 | 9.8 |
가중평균 발행주식수 | 103,776,394 | 103,184,717 |
해당 연도의 희석 가중 평균 주식 및 옵션 수 | 532,069 | 790,867 |
| 104,308,463 | 103,975,584 |
희석 주당 이익(펜스) | 6.8 | 9.4 |
Weighted average number of shares in issue has been adjusted for potentially dilutive share options arising from the share scheme detailed in note 16. An adjusted EPS has been calculated below based on the adjusted profit after tax, which removes items not considered to be part of underlying trading.
연말 | 연말 | |
31 12월 | 31 12월 | |
조정된 기본 주당 순이익 | 2023 | 2022 |
세후 조정 이익(주 8)(백만 파운드) | 12.7 | 12.6 |
가중평균 발행주식수 | 103,776,394 | 103,184,717 |
조정 주당 순이익(펜스) | 12.2 | 12.2 |
11 유형자산
임대 자산 | 소유 자산 |
| |||||
식물과 | Office |
| |||||
비즈니스 재산 | 장비 | 금액 | 장비 | 금액 |
| ||
그룹 | £ m | £ m | £ m |
| £ m | £ m |
|
비용 |
| ||||||
1년 2022월 XNUMX일 | 4.0 | 0.9 | 4.9 | 2.7 | 7.6 |
| |
추가 | - | 0.1 | 0.1 | 0.2 | 0.3 |
| |
리스 재평가 | (1.1) | - | (1.1) | - | (1.1) |
| |
31년 2022월 XNUMX일 | 2.9 | 1.0 | 3.9 |
| 2.9 | 6.8 |
|
취득 | 0.3 | - | 0.3 | 0.1 | 0.4 |
| |
추가 | - | 0.1 | 0.1 | 0.3 | 0.4 |
| |
폐기 | - | - | - | (0.7) | (0.7) |
| |
31년 2023월 XNUMX일 | 3.2 | 1.1 | 4.3 |
| 2.6 | 6.9 |
|
감가상각 및 손상 |
| ||||||
1년 2022월 XNUMX일 | 0.7 | 0.6 | 1.3 | 1.4 | 2.7 | ||
해당 연도의 감가상각비 | 0.3 | 0.1 | 0.4 | 0.3 | 0.7 | ||
31년 2022월 XNUMX일 | 1.0 | 0.7 | 1.7 | 1.7 | 3.4 |
| |
해당 연도의 감가상각비 | 0.3 | 0.1 | 0.4 | 0.4 | 0.8 |
| |
폐기 | - | - | - |
| (0.7) | (0.7) |
|
31년 2023월 XNUMX일 | 1.3 | 0.8 | 2.1 |
| 1.4 | 3.5 |
|
순 장부가 |
| ||||||
31년 2023월 XNUMX일 | 1.9 | 0.3 | 2.2 |
| 1.2 | 3.4 |
|
31년 2022월 XNUMX일 | 1.9 | 0.3 | 2.2 |
| 1.2 | 3.4 |
|
Leased property includes the Group's head office for which the lease was entered into during 2020. The lease had a non-cancellable term of 10 years, and also contained an option to extend the lease for a further 5 years beyond the non-cancellable term, and an option to purchase the building, exercisable until January 2023. Management originally expected to exercise the purchase option, but during 2022 reassessed the likelihood of calling in the option to buy. The purchase option has now lapsed unexercised. The lease was therefore revalued during the prior year when this reassessment was made, resulting in a reduction of the lease liability and right-of-use asset of £1.1m. Following the change, the lease asset is being depreciated across the non-cancellable term of the lease.
플랜트 및 장비에는 IT 장비 및 자동차가 포함됩니다.
