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24 Apr 2017 07:00
microgen
www.microgen.com
24 April 2017
AGM Trading Update
Ivan Martin, Chairman of Microgen plc ("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 each of the Group's two businesses have made a strong start to 2017.
The Aptitude Software business has built on the excellent progress it achieved in 2016 with a number of successes in both new and existing markets. Aptitude Software has successfully developed its presence in the US healthcare market with two material contracts secured since the start of the year. The opening of this important new market in 2017 complements the continued demand for the Aptitude Revenue Recognition Engine from telcos as they work towards the implementation of IFRS 15 and ASC 606, accounting standards which are effective for annual reporting periods beginning on or after 1 January 2018.
Microgen Financial Systems continues to focus on growing its Trust & Fund Administration business ("T&FA") through a combination of organic growth and add-on acquisitions. New business progress has continued in 2017 complemented by a number of customers acquired with the add-on acquisitions committing to convert to Microgen 5Series in line with the strategy of the business. In February 2017 the business announced the acquisition of Primacy Corporation, the fifth add-on acquisition within T&FA since December 2014. The integration of Primacy Corporation continues in line with expectations.
The Board remains confident that the progress at the start of 2017 will continue throughout the year."
Contacts
Ivan Martin, Chairman 020-7496-8100
Philip Wood, Chief Financial Officer
Darius Alexander, FTI Consulting 020-3727-1063
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