TIDMAPTD
RNS Number : 6735G
Aptitude Software Group PLC
28 July 2021
28 July 2021
APTITUDE SOFTWARE GROUP plc
('Aptitude Software' or 'the Group')
Interim Results for the six months ended
30 June 2021
Aptitude Software Group plc (LSE: APTD), a specialist provider
of finance transformation and automation software, reports its
unaudited results for the six months ended 30 June 2021.
Financial Highlights
Six months ended 30 June 2021 2020 % Change
Annual Recurring Revenue (1) at 30 June GBP32.2m GBP29.1m(2) +11%
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* Software and subscription revenue GBP16.7m GBP14.7m +14%
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* Implementation and solution management services
revenue GBP10.9m GBP14.4m -24%
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Total Revenue GBP27.6m GBP29.1m -5%
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Cash and cash equivalents GBP46.8m GBP30.9m +51%
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Adjusted Operating Margin 18.5% 17.5% +1%
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Adjusted Operating Profit(3) GBP5.1m GBP5.1m -
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Statutory operating profit GBP4.7m GBP4.5m +4%
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Interim ordinary dividend per share 1.8p 1.8p -
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-- Continued new business success across all the Group's key
regions and strategic products driving year on year growth in
Annual Recurring Revenue ('ARR') of 11% on a constant currency(2)
basis
-- Software and subscription revenue, the strategic focus of the
Group, grew 14% to GBP16.7 million (H1 2020: GBP14.7 million),
representing 61% of total revenue (H1 2020: 51%) for the six months
ended 30 June 2021
-- Adjusted Operating Profit of GBP5.1 million (H1 2020: GBP5.1
million) ahead of the Board's forecasts for the first half, driven
by the strengthening of implementation services revenue above
forecast, leading to an increase in profit expectations for the
full year of approximately 10%
-- Strong balance sheet with cash of GBP46.8 million (H1 2020:
GBP30.9 million), net funds(5) of GBP45.4 million (H1 2020: GBP29.2
million (5) ) and no bank loans. This financial strength positions
the business well for acquisition opportunities whilst also
providing confidence to our clients and prospects
-- Interim dividend of 1.8 pence per share (H1 2020: 1.8 pence per share)
Strategic and Operational Highlights:
-- A number of multi-year subscription agreements signed with
insurers for the use of Aptitude Insurance Calculation Engine and
Aptitude Accounting Hub to drive strategic compliance in addition
to providing the foundation for wider finance automation
-- Continued new business success with Aptitude Revenue
Management, a product well positioned to address the demands of the
subscription economy; including a growing number of clients in new
industry verticals, increasing the size of Aptitude Software's
addressable market
-- Continued upsell within the client base, including both the
sale of new products and Solution Management Services
-- Increased levels of activity in all regions, a trend first
experienced in North America in Q4 2020, although some sales cycles
remain extended due to the impact of the pandemic
-- Further growth in the proportion of clients adopting
Software-as-a-Service ('SaaS'), capitalising on the increasing
stimulus for organisations to undertake finance transformation in
the cloud. SaaS subscription fees now account for 26% of the total
ARR on 30 June 2021 (30 June 2020: 19%)
-- The partner programme, a key source of new business
opportunities in all regions, continues to progress with further
partner enablement achieved in the first half of the year
-- Continued investment in the Aptitude Innovation Centre in
Poland, an increasing focus of activity for the Group
Commenting on the results, Jeremy Suddards, Chief Executive
Officer, said:
'The Group made continued strategic and operational progress in
the first half of 2021 with all key products and regions
contributing to a good new business performance, capitalising on
the accelerated move to the cloud. Particular success was achieved
with the insurance market in both APAC and Europe as a more typical
business environment returned in those markets.
Aptitude Software continues to benefit from a focused portfolio
of product and service offerings, a now established SaaS
capability, increasing worldwide presence and a strengthening
partner network. With ever increasing stimuli for organisations to
drive greater automation into their finance functions, these assets
and capabilities position the Group well to be able to fully
realise the growing opportunity ahead in both its existing
verticals as well as in new sectors.'