12 무형자산
친선 | 브랜드 | 지적 재산권 | 고객 관계 | 기타 무형자산 총액 | 개발비 | 금액 | |
그룹 | £ m | £ m | £ m | £ m | £ m | £ m | £ m |
비용 | |||||||
1년 2022월 XNUMX일 | 72.4 | 3.1 | 24.4 | - | 27.5 | 3.8 | 103.7 |
추가 | - | - | - | - | - | 1.7 | 1.7 |
31년 2022월 XNUMX일 | 72.4 | 3.1 | 24.4 | - | 27.5 | 5.5 | 105.4 |
추가 | - | - | - | - | - | 4.5 | 4.5 |
취득 | 16.7 | 1.0 | 3.0 | 1.3 | 5.3 | - | 22.0 |
31년 2023월 XNUMX일 | 89.1 | 4.1 | 27.4 | 1.3 | 32.8 | 10.0 | 131.9 |
상각 및 손상 | |||||||
1년 2022월 XNUMX일 | 0.2 | 0.8 | 4.9 | - | 5.7 | 1.2 | 7.1 |
올해의 요금 | - | 0.3 | 1.7 | - | 2.0 | 1.1 | 3.1 |
31년 2022월 XNUMX일 | 0.2 | 1.1 | 6.6 | - | 7.7 | 2.3 | 10.2 |
올해의 요금 | - | 0.3 | 1.8 | 0.1 | 2.2 | 1.3 | 3.5 |
31년 2023월 XNUMX일 | 0.2 | 1.4 | 8.4 | 0.1 | 9.9 | 3.6 | 13.7 |
순 장부가 | |||||||
31년 2023월 XNUMX일 | 88.9 | 2.7 | 19.0 | 1.2 | 22.9 | 6.4 | 118.2 |
31년 2022월 XNUMX일 | 72.2 | 2.0 | 17.8 | - | 19.8 | 3.2 | 95.2 |
자본화 개발 지출은 Defaqto Limited의 소프트웨어 플랫폼 개발과 관련이 있습니다. 영업권 장부금액은 현금창출단위(“CGU”)로 간주되는 영업부문에 걸쳐 다음과 같이 배분됩니다.
31 12월 | 31 12월 | |
2023 | 2022 | |
| £ m | £ m |
중개 서비스 | 24.4 | 12.7 |
유통 경로 | 11.5 | 11.5 |
핀테크 및 연구 | 53.0 | 48.0 |
| 88.9 | 72.2 |
The Group has determined that each segment is a cash-generating unit ("CGU") as this is the lowest aggregation of assets that generate largely independent cash inflows.
The recoverable amounts for the CGUs are predominantly based on value in use, which is calculated on the cash flows expected to be generated using the latest projected data available over a five-year period, plus a terminal value estimate.
The key assumptions in the value in use calculation are the pre-tax discount rate (range of 16.13% to 17.07%; 2022: range of 15.2% to 16.0%), annual adjusted EBITDA growth rate (range of 3.0% to 7.0%; 2022: 4.0% to 8.0%) and terminal growth rate 2.0% (2022: 2.0%). The discount rate is based on the individual CGUs pre-tax cost of capital. The projected EBITDA growth rate is built upon the Board-approved budget and plan, taking into account historical trends. The terminal growth rate is based on the expected growth rate into perpetuity and the expected long-term growth rate of the UK economy.
이사들은 현금창출단위의 회수가능액을 검토하였고 장부금액이 여전히 입증되었다고 결론지었습니다. 합리적으로 가능한 일련의 가정은 회수 가능 금액을 초과하는 장부 가치를 초래하지 않습니다.
13 고정자산투자
31 12월 | 31 12월 | |
2023 | 2022 | |
| £ m | £ m |
1년 2023월 XNUMX일 | - | - |
추가 | 1.2 | - |
31년 2023월 XNUMX일 | 1.2 | - |
Group investments are those in which Fintel does not hold significant influence.
In March 2023, the Group paid £1m to acquire a 25% stake in Plannr Technologies Limited ("Plannr"). As the Group holds no voting rights and does not have the ability to influence strategic decision-making, management does not consider the Group to exert significant influence over Plannr. The transaction has been accounted for in accordance with IFRS 9.
In July 2023 the Group exercised its right under the convertible loan note with Cardan Financial Group Limited ("Cardan") to convert the outstanding loan into shares representing a 9.9% equity stake. The loan balance at conversion totalled £0.2m, with the equity stake being measured at the same value. Management do not deem the Group to have significant influence over Cardan and have accounted for the transaction under IFRS 9.
