Aptitude Software Group PLC Trading Update and Directorate Changes (8522F)
13 Luglio 2023 - 8:00AM
UK Regulatory
TIDMAPTD
RNS Number : 8522F
Aptitude Software Group PLC
13 July 2023
13 July 2023
APTITUDE SOFTWARE GROUP PLC
('Aptitude' or the 'Group')
Trading Update, Directorate Changes and Notice of Results
Aptitude Software Group plc (LSE: APTD), the specialist provider
of Finance Digitalization and Subscription Management software,
today provides an update on trading for the six month period ended
30 June 2023 as well as notification of changes to the Board.
Trading Update for the six months ended 30 June 2023
The Group will show modest revenue and profit progression to H1
2023 despite the macro economic headwinds faced by the sector and
the economy generally. The Board are confident that the Group will
meet profit expectations for FY2023.
Annual Recurring Revenue ('ARR') grew at an annualised rate of
3% on a constant currency basis to GBP49.8m at 30 June 2023 (31
December 2022 GBP50.5m, 30 June 2022: GBP48.1m - both restated for
prevailing exchange rates at 30 June 2023). ARR growth has
moderated as the higher levels of churn experienced in 2022
persisted through H1 2023 for Subscription, Billing, and Revenue
Management as certain clients monitor spend as a result of wider
economic uncertainty and high inflation.
Whilst this macro economic backdrop presents a near term
challenge for Aptitude's heritage products as sales cycles have
lengthened, the Board are confident that the requirement for
greater efficiency and effectiveness strengthens the value
proposition for Fynapse, which drives a lower cost of ownership for
clients while increasing operational productivity. Recognising the
economic circumstances, the Board took action in H1 to drive cost
efficiencies across the Group whilst protecting investment in areas
of strategic focus, including Fynapse.
Whilst headline growth in annualised ARR is lower than in
previous periods, customer, prospect and partner feedback reinforce
the opportunity presented by the Group's two strategic growth
drivers of Finance Digitalization and Subscription Management. The
Board particularly views the opportunity presented by Fynapse,
Aptitude's next-generation fully automated finance management
platform that is underpinned by the Group's strategic partnership
with Microsoft, as a material accelerator of future growth. The US
Telco charter client continues to make strong progress with its
implementation. The strengthening pipeline of opportunities for
Fynapse, both through Aptitude's strategic partnerships and through
traditional avenues, supports growing confidence of future revenue
growth.
Aptitude remains financially robust, with strong revenue
visibility and a closing cash balance at 30 June 2023 of GBP24.5m
(31 December 2022: GBP29.2m, 30 June 2022: GBP23.6m) and net funds
of GBP12.2m (31 December 2022: GBP15.9m, 30 June 2022:
GBP10.7m).
Board Changes
The Board announces that Jeremy Suddards, Chief Executive
Officer, will be stepping down as Chief Executive Officer. Jeremy
joined the Board in September 2019 and became Chief Executive
Officer in January 2020. The Board would like to thank Jeremy for
his work transitioning the Group from its compliance focus to a
leading provider of both Finance Digitalization and Subscription
Management software and for his leadership through the COVID
pandemic.
Effective immediately, Alex Curran, currently Regional CEO for
the Group's North American business, will join the Board and assume
the role of Acting Chief Executive Officer whilst the Board conduct
a formal search process. Alex joined Aptitude Software in 2008 and
she has held several senior roles within the Group including
leading the North American business since July 2019. In that time,
Alex has overseen strong growth in North America, which now
accounts for over half of the Group's recurring revenue.
Commenting on the Board changes, Ivan Martin said:
"The strategic partnership with Microsoft to integrate Fynapse
and Dynamics 365 presents a significant global opportunity for the
Group. With Alex's strategic sales focus and experience within the
North American market, including with key clients and partners, she
is well placed to drive the execution of the growing global
pipeline.
On behalf of the Board, I would like to thank Jeremy for his
work in transitioning the Group and wish him well for the
future."
Notice of Results
Aptitude anticipates issuing its Interim Results for the six
months ended 30 June 2023 on Wednesday 26 July 2023.
The person responsible for releasing this announcement is Mike
Johns, Chief Financial Officer.
Contacts
Aptitude Software Group plc
Ivan Martin, Chairman 020-3687-3200
Mike Johns, Chief Financial Officer
Alex Curran, Acting CEO
Alma PR
Caroline Forde / Hilary Buchanan 020-3405-0205
Additional Information Regarding Alex Curran
Alex Curran is a non-executive director of Checkit plc, a
company quoted on AIM. No further details are required to be
disclosed in respect of Alex's appointment to the Board under LR
9.6.13 of the Listing Rules of the Financial Conduct Authority.
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END
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