Contacts
Aptitude Software Group plc
Ivan Martin, Chairman 020-3687-3200
Jeremy Suddards, Chief Executive Officer
Philip Wood, Deputy Chief Executive Officer and Chief Financial
Officer
Alma PR
Caroline Forde, Sam Modlin 020-3405-0205
About Aptitude Software
Aptitude Software's innovative solutions address the growing
trend for finance automation, whether part of a broad digital
finance transformation by a client or to address specific
regulatory requirements. Our various products take data from
complex systems, typically with multiple siloed data sources across
multiple business entities, automate complex accounting
calculations and create a unified view of finance. This allows our
clients to reap numerous benefits including significant
efficiencies, business insights, enhanced control and regulatory
compliance.
Our clients include some of the world's largest companies,
typically organisations with complex financial data and technology
landscapes. Development, together with a growing number of other
services, continues to be performed at the Aptitude Innovation
Centre in Poland with sales, support and implementation services
provided from Aptitude Software's offices in London, North America
and Singapore.
www.aptitudesoftware.com
Throughout this announcement:
(1) Annual Recurring Revenue ('ARR') is the value of Aptitude
Software's software and subscription recurring revenue at a
specific point in time, normalised to a one-year period. ARR
includes recurring revenues contracted but yet to commence and
excludes recurring revenues which are currently being received but
are known to be terminating in the future.
(2) Constant currency is calculated by comparing the H1 2021
results with H1 2020 results retranslated at the rates of exchange
prevailing during H1 2021. Items within the Financial Highlights
table indicated by this superscript reference are calculated on a
constant currency basis.
(3) Adjusted Operating Profit, Adjusted Operating Margin and
Adjusted Basic Earnings per Share exclude non-underlying operating
items, unless stated to the contrary. Further detail in respect of
the non-underlying operating items can be found within Note 6.
(4) Net retention is the total value of on-going Annual
Recurring Revenue at the period-end from clients in place twelve
months earlier as a percentage of the opening Annual Recurring
Revenue from those clients on a constant currency basis
(5) Net funds represents cash and cash equivalents less finance
obligations, which are currently limited to capital lease
obligations
Certain non-IFRS financial measures (e.g. Adjusted Operating
Profit) are included which assist management in comparing
performance on a consistent basis
Overview
Aptitude Software made both strategic and operational progress
in the first half of 2021 as the Group's key markets continued to
recover from the disruption caused by the onset of the pandemic in
2020.
The Group achieved a good number of new business wins and
contract expansions in the insurance and technology, media and
telecom ('TMT') sectors, with all key products and regions
contributing . These additions led to Annual Recurring Revenue
increasing to GBP32.2 million on 30 June 2021, representing year on
year growth of 11% on a constant currency basis (31 December 2020:
GBP30.9 million, 30 June 2020: GBP29.1 million, both restated for
the prevailing exchange rates on 30 June 2021).
Benefitting from the launch of the Aptitude Accounting Hub and
Aptitude Insurance Calculation Engine as SaaS offerings in the
second half of 2020, the Group has continued to capitalise on the
strategic trend towards SaaS with nearly all new clients now
contracting for this service. Supplementing these new business
successes is the growth of the Group's Solution Management Services
('SMS') offering which, whilst not included within the Group's
Annual Recurring Revenue, are recurring in nature. During the first
half of the year a number of multi-year agreements have been
secured for this service with existing clients, across all key
products and markets.
Continued strengthening of the Group's high-quality partner
network has also been achieved. In addition to an increase in
pipeline generation from partners, with particular progress in
Asia, a number of new organisations have been enabled to implement
Aptitude Software's products for the first time, providing our
clients with an increasing choice of partners with whom to
implement the Group's technology. Whilst future growth in the
demand for services is expected to be increasingly fulfilled by the
Group's strengthening partner network, revenue generated in 2021
from Aptitude Software's own implementation services capability is
expected to increase ahead of previous expectations as demand
strengthens, particularly from the existing client base. This
strengthening of implementation services revenue is anticipated to
increase 2021 profits ahead of the Board's prior expectations by
approximately 10%.
