Business
Trading Update, Board Changes & Notice of Results
Trading Update, Board Changes & Notice of Results.
About this update from Aptitude Software Group Plc
[{"type":"text","content":"\n \nRNS Number : 2264A Aptitude Software Group PLC 20 January 2020 \n\nThis announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation EU No. 596/2014.\n \n \n20 January 2020\nAptitude Software Group plc (\"Aptitude Software\" or the \"Group\")\nTrading Update, Board Changes and Notice of Results\n \nAptitude Software, a specialist provider of powerful financial management software to large global businesses, today provides an update for the year ended 31 December 2019 and the current financial year. \nTrading Update\nAptitude Software made good progress in 2019 and expects to report results in line with the Board's expectations. \nThe Group complemented a good new business performance in 2019, weighted towards the first half of the year as explained below, with several new contracts from existing clients as they expand the scope of their use of Aptitude Software's products. \nA current focus for the Group is the opportunity with the Aptitude Insurance Calculation Engine (\"AICE\"), with several contract wins achieved in 2019. AICE allows an insurer to perform the calculations and detailed accounting movements they require to be compliant with the new insurance accounting standard IFRS 17. Recent speculation that the deadline for the implementation of IFRS 17 may be deferred by twelve months (currently effective for periods commencing on 1 January 2022) has caused delays with a small number of sales opportunities for AICE. These delays have had minimal impact on 2019 recognised revenue but have suppressed Annual Recurring Revenue (\"ARR\")1 growth as at 31 December 2019 from what would otherwise have been achieved.\nNew business success has also been achieved with the Aptitude Accounting Hub (\"AAH\") and Aptitude Revenue Management; particularly pleasing is the number of finance transformation led sales for AAH. A highlight in the year was the entry into an enterprise licence agreement with an existing client who is one of the UK's leading clearing banks. This client's use of AAH in a growing number of its operations led to incremental licencing requirements and further demonstrates the material value the Group's applications can bring to organisations looking to undertake finance transformation. \nDespite the strengthening of Sterling versus the US Dollar i...