LONDON, UK: AdvancedAdvT Limited (LSE: ADVT), a leading international software solutions provider, has announced its unaudited interim results for the six months ending December 31, 2023, showcasing a strong financial performance across its business solutions, healthcare compliance, and human capital management sectors.
The Group, which integrated four operating units since July 31, 2023, reported a revenue of £15.1 million from continuing operations, with total revenue reaching £16.1 million, including contributions from Synaptic Software Ltd, which was sold after the reporting period. Notably, recurring revenue accounted for 76% of the total, indicating a stable income stream.
Adjusted EBITDA from continuing operations stood at £3.7 million, surpassing management’s forecasts. The pre-tax profit marked a significant turnaround at £3.3 million, compared to a loss of £0.1 million in the previous year. The earnings per share (EPS) were reported at 2p.
The Group’s cash reserves were £78.7 million as of December 31, 2023, a decrease from £104.7 million in June 2023. This reflects the strategic acquisition of a core platform asset for £27 million net cash outflow, balanced by the sale of Synaptic Software for £3.5 million in January 2024.
Operational highlights include the successful integration of operational improvements within the acquired businesses and a refreshed go-to-market strategy, capitalizing on significant investments in SaaS and Cloud product offerings. Additionally, AdvT completed its transfer to trading on the AIM market in January 2024.
Looking ahead, AdvT has made a promising start to the new financial year, securing several substantial contracts and renewals. With this momentum, the Group’s performance for the 12 months ending February 28, 2025, is projected to exceed Board expectations, signaling a positive outlook for the future.
Vin Murria, AdvancedAdvT’s Executive Chairperson, said, “In the short time since we acquired the Capita businesses, we have made very good progress with their operational performance which has improved markedly.
“We have now established a core software platform for developing the Group and identified a number of potential acquisition opportunities.
“After changing the financial year end to February, we concluded the remaining two months of the year and have started the new financial year well, securing a number of multi-million pound contracts.
“We remain optimistic about the opportunities for organic and acquisitive growth ahead.”