Aptitude Software, with its focused portfolio of product and
service offerings, increasing worldwide presence and strengthening
partner network is well positioned and the Board looks forward to
the year ahead with confidence.
Corporate Strategy
Aptitude Software's strategy is focused on providing innovative
software to the office of the CFO within large international
businesses.
The Group undertook a number of strategic activities during the
first half of 2021, with details of these provided in the sections
below. These activities are focused on driving an acceleration of
growth in the software and subscription revenues which now
represent 61% of overall revenue (H1 2020: 51%). The growth in the
proportion of such revenues in the business will, in due course,
lead to both an increase in operating margins, given the higher
margins achievable from these recurring revenues, and even greater
future revenue visibility.
Market Drivers and Opportunities
The three market drivers of smart compliance, finance automation
and finance transformation in the cloud continue to provide a
significant opportunity for the business with the benefits of the
Group's technologies being increasingly recognised both in our
current industries and in adjacent verticals . The Group's revenue
management products in particular are well positioned to address
the fast growing subscription economy, a business model that is
expanding into a number of new sectors for the first time.
In addition to the opportunity for the Group's technology in new
verticals, the addressable market in North America continues to
grow. North America is already Aptitude Software's largest source
of revenue, and is the market experiencing the fastest move to
finance automation and benefitting from the most developed partner
network. Given these dynamics, North America will increasingly be a
focus for future Go-to-Market investment in the Group.
Software-as-a-Service ('SaaS') Progression
The Group has continued to successfully leverage its established
SaaS capabilities during the first half of 2021, securing new
multi-year agreements with several organisations. The successes
achieved are underpinned by the ability of the business to deploy
all its key products as SaaS offerings, capitalising on the
accelerated move to the cloud that the industry continues to
experience.
Nearly all new clients now choose to deploy the Group's software
in this way leading to SaaS subscription fees as a proportion of
Annual Recurring Revenue increasing to 26% on 30 June 2021 (H1
2020: 19%). Whilst there are some existing on-premise clients
planning to migrate to SaaS, a material movement is not anticipated
in the short term given the investment in clients' infrastructure
supporting our technology.
Partner Network
The growth and development of Aptitude Software's high-quality
partner network, which includes deepening relationships with the
Big 4 accounting firms, continues to be a strategic priority.
Whilst many prospects are sourced directly by the Group's own sales
and marketing teams, the global reach of our partners and the depth
of their relationships with large businesses provide Aptitude
Software with an increasing number of advanced opportunities,
enhanced market coverage and intelligence.
In addition to the new business benefits provided by the partner
network, the implementation expertise and capabilities of our
partners supports the Group's strategic drive to increase software
and subscription fees faster than its services, leading to a richer
revenue mix. During the first half of 2021, a number of new
organisations have been enabled to implement Aptitude Software's
products for the first time, providing our clients with an
increasing choice of partners with whom to implement the Group's
technology.
Acquisitions
Aptitude Software's corporate strategy is focused on organic
growth, however, the Group's strong financial position, together
with its experience of successfully identifying and integrating
acquisitions, provides the Group with the opportunity to accelerate
growth. During the first half of 2021, the business increased its
acquisition activity with the development of a pipeline of actively
monitored opportunities which fit the criteria of accelerating the
product strategy and/or providing entry into adjacent markets for
the Group where its core product suite could meet further
demand.
Aptitude Innovation Centre
Investment continues in the team at the Aptitude Innovation
Centre, our long-established integrated centre of excellence in
Poland which continues to be a material differentiator for the
Group. As well as now encompassing the development of the Group's
entire product suite, the Aptitude Innovation Centre is the Group's
technology headquarters having become an increasing focal point for
the Group's cloud operations, support activities and growing
Solution Management Services offering.
