TIDMADVT
RNS Number : 8672Y
Advancedadvt Limited
08 January 2024
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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE EU REGULATION 596/2014 AS INCORPORATED INTO UK
DOMESTIC LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018
("UK MAR").
8 January 2024
AdvancedAdvT Limited
Publication of Admission Document and Trading Update
AdvancedAdvT Limited (LSE: ADVT, "AdvT", the "Company"), the
international software solutions provider for the business
solutions, healthcare compliance, and human capital management
sectors, will today publish its Admission Document in relation to
the admission of its Ordinary Shares to trading on AIM
("Admission"). Admission is expected to take place and dealings in
the Ordinary Shares to commence on AIM at 8.00 am on Wednesday 10
January 2024.
Vin Murria , AdvancedAdvT's Executive Chairperson, said
"Our strategy is centred around backing sectors characterised by
long term AI, digital transformation, data analytics and business
intelligence trends, that are in early stages of adoption and set
to transform the workplace for professionals over the next few
decades.
"We aim to build a lasting and thriving business by deploying
capital on both M&A and within the platform businesses. We are
actively pursuing opportunities where a blend of management
expertise, enhanced operational performance, increased investment
capital, and a targeted approach to acquisitions can enable growth
and value creation for stakeholders.
"We are already making good progress with the recently acquired
platform businesses and with some GBP 97.9 million of cash and
assets and our experienced management team, are well positioned to
exploit the numerous opportunities in the rapidly growing and
evolving AI and digitally led landscape."
Update on Current Trading and Prospects
The Admission Document includes, inter alia, the following
update on current trading and prospects.
Four of the businesses acquired from Capita plc (the "Acquired
Companies") operate across two fundamental business
transformational areas: business solutions and healthcare
compliance, and human capital management.
Through these core specialisms, AdvT delivers innovative
software solutions and a platform for businesses and organisations
to enable artificial intelligence, digital transformation, data
analytics and business intelligence.
In the short period since the acquisitions of the Acquired
Companies, AdvT has undertaken a comprehensive assessment of each
of the businesses and their market opportunities. Avenues for
deploying nancial and operational resources and investments to
enhance the organic growth of AdvT have been identified.
As previously announced, the Company has conditionally agreed to
the disposal of Synaptic, for a cash enterprise value of GBP3.5
million, the fifth businesses acquired from Capita . The disposal
is subject to FCA approval.
The business solutions and healthcare compliance segments, IBSS
and CHKS, have strategically realigned to place a heightened
emphasis on the customer and their evolving needs and to deliver
value-driven software and digital solutions. This pivot has helped
secure a multitude of new compliance clients while performing
consistently with the management's projections.
Within the human capital management operations, Retain and WFM,
AdvT successfully onboarded several new customers onto its SaaS
platform. Additionally, the Company has already begun investing in
new product offerings and roadmap features and functionality.
As anticipated, AdvT is observing positive digitalisation trends
across both business solutions and healthcare compliance
operations. The recently launched automated clinical coding
solution has been adopted by the first customer, with a pipeline of
further opportunities being built. Moreover, there's an increasing
demand for the digital services and solutions, out of the
Ireland-based operations.
Similarly, the human capital management operations are
experiencing positive digitalisation trends. New and existing
clients are embracing the cloud-based resourcing SaaS platform,
enabling simplification and best practise processes, alongside the
uptake of AI functionality in the Company's resources suitability
engine introduced in the latest releases.
AdvT has begun investing in system enhancements to bolster its
growth strategy and is currently advancing well-defined plans and
executing actions to transition these services and systems onto its
new platforms.
M&A is a core part of AdvT's strategy and there has been a
notable increase in inbound opportunities. The Board will continue
to evaluate these against its acquisition criteria.
Overall, AdvT's performance for the six months ended 31 December
2023 aligned with the Board's expectations.
As of 31 December 2023, AdvT held GBP97.9 million in cash and
assets, excluding the proceeds from the disposal of Synaptic.
Reporting
AdvT expects to report its results for the six months to 31
December 2023 in March 2024.
AdvT will change its financial year end from 30 June to 28
February (or 29 February, if applicable) and will report its
audited results for the eight months to 29 February 2024 in early
Summer 2024.
Admission Document
AdvT's AIM Admission Document will be available on the Company's
website at www.advancedadvt.com .
Singer Capital Markets Advisory LLP will be appointed Nominated
Adviser to the Company upon Admission.
Unless otherwise indicated, capitalised terms in this
Announcement have the meaning given to them in the Admission
Document.
Enquiries:
AdvancedAdvT Limited
Vin Murria, Chairperson c/o Meare Consulting
Gavin Hugill, Chief Financial Officer
Singer Capital Markets (Nominated Adviser Tel: 020 7496 3000
and Broker)
Philip Davies / Asha Chotai / Sam Butcher
KK Advisory (Investor Relations) Tel: 020 7039 1901
Kam Bansil
Meare Consulting
Adrian Duffield Tel: 07990 858548
Note to Editors
AdvancedAdvT Limited (AdvT) provides software solutions and
platforms across two business transformational areas: business
solutions & healthcare compliance, and human capital
management.
The Group's operations are IBSS (financial management software),
CHKS (AI based healthcare intelligence compliance and accreditation
software), Retain (global resource planning and talent management
software) and WFM (workforce management software provider).
AdvT is an agent for change. The Group enables the delivery of
Artificial Intelligence ("AI"), data analytics and business
intelligence, all of which are key future drivers for growth in
these sectors where long term digitisation trends are set to
transform the workplace for professionals.
AdvT is developing both organically and through acquisitions, by
expanding its presence across adjacent markets, geographical
boundaries and digital sectors.
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