Shares of Huddersfield-based SimplyBiz, a provider of compliance and business services to financial advisers and institutions, rose 8% on Tuesday after it said its 2019 revenue rose 24% to £62.8 million and pretax profit more than doubled to £10.8 million from £4.2 million.

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

“This acquisition instantly expands the group’s customer base by over 50% and materially extended our software and service platform across all key sectors.

“The acquisition enhances the group’s strong and sustainable profit margins.” 

“The board is confident and optimistic about 2020.

“We are guiding to marginally lower growth in revenues and EBITDA, particularly in employee benefits and valuations, with operational gearing flowing through to earnings. 

“We expect both headline and underlying growth to remain strong.”

In its outlook, SimplyBiz said: “The board is confident and optimistic about 2020.

“We are guiding to marginally lower growth in revenues and EBITDA, particularly in employee benefits and valuations.

“Operational gearing will flow through to earnings, partly mitigated by a reduction in the effective tax rate.

“No guidance is being provided other than for 2020.

“Recognising that external challenges facing all companies at this moment are still developing, the board expects both headline and underlying growth to remain strong.”