Headcount at the Aptitude Innovation Centre increased by 10%
during the first half of 2021 to 178, a trend expected to continue
into 2022 and beyond as investment in the evolution of our
technology increases to support the evolving market
requirements.
In order to facilitate this continued growth and further
encourage effective collaboration and innovation, the Group has
commenced a search to locate a new modern facility for the Aptitude
Innovation Centre close to our existing premises in Wroclaw,
Poland.
Our People
Aptitude Software's continued progress has been achieved through
the exceptional quality of its people. The team is very talented,
committed and works incredibly hard. The Board wishes to thank its
employees for both their outstanding commitment and the continued
excellent support they are providing to the business and to our
clients and partners.
Aptitude Software continues to progress its approach to
diversity and inclusion and has established an advocacy group with
representation from across our global team. The business is
committed to creating a work environment that supports everyone to
flourish and our Diversity and Inclusion Advocacy Group will be
responsible for shaping and supporting our ambition and objectives
in this important area.
To ensure the Group continues to attract and retain the most
talented of individuals, the business has continued to build on the
investments in our people which were initiated in the prior year. A
particular highlight of this programme is the further strengthening
of the Group's training and enablement function and roll out of a
new Learning Management System to support our employees, clients
and partners.
Our employees have shown tremendous resilience during the
pandemic and have worked very effectively from home during this
period. With restrictions easing or ending in many of our global
locations the Group is now looking forward to a more normal working
environment. Following extensive consultation with its employees,
Aptitude Software is adopting a hybrid way of working, combining
the successfully implemented remote working framework in place
during the pandemic with a level of office presence to ensure we
foster both collaboration and social interactions, which are so
important both for the sparking of innovations but also the mental
well-being of our people.
Our Products
Aptitude Accounting Hub
The Group continues to leverage the capabilities of the Aptitude
Accounting Hub ('AAH'), securing new agreements with a number of
organisations as they seek to automate and transform their finance
functions.
Supplementing this new business growth was the entry into a
strategic contract to licence AAH concurrently with the Aptitude
Insurance Calculation Engine to the insurance business of an
existing major European banking client.
The opportunity for AAH remains significant across all our key
industries and is central to Aptitude Software's approach in
addressing our clients need to drive finance automation to continue
the transformation of their finance functions . The application
centralises and automates finance, accounting and reporting
processes, creating a deep level of operational intelligence for
our clients. It also delivers a consolidated, yet highly granular,
single view of financial data which enhances business insights to
enable decision making. AAH can be used on a standalone basis or in
conjunction with other Aptitude Software applications. Clients can,
and do, choose to implement AAH either before, at the same time, or
after the implementation of a specialised accounting calculation
engine such as Aptitude Revenue Management.
Aptitude Revenue Management
The Group's two revenue management applications, Aptitude
Revenue Recognition Engine and Aptitude RevStream, collectively
Aptitude Revenue Management ('ARM'), have continued to make good
progress in the first half of 2021. Aptitude RevStream, in
particular, continues to achieve new business success with a
highlight in the first half of the year being a sale to a North
American telco.
The two applications within ARM enable finance teams to further
automate their revenue management functions to address the demands
of the subscription economy , with the market opportunity now
extending beyond our current industries into adjacent verticals
including high-tech advanced industries and medical devices.
The applications simplify the whole revenue lifecycle, from
contract order to revenue recognition, reporting and forecasting
and go significantly beyond core IFRS 15 / ASC 606 compliance to
allow total control over complex revenue management for all
contract types ranging from subscription-based revenue models to
complex multi-part or bundled contracts. This capability allows
businesses to understand and control centrally the financial impact
of all their commercial propositions, the quality of their revenue
types as well as providing new and valuable insights to support
future business decision making such as the introduction of new
products in different markets.
