Business
Audited Results for 8 Months to 29 February 2024
Audited Results for 8 Months to 29 February 2024.
About this update from Advancedadvt Ltd.
[{"type":"text","content":"\n\n22 July 2024\n \nAdvancedAdvT Limited\n \nPeriod end results for eight months to 29 February 2024\n \nAdvancedAdvT Limited (LSE: ADVT, \"AdvT\", the \"Group\"), the international software solutions provider for the business solutions, healthcare compliance, and human capital management sectors, has published its period end results for the eight months to 29 February 2024. \n \nFinancial performance\n \n· Revenue from continuing operations of £21.1m\n· Recurring revenue represented 77% of total revenues\n· Adjusted EBITDA from continuing operations of £4.4m, ahead of management expectations \n· Pre-tax profit from continuing operations of £5.2m (12 months to 30 June 2023: £1.4m)\n· Reported basic EPS: 5p (12 months to 30 June 2023: 1p)\n· Cash of £82.1m at 29 February 2024 (30 June 2023: £104.7m) in addition to 9.8% shareholding in M&C Saatchi plc\n \nHighlights\n \n· Acquired core software assets for £26.8m net of sale of Synaptic Software (\"Synaptic\")\n· Sold non-core asset Synaptic for £3.7m* (£2.2m gain on sale)\n· Acquired Celaton Limited an intelligent process automation (IPA) platform provider for £4.8m*\n· Identified operational improvements within acquired businesses with implementation of these well progressed\n· Refreshed the go-market strategy following the significant investment in SaaS and Cloud product offerings prior to our acquisition\n· Admission to AIM completed in January 2024\n \nVin Murria, AdvancedAdvT's Executive Chairperson, said\n \n\"We are seeing positive momentum in multiple areas and continue to make strong progress on delivering operational performance, particularly in new wins, recurring revenue, utilisation and improved profitability. We also continue to explore numerous acquisition opportunities to expand the Group.\n \n\"Our business solutions and healthcare operations have won some notably large contracts across the Irish and UK public sector, whilst the human/resource management operations have extended and expanded a number of substantial multi-year contracts with the larger corporates. \n \n\"Ma...