Fintel PLC on Tuesday said it started the new year with ‘strong momentum’ and in line with its expectations, despite posting a profit decline due to higher costs.

The Huddersfield, England-based provider of fintech and support services said pretax profit fell 20% to £7.7 million in 2024 from £9.6 million in 2023.

Revenue climbed 21% to £78.3 million from £64.9 million.

Expenses however increased 26% to £56.1 million from £44.4 million. Non-underlying operating costs came in 34% higher, at £5.9 million compared to £4.4 million.

Despite the fall in pretax profit, the company proposed a final dividend of 2.45 pence per share, up 4.3% from 2.35p a year prior. This would bring the total payout for 2024 to 3.65p, up 5.8% from 3.45p in 2023.

Looking ahead, Fintel said momentum into the new financial year was ‘strong’ and in line with the board’s expectations.

The company noted signs of an improving housing market after the latest interest rate decisions, while the business was well placed to benefit from a further recovery.

The next interest rate decision by the Bank of England is due on Thursday. The bank is widely expected to hold interest rates at 4.5%, with the next cut anticipated in May.

‘Our expanded market position, diverse customer base, and recurring revenue streams provide resilience against macroeconomic uncertainty, while we continue to benefit from structural growth drivers such as increasing regulatory requirements under FCA Consumer Duty and rising demand for data and insights across the retail financial services sector,’ Fintel said.

Fintel shares fell 3.6% to 247.88 pence each on Tuesday afternoon in London, giving it a market capitalisation of £257.1 million.

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