Aptitude Insurance Calculation Engine
Further progress with the Aptitude Insurance Calculation Engine
('AICE'), the application addressing the requirements of IFRS 17
(effective for accounting periods commencing 1 January 2023), has
been achieved in the first half of 2021. In addition to the entry
into a licence agreement with the insurance business of a leading
European Bank, a multi-year subscription agreement was signed with
a global insurer for the use of the Group's IFRS 17 Comply
application, a simplified and pre-configured package of the
existing IFRS 17 solution designed to provide a faster and more
efficient path to IFRS 17 compliance, the first deal of its
kind.
AICE is a strategic, transformational investment providing value
to an insurer beyond compliance. It enables data insights and
decision support delivering long-term business benefits.
Development of the product has continued in the first half of year
with a number of new innovative capabilities being added,
particularly in the area of simulation and forecasting, these
capabilities are expected to expand the footprint with existing
accounts.
The compliance-focused elements of the application mean that,
with the effective date of IFRS 17 adoption moving closer, an
acceleration in prospect activity has been seen particularly with
small and mid-sized participants who have yet to finalise their
plans.
Our Services
Implementation Services
Aptitude Software provides implementation services to its
clients, with the scale of such services depending on the nature of
the application, the size of the opportunity and the balance of
responsibilities between Aptitude Software and its partners. The
business continues to expand the enablement of its partner network
to facilitate their ability to implement Aptitude Software's
product suite reliably and efficiently. Whilst this enablement will
lead to a greater proportion of services being provided by
partners, it remains important to maintain a high quality delivery
capability to ensure that the Group can continue to support its
partners and provide its expertise to those clients who wish to
receive our services directly.
Whilst below prior year levels, demand for Aptitude Software's
own implementation services in the short and medium term is higher
than the Board's previously lowered expectations, particularly from
the existing client base.
Solution Management Services
The Group's Solution Management Services ('SMS') continue to
grow providing Aptitude Software with managed services revenue
which is recurring in nature and typically contracted on multi-year
agreements. SMS revenues are currently not included within the
Group's Annual Recurring Revenue.
Whilst the majority of overall services revenue is associated
with the implementation of Aptitude Software's applications, there
is a growing percentage of revenues derived from Solution
Management Services, with multiple Aptitude Accounting Hub,
Aptitude Insurance Calculation Engine and Aptitude Revenue
Management clients contracting for this service across the Group's
key sectors and geographies. During the first half of 2021, a
number of further successes were achieved including the entry into
a material multi-year agreement with an Aptitude Lease Accounting
Engine client, the first of its kind.
This service extends the responsibilities of Aptitude Software
beyond traditional software maintenance services to include those
that have typically been performed by the clients' own IT teams.
These include the monitoring of system performance, user
administration, release management and functional enhancements. The
team providing these remote services to our clients is now of
critical mass and able to provide efficiencies to our clients.
Clients benefit from the reduced requirement to establish internal
technical teams focused on our complex applications allowing them
to focus on their core business activities. We expect the service
(which continues to be a focus of investment in the business) to
enhance the operation and longevity of applications within major
clients, while the long term and recurring nature of the associated
income is expected to provide greater certainty and visibility to
the Group's services revenues.
Financial Performance
The Group delivered a strong financial performance in the
period, with continued growth in SaaS revenues supported by a
greater than anticipated level of implementation services revenue.
Customer retention rates remained high and ARR grew despite the
disrupted markets.
The strength of the Group's balance sheet, high levels of
recurring revenue and strong cash generation provide the Group with
considerable financial strength with which to execute on its growth
strategy.
Revenue
Software and Subscription Revenues
Aptitude Software's Annual Recurring Revenue ('ARR') at 30 June
2021 totalled GBP32.2 million (31 December 2020: GBP30.9 million,
30 June 2020: GBP29.1 million, both restated for the prevailing
exchange rates at 30 June 2021), representing year on year growth
of 11% on a constant currency basis. This result, achieved in
disrupted markets, provides the Group with confidence of a return
to its historically higher growth rate once the effects of the
pandemic, particularly experienced in the middle quarters of 2020,
are over.
