Business
Audited results for the year ended 30 June 2023
Audited results for the year ended 30 June 2023.
About this update from Advancedadvt Ltd.
[{"type":"text","content":"\n\n------\nLEI: 254900WYO35S1T334A28\n28 July 2023\n \nAdvancedAdvT Limited\n(the \"Company\")\n \nAudited results for the year ended 30 June 2023\n \nAdvancedAdvT Limited (LSE: ADVT) announces that it has published its audited results for the financial year ended 30 June 2023.\nHighlights\n\n\n\n\n•\n\n\nAgreement to acquire five software businesses from Capita plc for a combined enterprise value of approximately £33m in cash\n\n\n\n\n•\n\n\nStrong position to execute on strategy given the opportunities in current economic climate\n\n\n\n\n•\n\n\nNet assets of £123.2m as at 30 June 2023 (£121.6m at 30 June 2022)\n\n\n\n\n•\n\n\nUnaudited Net Asset Value (NAV) of 92.91 pence per share (91.3p 30 June 2022)\n\n\n\n\n•\n\n\nCash of £104.7m at 30 June 2023 (£104.2m at 30 June 2022)\n\n\n\n\n•\n\n\nReported £1.43m profit for the year. Interest income from cash deposits offset operating costs, project costs and fair value changes of financial assets\n\n\n\n\nChairperson's Report\nAcquisition of Capita businesses\nI am pleased to report that on the 8 June 2023 the Group conditionally agreed to acquire five software businesses from Capita plc for a combined enterprise value of approximately £33m in cash. This is an important step towards delivering our objective of completing business combinations and generating attractive long-term returns for shareholders.\nThe acquired businesses include: \n\n\n\n\n•\n\n\nCIBS - Financial and Business Solutions for public and private sectors\n\n\n\n\n•\n\n\nCHKS and Synaptic - Governance Risk and Compliance (GRC) for the Healthcare and Financial Services sectors\n\n\n\n\n•\n\n\nRetain/WFM - Global Professional Services and Workforce Automation Software for Private and Public Sectors\n\n\n\n\n \nThese businesses will provide us with a solid foundation and platform with an opportunity to build through a combination of organic and acquisitive growth.\nThe acquisitions were subject to and conditional upon National Security and Investment Act approval received on 25 July 2023. More information following in due course.\nStrategic approach\nDespite facing a wide range of macroeconomic challenges, our commitment to a disciplined approach remains unwavering. The consistent adoption of digital technologies has been impressive, as consumers, businesses, and governments navigate through...