SimplyBiz-owner Fintel posted a first-half fall in profit but saw revenue rise as it continued to expand through acquisitions.

The Aim-listed financial services and consultancy firm said pre-tax profit tumbled 24% to £3.4m at the end of June compared to a year ago, as it bought eight firms over the last 12 months.

Core revenue rose 13% to £31.2m over the period.

In 2024, the group bought four firms, broker support services outfit threesixty, digital adviser planning and research unit Synaptic Software, strategic engagement events business Owen James, and reg-tech company ifaDASH.

It is also waiting on regulatory approval on fund rating business Rayner Spencer Mills Research.

The group said it expects to continue to trade well as a result of organic growth, acquisitions and as regulatory pressure creates a demand on financial firms “for data and insights”.

It pointed out that last month’s Bank of England 0.25% base rate cut to 5% has “not yet filtered through to our mortgage business, however we are well placed to benefit from a recovery as further cuts are implemented”.

Fintel joint chief executive Matt Timmins added: “Current trading is robust, and we are confident of meeting our full-year revenue expectations.”