Aptitude Software trades in line, recurring revenues improve
By Iain Gilbert
Date: Friday 03 Jul 2020
(Sharecast News) - Software provider Aptitude Software said on Friday that trading had been in line with expectations throughout the first six months of the year, with annual recurring revenues growing year-on-year.
Aptitude said annual recurring revenues were up 11% to £30.9m as "a good number" of new customer wins and contract expansions in the banking and technology sector and the media and telecom industry mitigated some of the impacts of the Covid-19 pandemic on the insurance sector.
As a result of Covid-19, the London-listed group's focus on cost control tightened and all discretionary expenditure was being closely reviewed - with a number of savings already actioned.
Aptitude's balance sheet remained "strong" with no bank loans and benefitting from cash of £30.9m as of 30 June, in line with management's expectations.
"The group benefits from excellent liquidity and a strong business model with growing levels of recurring revenue and the Board remains confident in Aptitude Software's long-term strategy, a strategy focused on smart compliance and digital finance transformation."
As of 1150 BST, Aptitude shares were up 11.33% at 381.30p.
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