Last checked at 17 May 2023 07:00
17 May 2023
APTITUDE SOFTWARE GROUP PLC
('Aptitude' or the 'Group')
AGM Statement and Appointment of Chief Financial Officer
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Highlights
· | The Board remains confident that the Group's performance for 2023 will remain in line with its previous expectations. |
· | Continued new business success with Aptitude Accounting Hub and Aptitude RevStream. |
· | Fynapse pipeline continuing to grow with Telco charter client go-live on track. |
· | Mike Johns, previously Acting Chief Financial Officer, appointed to the Board as Group Chief Financial Officer. |
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.
Aptitude has continued to achieve new business success in the first half of 2023, including the sale of Aptitude Accounting Hub to a large European bank and Aptitude RevStream to a leading consumer products subscription business in North America.
Continued progress has also been made with Fynapse, the Group's next generation strategic digital finance platform, with a growing pipeline of opportunities both directly and through our strategic partnerships with Microsoft & KPMG. The North American Telco charter client remains on track to go-live in the middle of 2023.
Progress within Subscription and Revenue Management has been impacted by the higher levels of churn experienced in 2022 continuing into the early months of 2023, as certain clients monitor spend as a result of wider economic uncertainty and high inflation. The Board remains confident in the strategic positioning of its portfolio and this is supported by a growing pipeline of opportunities.
The Group's performance in the first half of 2023 has been underpinned by the achievement of successful go-lives across the base of clients with the Aptitude Insurance Calculation Engine following the compliance deadline in 2023. The Group continues to see growing opportunity across the base of clients, particularly with Assure, Aptitude's increasingly popular Solution Management Service.
As ever, but particularly given the current economic environment, the Board continues to carefully control investment levels in the business, whilst maintaining committed levels of spend for Fynpase and other strategic priorities. The Board remains confident that the Group's performance for 2023 will be in line with its previous expectations.
Board Change
The Board is pleased to announce that following the conclusion of a formal selection process by the Group's Nomination Committee, Mike Johns has been appointed to the role of Chief Financial Officer for the Group with immediate effect. Mike had assumed the role of Acting Chief Financial Officer in January 2023 following the notice that Philip Wood would be retiring from the Board in July 2023.
Mike joined Aptitude in September 2017 and has previously held a number of senior finance positions within the Group.
No further details are required to be disclosed in respect of the appointment under LR 9.6.13 of the Listing Rules of the Financial Conduct Authority.
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Contacts
Aptitude Software Group plc
Ivan Martin, Chairman 020-3687-3200
Jeremy Suddards, Chief Executive Officer
Philip Wood, Deputy Chief Executive Officer
Mike Johns, Chief Financial Officer
Alma PR
Caroline Forde / Hilary Buchanan 020-3405-0205