LONDON, UK: Aptitude Software Group plc (LSE: APTD), a leading provider of finance transformation software solutions, has released its audited financial results for the year ended December 31, 2023. The company reported a solid financial performance with a notable increase in annual recurring revenue and profits, alongside strategic progress in its operations.
Financial Highlights:
- Annual Recurring Revenue (ARR) increased by 2% to £51.1 million, up from £50.2 million in 2022.
- Total Revenue remained stable at £74.7 million, despite an 11% decrease in non-recurring revenue.
- Recurring Revenue grew by 6% to £53.4 million, now representing 71% of total revenue.
- Adjusted Operating Profit saw a significant rise of 29% to £9.7 million.
- Basic Earnings per Share jumped by 60% to 7.2p.
- The company’s balance sheet remained strong with cash and cash equivalents at £34.1 million and net funds at £22.7 million.
- The Final Ordinary Dividend per Share was maintained at 3.6p, with a Full Year Ordinary Dividend of 5.4p per share.
Strategic Developments:
- Aptitude appointed a new executive team from within, signaling a shift towards delivering an intelligent finance data management and accounting platform.
- The company’s Fynapse platform is poised to capitalize on the global opportunity for AI autonomous finance, supported by strategic partnerships.
- A share buyback programme of up to £20 million over three years was announced, reflecting the company’s strong balance sheet and commitment to shareholder returns.
The company’s focus on high-quality, recurring revenue streams and strategic realignment under the new leadership team positions it well to leverage the growing demand for autonomous finance solutions.
Aptitude Software Group appoints Alex Curran to the role of CEO