Shares of Huddersfield-based Fintel plc, a provider of compliance and business services to financial advisers and institutions, rose about 7% on Tuesday after it published a strong AGM trading update.

Fintel was formerly called SimplyBiz Group.

“The company is pleased to be able to report strong trading in the year to date, with performance in line with expectations,” said Fintel.

“We have continued to improve our earnings quality by increasing our Sass and Subscription (Saas) revenues via the conversion of annual managed services agreements to multi-year Distribution as a Service (Daas) agreements.

“Our unaudited net cash position has increased to c.£7.8m of net cash as of 30 April 22 (31 Dec 2022 £2.6m). 

“The gross drawn position of the £45m revolving credit facility is currently £4.0m following a £3.0m repayment in March 2022.   

“We look forward to updating shareholders again on our further progress and plans at the time of the half-year results.”