Last checked at 14 May 2024 07:00
14 May 2024
Aptitude Software Group plc
("Aptitude" or the "Group")
AGM Statement
Ivan Martin, Chairman of Aptitude, provides the following trading update in advance of the Annual General Meeting to be held at 9:00 a.m. today.
Highlights
· The Board remains confident that the Group's performance for 2024 will be in line with expectations.
· Ongoing organisational change is delivering positive progress across all functions, accelerating Fynapse readiness and delivery, underpinned by our strategic partnerships.
· Fynapse pipeline continues to grow with key opportunities, including new prospects and the migration of existing clients, progressing well.
· New business success across compliance suite and subscription management solutions, with sales of Aptitude Insurance Calculation Engine to a large Canadian insurer and the sale of eSuite to a UK based video production company.
The Fynapse pipeline continues to develop, benefiting from the Group's strategic focus on the opportunity presented by its intelligent finance data management and accounting platform. This is increasingly supported by the joint go-to-market approach and commitment of key partners to the vision of AI Autonomous Finance.
Despite the ongoing elongated sales cycles caused by current macroeconomic conditions, the Group has continued to achieve new business success in the year to date and is targeting further opportunities to close in H1.
The Group remains focused on the mitigation of client churn on its portfolio of products, with progress made in this area, driven by increased investment in client service and support. The Group does expect some planned client reductions within Assure in the half year.
In line with the continuing organisation change programme, expected to be completed across 2024, the Group continues to carefully manage its cost base, with a view to driving increased operating efficiency. Targeted cost reductions have been undertaken in 2024, while continuing to fund strategic investment to support the organic growth of the business.
The Board remains confident that the Group's performance for 2024 will be in line with expectations and that the ongoing work across the business continues to position Aptitude well to capitalise on the significant growth opportunity presented by Fynapse.
Aptitude Software Group plc
Ivan Martin, Chairman 020-3687-3200
Alex Curran, Chief Executive Officer
Mike Johns, Chief Financial Officer
Alma Strategic Communications
Caroline Forde / Hilary Buchanan 020-3405-0205
About Aptitude Software
Aptitude Software provides software solutions that deliver fully autonomous finance to enable its clients to drive growth, efficiency and sustainability. Fynapse is Aptitude's intelligent finance data management and accounting platform designed to increase productivity and lower costs for finance teams globally. Fynapse provides a single view of finance and business data, unparalleled performance and automation, faster and better insights, user-friendly functionality and market-leading total cost of ownership.