Aptitude Software Group Plc · LSE:APTD
Aptitude Software — Microgen — FY2011 Earnings Presentation
18 slides from Aptitude Software's earnings presentation, Feb 27, 2012
Slide 1: Audited Preliminary Results for the year ended 31 December 2011
microgen plc Audited Preliminary Results for the year ended 31 December 2011 Martyn Ratcliffe Chairman David Sherriff Chief Executive Officer Philip Wood Group Finance Director To be read in conjunction with the audited preliminary 27 February 2012 results announcement released on 27 February 2012
Slide 2: Group Structure
Group Structure Microgen plc Microgen Aptitude Financial Systems Solutions Division Division • Microgen Aptitude Software Back Office Processing Systems and Solutions • Wealth Management • Microgen Accounting Hub • Asset Management • Royalty and Rights Management • Banking / Payments • (Energy & App
Slide 3: Preliminary Results 2011
Preliminary Results 2011 • Group revenue increased by 15% to £38.8m (2010 : £33.7m) • 28% revenue growth in Microgen Aptitude Solutions Division • Adjusted operating profit increased by 19% to £9.6m (2010 : £8.1m) • Adjusted operating margin of 24.8% (2010 : 24.0%) • All internal research and develo
Slide 4: Group Income Statement
Group Income Statement FY 2011 FY 2010 £000 £000 Revenue Microgen Aptitude Solutions Division 21,799 16,995 Financial Systems Division 16,977 16,674 Total revenue 38,776 33,669 Operating costs (excl. Group overheads) (26,573) (22,976) Operating profit before Group overheads 12,203 10,693 Operating p
Slide 5: Group Revenue
Group Revenue • Revenue growth of 15% to £38.8m (2010 : £33.7m) • Microgen Aptitude Solutions Division accounted for 56% of the Group’s revenue • Financial Systems Division revenue maintained 40 35 30 25 Revenue (£ million) 20 15 10 5 0 FY 2008 FY 2009 FY 2010 FY 2011 Microgen Aptitude Solutions Div
Slide 6: Group Operating Profit
Group Operating Profit • Adjusted operating profit increased by 19% to £9.6m (2010 : £8.1m) • Adjusted operating margin increased to 24.8% (2010 : 24.0%) • All internal research and development costs are expensed 10 50% 8 40% Operating Profit (£ million) Operating Margin (%) 6 30% 4 20% 2 10% 0 0% F
Slide 7: Microgen Aptitude Solutions Division
Microgen Aptitude Solutions Division • Revenue growth of 28% to £21.8 million (2010 : £17.0 million) benefitting from high consultancy demand, particularly in H1 • Recurring revenue represents 27% of overall revenue (2010 : 24%) • Operating profit increased by 61% to £4.2 million (2010 : £2.6 millio
Slide 8: Microgen Aptitude
Microgen Aptitude Microgen Aptitude is a complete application platform built on a single code set. Microgen Aptitude accelerates the design, implementation and control of mission- critical business applications. Microgen Aptitude is used to automate complex processes or those that involve large
Slide 9: Microgen Accounting Hub
Microgen Accounting Hub Multiple Data Warehouse, Source Single Sourcing, Systems Accounting Hub & Sub-Ledger Single Source Integration Layer Consolidated Accounting GL Batch/ Entries Event/Delta Detailed Accounting Data Load Entries Non Financial & Reference Query Data Data Warehouse OLAP BI Analyti
Slide 10: Financial Systems Division
Financial Systems Division • Revenue of £17.0m (2010 : £16.7m) • Operating margins of 47% (2010 : 48%) • High recurring revenue levels together with diverse client base provides resilience 20 100% 18 90% 16 80% 14 70% Operating Margin (%) Revenue (£ million) 12 60% 10 50% 8 40% 6 30% 4 20% 2 10% 0 0
Slide 11: Financial Systems Division Revenue Analysis
Financial Systems Division Revenue Analysis 14% 44% 27% 15% Wealth Management & Offshore Banking Asset Management Banking / Payments Energy & Application Management 11
Slide 12: Delivering Shareholder Value
Delivering Shareholder Value • Value Enhancement and Realisation Bonus Scheme (“VERBS”) introduced in October 2008 • Market capitalisation of Microgen prior to VERBS was £37.0m • Since October 2008, £28.2m returned to shareholders via tender offers & dividends • 76% of pre-VERBS market capitalisatio
Slide 13: VERBS Bonus Scheme
VERBS Bonus Scheme • Approved by shareholders on 19 November 2008 • At announcement share price : 36p. Market capitalisation : £37m • 3 Divisional schemes with base level valuation on each division • Aggregated valuation before VERBS payout was approximately 70p per share • Billing division sold in
Slide 14: Summary
Summary • Microgen Aptitude Solutions Division delivered strong profitable growth securing new name business and expanding presence in existing accounts • Financial Systems Division showed resilience benefitting from its high recurring revenue base • Board remains cautious regarding the macro-econom
Slide 15: Appendix
Appendix
Slide 16: Group Balance Sheet
Group Balance Sheet As at As at 31 Dec 2011 31 Dec 2010 ASSETS £’000 £’000 Non-current assets Goodwill 41,774 41,774 Intangible assets 118 235 Property, plant and equipment 5,521 5,157 Deferred income tax asset 1,324 1,402 48,737 48,568 Current assets Trade and other receivables 5,611 5,971 Financia
Slide 17: Group Cash Flow
Group Cash Flow Year Year ended ended 31 Dec 2011 31 Dec 2010 £’000 £’000 Cash flows from operating activities Cash generated from operations 12,542 11,348 Interest paid (156) (94) Tax paid (1,758) (1,506) Net cash generated from operating activities 10,628 9,748 Cash flows from investing activities
Slide 18: microgen
microgen www.microgen.com