Aptitude Software Group PLC Trading Update and Notice of Results (9120R)
July 03 2020 - 1:00AM
UK Regulatory
TIDMAPTD
RNS Number : 9120R
Aptitude Software Group PLC
03 July 2020
3 July 2020
Aptitude Software Group plc ("Aptitude Software" or the
"Group")
Trading Update and Notice of Results
Aptitude Software, a specialist provider of powerful financial
management software to large global businesses, today provides an
update on performance for the six months to 30 June 2020 ('the
"period').
Trading Update
Aptitude Software has traded in line with the Board's current
expectations for the first six months of 2020 as set out in its
announcement of 21 April 2020. At 30 June 2020, Annual Recurring
Revenue ('ARR') had grown by 11% year on year to GBP30.9 million,
on a constant currency basis (31 December 2019: GBP29.5 million, 30
June 2019: GBP27.9 million, both restated for the prevailing
exchange rates at 30 June 2020). The Group's balance sheet remains
strong with no bank loans and benefitting from cash at 30 June 2020
of GBP30.9 million (30 June 2019: GBP23.5 million net of the return
of GBP46.4 million cash to shareholders in September 2019), in line
with management's expectations.
During the period, the Group enjoyed a good number of new
customer wins and contract expansions in the Banking and
Technology, Media and Telecom ('TMT') sectors, demonstrating the
strength of the Group's product portfolio and sector diversity,
helping mitigate the impact of COVID-19 on the insurance sector. Of
significance has been the entry into a strategic contract to
licence the Aptitude Accounting Hub to the retail arm of an
existing large European banking client. Our technology will be a
core component of a five-year finance transformation programme
automating the banks finance processes, demonstrating once again
Aptitude Software's capabilities in addition to those of smart
compliance.
The Group's insurance sales cycles have extended in line with
the Board's previously announced expectations, as prospects
continue to focus on short term priorities and manage their capital
prudently in the current environment, coupled with the confirmed
delay to the introduction of IFRS 17.
As a result of the challenges of COVID-19, the Group's focus on
cost control has tightened and all discretionary expenditure is
closely reviewed with a number of savings already actioned. The
Group is continuing with its investment in the areas identified in
its earlier announcements but on a re-phased basis in light of the
current situation.
The Group benefits from excellent liquidity and a strong
business model with growing levels of recurring revenue and the
Board remains confident in Aptitude Software's long-term strategy,
a strategy focused on smart compliance and digital finance
transformation.
Notice of Results
Aptitude Software anticipates issuing its Interim Results for
the six months ended 30 June 2020 on Wednesday 29 July 2020.
Contacts
Philip Wood, Deputy Chief Executive Officer and Chief Financial
Officer 020-3687-3200
Caroline Forde / Sam Modlin, Alma PR 020-3405-0205
aptitude@almapr.co.uk
(1) Annual Recurring Revenue ("ARR") is the value of Aptitude
Software's software and subscription recurring revenue at a
specific point in time, normalised to a one-year period. ARR
includes recurring revenues contracted but yet to commence and
excludes recurring revenues which are currently being received but
are known to be terminating in the future.
About Aptitude Software
Aptitude Software's innovative solutions address the growing
trend for digital finance transformation complemented by
regulatory-focused applications. Our various products take data
from complex systems, typically with multiple siloed data sources
across multiple business entities, to create a unified view of
finance. This allows our clients to reap significant benefits
including business insights, enhanced control and regulatory
compliance.
Our clients include some of the world's largest companies,
typically organisations with complex financial data and technology
landscapes. Development, together with a growing number of other
services, continues to be performed at the Aptitude Innovation
Centre in Poland with sales, support and implementation services
provided from Aptitude Software's London headquarters and the North
American and Singaporean regional businesses.
Aptitude Software has six office locations around the world,
with clients across four continents.
www.aptitudesoftware.com
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