LONDON (ShareCast) - (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.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE