Aptitude Software trades in line, recurring revenues improve
Software provider Aptitude Software said on Friday that trading had been in line with expectations throughout the first six months of the year, with annual recurring revenues growing year-on-year.
Aptitude said annual recurring revenues were up 11% to £30.9m as "a good number" of new customer wins and contract expansions in the banking and technology sector and the media and telecom industry mitigated some of the impacts of the Covid-19 pandemic on the insurance sector.
As a result of Covid-19, the London-listed group's focus on cost control tightened and all discretionary expenditure was being closely reviewed - with a number of savings already actioned.
Aptitude's balance sheet remained "strong" with no bank loans and benefitting from cash of £30.9m as of 30 June, in line with management's expectations.
"The group benefits from excellent liquidity and a strong business model with growing levels of recurring revenue and the Board remains confident in Aptitude Software's long-term strategy, a strategy focused on smart compliance and digital finance transformation."
As of 1150 BST, Aptitude shares were up 11.33% at 381.30p.