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21 May 2019 07:00
21 May 2019
Aptitude Software Group plc
AGM Trading & Demerger Update
Ivan Martin, Chairman of Aptitude Software Group plc (the "Group"), will provide the following trading update at the Annual General Meeting to be held at 9.00 a.m. this morning.
"The Board is pleased to confirm that the Group, with its two software businesses (Aptitude Software and Microgen Financial Systems), has made good progress since the start of the year.
Aptitude Software continues to enjoy new business success with its suite of specialised applications which enable finance functions to comply with complex regulations and/or provide financial insight and control to their organisations. Highlights in the first half of the year include further sales of the Aptitude Insurance Calculation Engine, the largest Aptitude RevStream subscription to date and further progress with the Aptitude Lease Accounting Engine. Particularly pleasing are the new business successes with the Aptitude Accounting Hub ('AAH') since the start of 2019. AAH is frequently sold in conjunction with one of Aptitude Software's regulatory focused applications, however, there is a growing opportunity for this application on a standalone basis to provide centralised and granular control generating detailed insights as large enterprises undertake a transformation of their finance organisation to a more agile and forward-looking function (often referred to as 'Digital Finance').
Microgen Financial Systems is well progressed with a number of material opportunities for Microgen 5Series, an application focused on the Trust & Fund Administration sector. Investment in the organisation continues as planned in order to accelerate Microgen Financial Systems' growth.
The Group announced on 25 March 2019 that it had concluded that a demerger of Microgen Financial Systems on to AIM will enhance Aptitude Software Group plc's ability to allocate capital and management attention on the higher growth Aptitude Software business, whilst also providing Microgen Financial Systems with the ownership environment for it to successfully pursue its own independent growth strategy focusing on its specialist target market and servicing its international customer base. Preparations for Microgen Financial Systems' demerger and admission to AIM are progressing well."
Contacts
Ivan Martin, Chairman 020-3880-7100
Philip Wood, Chief Financial Officer
www.aptitudesoftwaregroup.com
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