Microgen PLC Trading Update (5809F)
30 October 2018 - 6:00PM
UK Regulatory
TIDMMCGN
RNS Number : 5809F
Microgen PLC
30 October 2018
microgen
www.microgen.com
30 October 2018
TRADING UPDATE
Microgen plc (LSE: MCGN) has continued to make good progress in
the second half of the year.
Aptitude Software has achieved further success with its
strategically important Aptitude Insurance Calculation Engine
('AICE'), an application which enables insurers to address the
requirements of IFRS 17, an accounting standard focussed on
insurance contracts and effective for accounting periods commencing
on 1 January 2021. Building on the previously announced new
business contracts for AICE in the first half of the year, in
September the application was licenced to an existing Aptitude
Accounting Hub user, a major global reinsurer headquartered in
Europe, demonstrating the opportunity to increase Aptitude
Software's footprint within existing clients as the suite of
Aptitude Software's applications grows. The business has a number
of additional very well qualified material opportunities for AICE
in Asia, Europe and North America.
Aptitude Software has also made further progress with its
Aptitude Lease Accounting Engine ('ALAE'), an application which
allows organisations to address the requirements of IFRS 16 / ASC
842, the new lease accounting standards effective for accounting
periods commencing on or after 1 January 2019. A number of new
business sales for this application, provided as Software as a
Service, have been completed in recent months. The leverage of the
cloud platform acquired with the 2017 RevStream acquisition to
Aptitude Software's core applications continues to be of great
benefit to the business. RevStream sales activity remains strong
with further sales expected in 2018 to build on the new business
successes for this application in the first half of the year.
Microgen Financial Systems has achieved new business success for
its leading Microgen 5Series application focussed on the Trust
& Fund Administration market. New clients have been secured in
both the Caribbean and Europe in the second half of the year with a
number of further opportunities being progressed.
The Board expects the Group to meet management expectations for
2018. The outcome has only a limited amount of dependency on new
business to be won during the remainder of the year.
The Board further announces that Simon Baines has stepped down
with immediate effect as Chief Executive Officer of Microgen
Financial Systems, a board position of Microgen plc. Simon Baines
will leave the employment of the Group in April 2019 to pursue
other opportunities.
Microgen Financial Systems, as one of the Group's two software
businesses, contributed 29% of Microgen plc's 2017 revenue. Philip
Wood, Chief Financial Officer of Microgen plc, will assume the role
of Acting Chief Executive Officer of Microgen Financial Systems
whilst a long term successor for the role is identified for this
business. Tom Crawford continues in his role as Chief Executive
Officer of the Group's Aptitude Software business.
Information in relation to payments to be made to Simon Baines
will be included in a statement on the Company's website in
accordance with Section 430(2B) of the Companies Act 2006.
Ivan Martin, Non-Executive Chairman of Microgen plc,
commented:
'Simon Baines joined the Group in 2010 to lead the Microgen
Financial Systems business. Under his leadership Microgen Financial
Systems has developed into a leading provider of software to the
Trust & Fund Administration market, overseeing five
acquisitions during his tenure. The Board thanks Simon for his
contribution to the business and wishes him well for the
future.'
Contacts
Ivan Martin, Chairman 0203 880 7100
Philip Wood, Chief Financial Officer 0203 880 7100
Junya Iwamoto, Investec 0207 597 5970
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTMMMZGVLLGRZM
(END) Dow Jones Newswires
October 30, 2018 03:00 ET (07:00 GMT)
Aptitude Software (LSE:APTD)
Historical Stock Chart
From Apr 2024 to May 2024
Aptitude Software (LSE:APTD)
Historical Stock Chart
From May 2023 to May 2024