The Directors consider the carrying value of investments to be supported by future cash flows of the businesses.
14 이자부대출 및 차입금
본 주석은 그룹과 회사의 이자부 대출 및 차입금의 계약 조건에 대한 정보를 제공합니다.
31 12월 | 31 12월 | |
2023 | 2022 | |
| £ m | £ m |
Current | ||
담보 은행 대출 | - | - |
임대 책임 | 0.4 | 0.4 |
0.4 | 0.4 | |
비유류 | ||
담보 은행 대출 | 10.7 | - |
임대 책임 | 1.5 | 1.8 |
| 12.2 | 1.8 |
재무 활동으로 인한 부채 변화:
대출 및 | 임대 | |
차입금 | 책임 | |
| £ m | £ m |
1년 2022월 XNUMX일 잔액 | 6.8 | 3.6 |
현금 흐름 | (7.1) | (0.5) |
신규 임대 | - | 0.1 |
재평가된 임대 | - | (1.1) |
기타 비현금 변경 | 0.3 | 0.1 |
31 년 2022 월 XNUMX 일 잔액 | - | 2.2 |
현금 흐름 | (0.5) | (0.5) |
신규 임대 | - | 0.1 |
대출 축소 | 11.0 | - |
기타 비현금 변경 | 0.2 | 0.1 |
31 년 2023 월 XNUMX 일 잔액 | 10.7 | 1.9 |
대출 및 차입
Cash flows on loans and borrowings include £11.0m RCF drawdown (2022: repaid £7.0m) and interest payments made of £0.5m (2022: £0.1m).
Other non-cash changes on bank loans include interest charges of £0.7m (2022: £0.3m), offset by a prepaid arrangement fee of £0.5m.
리스 부채
Cash flows from lease liabilities include £0.5m of lease payments (2022: £0.5m). Other non?cash changes on lease liabilities include interest charges of £0.1m (2022: £0.1m).
15 자본금과 준비금
주식 자본
보통의 | |
| 공유 |
완전히 지불된 주식 수(명목 가치 £0.01): | |
1년 2022월 XNUMX일 | 102,878,830 |
자본금 발행 | 770,115 |
31년 2022월 XNUMX일 | 103,648,945 |
자본금 발행 | 199,740 |
31년 2023월 XNUMX일 | 103,848,685 |
In 2023, the Company issued 199,740 new Ordinary Shares to the open share option schemes detailed in note 28.
In 2022, the Company issued 494,118 new Ordinary Shares of 1 pence each in the Company to satisfy certain share entitlements of members who had elected to exercise their options pursuant to the Members Share Option Plan ("MSOP"). The remaining 275,997 shares were issued during the year to the open share option schemes.
공유 | |
프리미엄 | |
| £ m |
1년 2022월 XNUMX일 | 65.6 |
자본금 발행 | 1.2 |
31년 2022월 XNUMX일 | 66.8 |
자본금 발행 | 0.2 |
31년 2023월 XNUMX일 | 67.0 |
16 주식기준보상약정
31년 2023월 XNUMX일에 그룹은 다음과 같은 주식 기준 지불 약정을 가졌습니다.
2021년 발행
가치 창출 계획(트랜치 1)
On 1 May 2021, the Group established the Value Builder Plan (the "VB Plan") which creates a Value Pot consisting of a fixed allocation of 100 notional units. The units are to be settled at the discretion of the Remuneration Committee ("RemCo") in either Fintel Ordinary Shares or cash, subject to a growth in market capitalisation and a floor of earnings per share ("EPS") growth.
번호 | 계약 상 | ||
부여 일 | 수상 경력 | 가득 조건 | 옵션의 수명 |
1 월 2021 | 100 | 부여일로부터 3년 서비스, 성과 기간 동안 RPI EPS 증가율에 3%를 더한 경우 적용됨 | 3 ~ 10 년 |
동 제도는 연결실체의 최종결제에 대한 기대에 따라 주식결제형 제도로 회계처리되었습니다. 그룹은 주식을 통해 유사한 제도를 결제하는 과거 관행이 있습니다.
