Huddersfield-based SimplyBiz, a provider of compliance and business services to financial advisers and institutions, said on Tuesday its “resilient” revenues slipped to £61 million in 2020 from £63 million in 2019.

In a trading update for the 12 months ended December 31, 2020, SimplyBiz said its net debt reduced to £19.5 million from £27 million and that it intends to recommend a final dividend of no less than 2p per share.

SimplyBiz CEO Matt Timmins said: “We are delighted to have delivered a resilient trading performance in a challenging year, demonstrating the robust nature of our core revenues and an ongoing improvement in the quality of our underlying earnings, offsetting an expected reduction of valuation income in the period.

“Throughout 2020 we have continued to accelerate our digital strategy, grown our core customer base, and delivered exciting new services which will further improve our quality of earnings, margins and cash generation in the future 

“We are confident that the group is in a strong position and is moving forward with agility and pace.”