Microgen Forecasts To Meet Annual Expectations After Good Progress

LONDON (Alliance News) - Microgen PLC said Tuesday it expects to meet management expectations for 2018 after making "good progress" in the second half.

The business software and services provider added that its annual performance has only a "limited amount of dependency" on the new business to be won in the rest of the year.

The company's Aptitude Software business achieved "further success" with both its Aptitude Insurance Calculation Engine and its Aptitude Lease Accounting Engine, two applications enabling organisations to to address regulatory requirements, performing well the company said.

Meanwhile, Microgen Financial Systems achieved "new business success" for its Microgen 5Series application with new clients signing up in both the Caribbean and Europe.

Furthermore, the firm said that Simon Baines, chief executive officer of Microgen Financial Systems, stepped down immediately from the board. He will leave the company in April 2019 to pursue other opportunities.

Philip Wood, chief financial officer of Microgen, will take on the role of acting CEO of Microgen Financial Systems while the company searches for a long-term successor.

Microgen shares were trading up 1.3% at 387.0 pence each on Tuesday.