적립한 대로 저축("SAYE") 제도
1년 2021월 2021일, 그룹은 XNUMX Save As You Earn("SAYE") 계획을 수립하고 모든 그룹 직원이 회사의 보통주를 취득할 수 있는 옵션과 연결된 XNUMX년 저축 계약을 체결하도록 초대했습니다.
이 계획에 따라 293,362개의 옵션이 발행되었으며 행사 가격은 £1.76입니다. 부여일(1년 2021월 0.84일)의 주식 공정 가치는 £XNUMX였으며 주식 옵션은 XNUMX년 후에 가득할 예정입니다.
2023년 동안 14,503주(2022년: 69,838주)의 주식이 나쁜 이탈자의 결과로 몰수되었습니다. 75년 2022월 75일 현재 발행주식에 대해 31%(2023년: XNUMX%)의 가정 유지율이 적용되었습니다.
부여된 주식선택권의 대가로 제공받은 용역의 공정가치는 부여된 주식선택권의 공정가치에 근거합니다. 공정가치는 VB Plan은 Monte Carlo모형, SAYE는 Black Scholes모형을 사용하여 측정하였습니다. 주식기준보상제도의 부여일 현재 공정가치 측정에 사용된 투입변수는 다음과 같습니다.
다른 이름으로 저장 | 가치 빌더 | |
| 적립 방식 | 계획 |
부여일의 공정가치 | £0.84 | £37,000 |
부여일의 주가 | £2.33 | £2.17 |
운동 가격 | £1.76 | XNUMX파운드 |
예상 변동성 | 45% | 45% |
옵션수명(예상가중평균수명) | 3 | 2.42 |
예상 배당금 | 2% | 2% |
무위험이자율(국채기준) | 0.18% | 0.46% |
There were no schemes issued in 2022.
2023년 발행
성장 공유 계획
On 18 August 2023, the Group implemented a new long-term incentive plan, the Growth Share Plan. The Plan creates a distributable Value Pot, the size of which is determined as being a proportion of total shareholder value of the Company.
The size of the Value Pot to be received by the beneficiaries will be dependent on the average market capitalisation in the first quarter following the end of each five-year vesting period, subject to an individual participant's continued employment over the vesting period (or their having become a "Good Leaver").
The Value Pot for each award under the Plan will be granted at the discretion of the Remuneration Committee ("RemCo"), with each participant acquiring a fixed number of partly paid B Shares, C Shares and/or D Shares in an intermediary holding company, Fintel Group Holdings Limited. Subject to continued service, the Growth Shares on vestiture will be transferable into Fintel shares to the extent the relevant Value Pot has been earned.
The RemCo will have full discretion to amend the terms of the Plan to take account of, for example, corporate activities such as acquisitions to ensure the market capitalisation hurdles remain appropriate.
On 16 August 2023, the 2023 Awards were allocated under the Plan. The Measurement Period for the 2023 Awards will be the first quarter following the end of the five-year vesting period to 31 December 2027, being the period from 1 January 2028 to 31 March 2028.
2023 어워드의 Value Pot은 다음과 같이 구성됩니다.
층 | 성과기간 말 시가총액 | Value Pot에 분배된 주주 가치 트랜치의 비율 | 성장주 클래스의 총 성장주 수 |
계층 1 | £275m에서 £300m 사이 | 8% | 163B주 |
계층 2 | £300m에서 £400m 사이 | 15% | 419C주 |
계층 3 | £400m에서 £425m 사이 | 20% | 418 D 주식 |
가치는 측정 기간의 평균 시가총액이 해당 계층의 최소 시가총액보다 높은 경우에만 각 계층 내 수혜자에게 발생합니다. 수익률 기준에는 주주에게 지급되는 배당금이 제외됩니다.
동 제도는 연결실체의 최종결제에 대한 기대에 따라 주식결제형 제도로 회계처리되었습니다. 그룹은 주식을 통해 유사한 제도를 결제하는 과거 관행이 있습니다.
