Aptitude Software Group Plc · LSE:APTD
Aptitude Software — Microgen — FY2014 Earnings Presentation
12 slides from Aptitude Software's earnings presentation, Feb 25, 2015
Slide 1: Audited Preliminary Results for the year ended 31 December 2014
microgen plc Audited Preliminary Results for the year ended 31 December 2014 Martyn Ratcliffe Chairman Philip Wood Group Finance Director To be read in conjunction with the audited preliminary 25 February 2015 results announcement released on 25 February 2015
Slide 2: Preliminary Results 2014
Preliminary Results 2014 • Group • Proposed return of approximately £20m in cash to shareholders (27 pence per share) • Cash of £40.9m (2013: £40.2m) and net funds of £24.6m (2013: £20.9m) • Adjusted earnings per share 7.2 pence (2013: 8.3 pence) in line with Board expectations and defined strategy
Slide 3: Capital Return
Capital Return • Proposed return of £20m cash to shareholders by way of a B/C share scheme • Equivalent to 27 pence per share • B/C share model • Attractive to all shareholders • Chancellor’s Autumn Statement proposes to remove this option from 6 April 2015 • General Meeting 18 March 2015 • Schedule
Slide 4: Aptitude Software
Aptitude Software • Software revenue growth of 12% to £8.8m (2013: £7.9m) • Overall revenue increased by 5% to £15.4m (2013: £14.7m) • FX impact : £0.2m negative revenue variance relative to 2013 • Operating margin lower at 8% (2013: 19%) due to strategic investment • Large North American telecommun
Slide 5: Aptitude Software: Software Revenue
Aptitude Software • Software revenue growth of 12% • Primarily recurring annual licences on software • Services revenue averages 48% of total revenue in the last 3 years 10 Software Revenue (£ million) 8 6 4 2 0 FY 2011 FY 2012 FY 2013 FY 2014 Recurring revenue Initial licence fees 5
Slide 6: Financial Systems
Financial Systems • ROCE increased to 42% (2013: 30%) following capital restructuring in 2013 • Acquisition of Unity Software Limited, a Jersey-based provider of wealth management software for the offshore finance industry • Consideration of £1.3m payable on completion • Wealth management revenues r
Slide 7: Financial Systems Revenue and Operating Margin
Financial Systems 24 60% 20 50% Operating Margin* (%) Revenue (£ million) 16 40% 12 30% 8 20% 4 10% 0 0% FY 2011 FY 2012 FY 2013 FY 2014 * Operating margin is stated Other Wealth Management Operating Margin * before non-underlying operating costs 7
Slide 8: Appendix
Appendix
Slide 9: Group Income Statement
Group Income Statement FY 2014 FY 2013 £000 £000 Revenue Aptitude Software 15,395 14,676 Financial Systems 14,419 15,148 Total revenue 29,814 29,824 Operating costs (excl. Group overheads) (21,162) (18,881) Adjusted operating profit before Group overheads 8,652 10,943 Adjusted operating profit befor
Slide 10: Group Balance Sheet
Group Balance Sheet As at As at 31 Dec 2014 31 Dec 2013 ASSETS £’000 £’000 Non-current assets Goodwill 41,774 41,774 Intangible assets 1,290 - Property, plant and equipment 4,863 5,022 Deferred income tax asset 771 752 48,698 47,548 Current assets Trade and other receivables 3,155 5,049 Financial as
Slide 11: Group Cash Flow
Group Cash Flow Year Year ended ended 31 Dec 2014 31 Dec 2013 £’000 £’000 Cash flows from operating activities Cash generated from operations 9,960 8,103 Interest paid (591) (119) Tax paid (1,454) (1,728) Net cash generated from operating activities 7,915 6,256 Cash flows from investing activities P
Slide 12: microgen
microgen www.microgen.com