Last checked at 25 Jan 2017 07:00
microgen
www.microgen.com
25 January 2017
BUSINESS UPDATE & NOTICE OF RESULTS
Microgen plc ('Microgen' or 'the Group') anticipates issuing its preliminary results for the year ended 31 December 2016 on 8 March 2017.
The Group made excellent progress in the second half of 2016 in line with its declared strategy. The highlight for the Group was the continued progress of the Aptitude Software business which entered into ten contracts in 2016 with new clients located across Europe, North America and Asia (new market) resulting in an increase during the year of approximately 40% in Aptitude Software's year end on-going recurring revenue base.
The Microgen Financial Systems business continued to develop its focus on the Trust & Fund Administration ("T&FA") market in 2016 with the integration of the May 2016 acquisition of Infoscreen progressing in line with expectations. As a result of both organic growth and the benefit from the recent add-on acquisitions, T&FA revenues in 2016 represent in excess of 50% of Microgen Financial Systems' revenues.
At 31 December 2016, the Group had gross cash of £23.8 million (2015: £18.6 million) and net funds of £13.6 million (2015: £5.4 million) following net corporate cash outflows of £1.5 million in 2016 (dividends of £2.5 million, £1.4 million net acquisition costs and £2.4 million property proceeds).
Contacts
Ivan Martin, Chairman 020-7496-8100
Philip Wood, Chief Financial Officer
Darius Alexander, FTI Consulting 020-3727-1063