The fair value of services received in return for share options granted is based on the fair value of the share options granted. The fair value for the Growth Share Plan has been measured using the Monte Carlo model. The following inputs were used in the measurement of the fair values at grant date of the share-based payment plans:
가치 빌더 계획 | |||
| B주 | C 주식 | D주 |
부여일의 공정가치 | £2,745 | £6,190 | £1,587 |
부여일의 주가 | £2.15 | £2.15 | £2.15 |
운동 가격 | XNUMX파운드 | XNUMX파운드 | XNUMX파운드 |
예상 변동성 | 42% | 42% | 42% |
옵션수명(예상가중평균수명) | 5 | 5 | 5 |
예상 배당금 | 1.5% | 1.5% | 1.5% |
무위험이자율(국채기준) | 4.6% | 4.6% | 4.6% |
발행된 주식선택권의 조정
주식선택권 프로그램에 따른 주식선택권의 수와 가중평균 행사가격은 다음과 같습니다.
| 가중 | 가중 | ||
| 평균 | 평균 | ||
수 | 운동 가격 | 수 | 운동 가격 | |
옵션 | 31 12월 | 옵션 | 31 12월 | |
31 12월 | 2023 | 31 12월 | 2022 | |
| 2023 | £ | 2022 | £ |
1월 XNUMX일 미결제 | 731,051 | 1.16 | 1,112,782 | 1.27 |
XNUMX년 동안 몰수 | (30,533) | 0.64 | (103,763) | 0.33 |
연중 운동 | (201,209) | 1.13 | (277,968) | 0.42 |
XNUMX년 동안 부여 | - | - | - | - |
31월 XNUMX일 미결제 | 499,309 | 1.14 | 731,051 | 1.16 |
31월 XNUMX일부터 시행 | 320,615 | 1.07 | 528,688 | 1.11 |
31년 2023월 0.01일 현재 미결제 옵션의 행사가격 범위는 £1.93 ~ £2022(0.01년: £1.93 ~ £1.6)이고 가중 평균 계약 기간은 2022년(2년: XNUMX년)입니다.
The weighted average share price at date of exercise for option shares issued during the year was £1.99 (FY22: £2.01).
Other share plans
The Group has several other share-based payment arrangements, all of which have fully vested, and there are only a few outstanding shares in each scheme.
17 기타 매장량
합병 | 공유 옵션 | ||
비축 | 비축 | 금액 | |
그룹 | £ m | £ m | £ m |
1년 2022월 XNUMX일 | (53.9) | 1.6 | (52.3) |
쉐어옵션 차지 | - | 1.3 | 1.3 |
주식옵션준비금 해제 | - | (0.3) | (0.3) |
31년 2022월 XNUMX일 | (53.9) | 2.6 | (51.3) |
쉐어옵션 차지 | - | 1.5 | 1.5 |
주식옵션준비금 해제 | - | (0.2) | (0.2) |
31년 2023월 XNUMX일 | (53.9) | 3.9 | (50.0) |
18 현금흐름표에 대한 주석
연말 | 연말 | |
31 12월 | 31 12월 | |
2023 | 2022 | |
| £ m | £ m |
영업 활동으로 인한 현금 흐름 | ||
과세 후 이익 | 7.4 | 10.1 |
다시 추가 : | ||
금융 수입 | (0.3) | - |
금융 비용 | 0.8 | 0.4 |
과세 | 2.2 | 2.3 |
| 10.1 | 12.8 |
다음에 대한 조정 : | ||
개발비 및 소프트웨어의 상각(주석 12) | 1.3 | 1.1 |
리스자산의 감가상각 | 0.4 | 0.4 |
유형 자산의 감가 상각 | 0.4 | 0.3 |
기타 무형 자산의 상각 | 2.2 | 2.0 |
쉐어옵션 차지 | 1.5 | 1.3 |
Research and development benefit | (0.1) | - |
Impairment on sale of operations | 0.2 | 0.7 |
운전자본 이동 전 영업현금흐름 | 16.0 | 18.6 |
미수금 감소 | 0.4 | 0.1 |
매출채권 및 기타채무의 증가/(감소) | (1.1) | 1.7 |
운영에서 발생하는 현금 | 15.3 | 20.4 |
납부 한 소득세 | (2.8) | (4.8) |
영업 활동에서 발생한 순 현금 | 12.5 | 15.6 |
19 후속 이벤트
On 26 January 2024 the Group acquired 100% of the issued shares of Adv Data Holding Limited along with its wholly owned trading subsidiary Synaptic Software Limited (a provider of independent adviser planning and research software), and 100% of the issued shares of Owen James Group Ltd along with its wholly owned trading subsidiary Owen James Events Limited (a leading provider of strategic engagement events in UK financial services).
