Huddersfield-based SimplyBiz, a provider of compliance, technology and business services to financial advisers and institutions, said on Tuesday it has delivered 24% revenue growth for the year ended December 31, 2019.

In a trading statement, SimplyBiz said the integration of Defaqto has been successfully completed and the enlarged group now serves over 5,800 intermediary firms and over 350 financial institutions.

The SimplyBiz Group plc Joint CEO Matt Timmins said: “We are delighted to have successfully completed the acquisition and integration of Defaqto and welcome these new colleagues into the SimplyBiz Group.

“The acquisition significantly expands our customer base and breadth of proposition, whilst enhancing the group’s strong and sustainable profit margins.

“Trading in the group has continued in line with management’s expectation and the group’s cash generative model has enabled the group to repay £7m of debt in the post-acquisition period, further deleveraging the group.

“The group’s  consistent and recurring income model, and strong forward revenue visibility, continues to provide the board with confidence and optimism as we enter 2020.” 

On March 20, 2019, SimplyBiz said it agreed to acquire fintech firm Defaqto for £74.3 million.