Microgen PLC Notice of Results and Business Update (9974U)
25 January 2017 - 6:00PM
UK Regulatory
TIDMMCGN
RNS Number : 9974U
Microgen PLC
25 January 2017
microgen
www.microgen.com
25 January 2017
BUSINESS UPDATE & NOTICE OF RESULTS
Microgen plc ('Microgen' or 'the Group') anticipates issuing its
preliminary results for the year ended 31 December 2016 on 8 March
2017.
The Group made excellent progress in the second half of 2016 in
line with its declared strategy. The highlight for the Group was
the continued progress of the Aptitude Software business which
entered into ten contracts in 2016 with new clients located across
Europe, North America and Asia (new market) resulting in an
increase during the year of approximately 40% in Aptitude
Software's year end on-going recurring revenue base.
The Microgen Financial Systems business continued to develop its
focus on the Trust & Fund Administration ("T&FA") market in
2016 with the integration of the May 2016 acquisition of Infoscreen
progressing in line with expectations. As a result of both organic
growth and the benefit from the recent add-on acquisitions,
T&FA revenues in 2016 represent in excess of 50% of Microgen
Financial Systems' revenues.
At 31 December 2016, the Group had gross cash of GBP23.8 million
(2015: GBP18.6 million) and net funds of GBP13.6 million (2015:
GBP5.4 million) following net corporate cash outflows of GBP1.5
million in 2016 (dividends of GBP2.5 million, GBP1.4 million net
acquisition costs and GBP2.4 million property proceeds).
Contacts
Ivan Martin, Chairman 020-7496-8100
Philip Wood, Chief Financial Officer
Darius Alexander, FTI Consulting 020-3727-1063
This information is provided by RNS
The company news service from the London Stock Exchange
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