15에서th March 2024 the Group acquired 70% of the issued share capital of Newdez Limited for initial consideration of £0.5m. The deal will assist with digitising our compliance proposition and includes contingent consideration based on performance over a two-year period and an option to acquire remaining shares.
20 인수
Acquisitions completed in the year ended 31 December 2023
MI Capital Research Limited ("MICAP")
On 7 July 2023 the Group acquired 100% of the issued shares of MICAP, which is a provider of independent research and advice tools for tax-advantaged investment products. This strategic acquisition will extend the Group's reach into the tax-advantaged market, expanding both its data footprint and research capabilities to further enhance scale and IP, whilst further growth is expected from strong customer and proposition adjacencies. Upfront cash consideration of £3.0m was paid upon completion. Deferred consideration of £1.0m, together with interest at a variable annual rate of approximately 1.5%, is payable one year after acquisition. Contingent consideration, capped at £0.5m, based upon certain revenue-based criteria over the year following acquisition is payable at the end of the earn-out year. The fair value of total consideration at the acquisition date was £4.4m. On acquisition, acquired intangibles were recognised relating to customer related intangibles (£0.6m), brand name (£0.2m), and intellectual property (technology) related intangibles (£0.3m). The residual goodwill of £3.7m represents the expertise of the acquired workforce and the ability to leverage this into some of the Group's businesses, together with the ability to exploit the Group's existing customer base. MICAP contributed revenue of £0.5m and profit before taxation of £0.1m to the Group for the period from 7 July 2023 to 31 December 2023. Had the acquisition been made at the beginning the financial year, revenue would have been £1.2m and profit before taxation would have been £0.3m. The amount of goodwill expected to be deductible for tax purposes in respect of this acquisition is £nil.
Competent Adviser Limited ("Competent Adviser")
On 14 July 2023 the Group acquired 100% of the issued shares of Competent Adviser, which through its dynamic learning platform enables financial advisers to meet increasing regulatory competency requirements. This acquisition will enable the Group to further extend its support services offering to financial advisers. Upfront cash consideration of £3.0m was paid upon completion. Contingent consideration based upon certain revenue-based criteria, and by the meeting of certain non-financial criteria (not linked to employment) by the former owners over the year following acquisition is capped at £0.45m and is payable at the end of the earn-out year. The fair value of total consideration at the acquisition date was £3.2m. On acquisition, acquired intangibles were recognised relating to intellectual property (technology) related intangibles (£1.1m), customer-related intangibles (£0.1m), and brand name (£0.1m). The residual goodwill of £1.4m represents the expertise of the acquired workforce and the ability to leverage this into some of the Group's businesses, together with the ability to exploit the Group's existing customer base. Competent Adviser contributed revenue of £0.3m and profit before taxation of £0.2m to the Group for the period from 14 July 2023 to 31 December 2023. Had the acquisition been made at the beginning the financial year, revenue would have been £0.6m and profit before taxation would have been £0.4m. The amount of goodwill expected to be deductible for tax purposes in respect of this acquisition is £nil.
AKG Group Limited
On 25 October 2023 the Group acquired 100% of the issued shares of AKG Group Limited along with its wholly owned trading subsidiary AKG Financial Analytics Ltd (together "AKG"). AKG is a leading provider of independent assessments and ratings of financial strength for a range of organisations including life insurance companies, investment platforms, and discretionary fund managers. The Group will accelerate the reach and growth of the company, providing increased growth opportunities for customers and enhancing its value to consumers. Upfront cash consideration of £1.6m was paid upon completion. Contingent consideration based upon a multiple of recurring revenue over the three years ending 31 December 2026, is capped at £0.2m in total and is payable at the end of each earn-out year. Further contingent consideration will become payable upon the future sale of a long-term property lease for which AKG is the lessee. Contingent consideration in respect of the property disposal is payable if a sale is completed within three years of the acquisition and will not exceed the proceeds of the sale. The proportion of the sales proceeds payable to the former owners in the event of a sale of the property reduces over the earn-out period. The fair value of total consideration at the acquisition date was £2.0m. On acquisition, acquired intangibles were recognised relating to customer-related intangibles (£0.3m) and brand name (£0.2m). The residual goodwill of £1.2m represents the expertise of the acquired workforce and the ability to leverage this into some of the Group's businesses, together with the ability to exploit the Group's existing customer base. AKG contributed revenue of £0.2m and profit before taxation of £0.1m to the Group for the period from 25 October 2023 to 31 December 2023. Had the acquisition been made at the beginning the financial year, revenue would have been £0.9m and loss before taxation would have been £0.1m. The amount of goodwill expected to be deductible for tax purposes in respect of this acquisition is £nil.
Vouchedfor Ltd ("Vouchedfor")
On 1 November 2023 the Group acquired 100% of the issued shares of Vouchedfor, which is a leading review site for financial advisers, mortgage advisers, solicitors, and accountants serving over 5,000 intermediary customers. This acquisition further extends the Group's industry-leading portfolio of ratings and reviews for financial services and professionals. Upfront cash consideration of £7.5m was paid upon completion. Contingent consideration based upon a multiple of recurring revenue over the two years ending 31 December 2025 is capped at £10.0m in total and is payable at the end of each earn-out year, The fair value of total consideration at the acquisition date was £12.2m. On acquisition, acquired intangibles were recognised relating to intellectual property (technology) related intangibles (£1.6m), brand name (£0.5m), and customer-related intangibles (£0.3m). The residual goodwill of £10.4m represents the expertise of the acquired workforce and the ability to leverage this into some of the Group's businesses, together with the ability to exploit the Group's existing customer base. Vouchedfor contributed revenue of £0.5m and profit before taxation of £0.1m to the Group for the period from 1 November 2023 to 31 December 2023. Had the acquisition been made at the beginning the financial year, revenue would have been £2.8m and profit before taxation would have been £0.1m. The amount of goodwill expected to be deductible for tax purposes in respect of this acquisition is £nil.
The fair values of the assets and liabilities acquired during the year ended 31 December 2023 are summarised below:
| MICAP | 유능한 고문 |
AKG | VouchedFor | 금액 |
During the year ended 31 December 2023 | £ m | £ m | £ m | £ m | £ m |
브랜드 | 0.2 | 0.1 | 0.2 | 0.5 | 1.0 |
고객 관계 | 0.6 | 0.1 | 0.3 | 0.3 | 1.3 |
지적 재산권 | 0.3 | 1.1 | - | 1.6 | 3.0 |
재산, 식물 및 장비 | - | - | 0.4 | - | 0.4 |
매출 채권 및 기타 채권 | 0.1 | 0.1 | 0.3 | 0.4 | 0.9 |
매입 채무 및 기타 채무 | (0.4) | (0.2) | (0.5) | (0.9) | (2.0) |
순 현금 | 0.2 | 0.9 | 0.2 | 0.5 | 1.8 |
이연 법인세 | (0.3) | (0.3) | (0.1) | (0.6) | (1.3) |
취득한 자산의 공정가치 | 0.7 | 1.8 | 0.8 | 1.8 | 5.1 |
친선 | 3.7 | 1.4 | 1.2 | 10.4 | 16.7 |
고려 | 4.4 | 3.2 | 2.0 | 12.2 | 21.8 |
|
|
|
|
| |
Satisfied by fair values of: |
|
|
|
|
|
현금 대가 | 3.0 | 3.0 | 1.6 | 7.5 | 15.1 |
이연 고려 | 1.0 | - | - | - | 1.0 |
우발적 고려 | 0.4 | 0.2 | 0.4 | 4.7 | 5.7 |
4.4 | 3.2 | 2.0 | 12.2 | 21.8 | |
Less: net cash acquired | (0.2) | (0.9) | (0.2) | (0.5) | (1.8) |
거래 비용 및 비용 | 0.1 | 0.1 | 0.1 | 0.3 | 0.6 |
Total committed spend on acquisitions completed in the year |
4.3 |
2.4 |
1.9 |
12.0 |
20.6 |
For each acquisition the fair value of contingent consideration at the acquisition date represents the estimated most likely pay-out based on management's forecast of future trading and performance discounted at the Group's incremental borrowing rate. The fair value of deferred consideration at the acquisition date represents the amount payable discounted at the Group's incremental borrowing rate.
Contractual deferred and contingent consideration does not pertain to post-acquisition services, and none of the contingent and deferred consideration is contingent upon reemployment.
The fair value of trade receivables within trade and other receivables is £0.8m. The gross contractual amount for trade receivables is £0.8m, all of which other than an immaterial amount is expected to be collectible.
The cash outflow in the year in respect of acquisitions completed during the year comprised:
| MICAP | 유능한 고문 |
AKG | VouchedFor | 금액 |
During the year ended 31 December 2023 | £ m | £ m | £ m | £ m | £ m |
현금 대가 | 3.0 | 3.0 | 1.6 | 7.5 | 15.1 |
Less: net cash acquired | (0.2) | (0.9) | (0.2) | (0.5) | (1.8) |
Net investing cash outflow in respect of acquisitions completed in the year |
2.8 |
2.1 |
1.4 |
7.0 | 13.3 |
거래비용 및 지급비용 | 0.1 | 0.1 | 0.1 | 0.3 | 0.6 |
Total cash outflow in respect of acquisitions completed in the year |
2.9 |
2.2 |
1.5 |
7.3 | 13.9 |
Acquisitions completed since the year ended 31 December 2023
The fair value and purchase price allocation work on the following acquisitions made since the year end is at an early stage and will not be completed until after the approval and issue of these financial statements.
Adv Data Holding Limited
On 26 January 2024 the Group acquired 100% of the issued shares of Adv Data Holding Limited along with its wholly owned trading subsidiary Synaptic Software Limited (together "Synaptic Software"). Synaptic Software is a provider of independent adviser planning and research software. This acquisition will extend and cement the Group's central market position as a provider of technology, research, and consulting services to the adviser market. Cash consideration of £5.1m was paid upon completion. There is no contingent consideration.
Owen James Group Ltd
On 26 January 2024 the Group acquired 100% of the issued shares of Owen James Group Ltd along with its wholly owned trading subsidiary Owen James Events Limited (together "Owen James"). Owen James is a leading provider of strategic engagement events in UK financial services. This acquisition will extend the Group's flagship industry events programme, and data and insights strategy. Cash consideration of £0.8m was paid upon completion, with a further £0.1m payable two months later upon successful completion of an integration plan. Contingent consideration based upon certain revenue-based criteria over the three years following acquisition is capped at £1.5m in total and is payable at the end of each earn-out year.
Newdez Limited
On 15th March 2024 the Group acquired 70% of the issued share capital of Newdez Limited for initial consideration of £0.5m. The deal will assist with digitising our compliance proposition and includes contingent consideration based on performance over a two-year period and an option to acquire remaining shares.
RNS는 귀하의 IP 주소를 사용하여 약관 준수 여부를 확인하고, 귀하가 이 커뮤니케이션에 포함된 정보를 사용하는 방식을 분석하고, 그러한 분석을 익명으로 다른 사람과 상용 서비스의 일부로 공유할 수 있습니다. RNS와 런던 증권 거래소가 귀하가 제공한 개인 데이터를 사용하는 방법에 대한 자세한 내용은 개인 정보 보호 정책을 참조하십시오.