ARR is the key financial metric for the Group. Included within
ARR are Aptitude Software's annual licence fees and maintenance for
its on-premise clients and subscription fees for the Group's SaaS
clients. The proportion of clients deploying software using SaaS
has continued to grow with SaaS subscription fees accounting for
26% of the total ARR on 30 June 2021 (30 June 2020: 19%).
Highlighting the expansion of our existing customer
relationships, net retention in the 12 months to 30 June 2021 was
102% (H1 2020: 101%) (measured by the total value of on-going ARR
at the period-end from clients in place twelve months earlier as a
percentage of the opening ARR from those clients on a constant
currency basis).
Software and subscription revenues recognised in the six months
ended 30 June 2021 increased by 14% to GBP16.7 million (H1 2020:
GBP14.7 million). These now represent 61% of overall revenue (H1
2020: 51%). It is a key part of the Group's strategy to increase
this percentage whilst maximising the growth rate of Aptitude
Software's ARR, a strategy which in due course will lead to growth
in operating margin given the margin differential between software
and services revenues.
Implementation and Solution Management Services
Services revenue totalled GBP10.9 million for the six months
ended 30 June 2021 (H1 2020: GBP14.4 million) of which 86% is
attributable to the implementation of our software with the balance
of 14% generated from Solution Management Services which, whilst
not included in the Group's Annual Recurring Revenue, are recurring
in nature. Implementation services revenues were stronger than the
previously lowered expectations due to greater than anticipated
demand from the Group's existing client base.
Research and Development Expenditure
Total expenditure on product management, research and
development in the six months ended 30 June 2021 increased to
GBP4.4 million (H1 2020: GBP3.8 million) as the Group continues to
invest in the evolution of our technology through the growth in
both new and existing product development teams.
The Board has continued to determine that none of the internal
research and development costs incurred during the first half of
the year meet the criteria for capitalisation. Consequently, these
have been expensed as incurred through the income statement.
Operating Profit and Margins
Adjusted Operating Profit for the six months ended 30 June 2021
was ahead of the Board's expectations at GBP5.1 million, driven by
the strengthening of implementation services revenue above forecast
(H1 2020: GBP5.1 million). Operating profit on a statutory basis
was GBP4.7 million (H1 2020: GBP4.5 million). Adjusted Operating
Margin for the period remained resilient at 18.5% (H1 2020: 17.5%)
despite the Group continuing to prioritise investment across a
number of functions.
Foreign Exchange
With 55% (H1 2020: 53%) of the Group's revenues being generated
from North American clients, the majority of which are invoiced in
US Dollars, the financial results are impacted by changes in the US
dollar exchange rate. Aptitude Software's H1 2020 revenue and
Adjusted Operating Profit would have been reported at GBP28.4
million and GBP5.0 million respectively on a constant currency
basis (compared to actual result of GBP29.1 million and GBP5.1
million). Constant currency is calculated by comparing the 2021
results with 2020 results retranslated at the rates of exchange
prevailing during 2021.
Non-Underlying Items
Non-underlying items of GBP0.4 million (H1 2020: GBP0.6 million)
comprises intangible amortisation, with the increased amount in
2020 in relation to the final separation costs incurred as part of
the disposal of the Microgen Financial Systems business.
Taxation
The total tax charge of GBP0.8 million (H1 2020: GBP1.1 million)
represents 17% of the Group's profit before tax (H1 2020: 24%),
with the reduction against the United Kingdom corporate tax rate of
19% and H1 2020 levels due to the Group's ability to receive
additional tax relief on its research and development expenditure.
This additional relief is expected to continue into future
years.
Statutory Results
The Group reported a profit for the period attributable to
equity shareholders of GBP3.9 million (H1 2020: GBP3.5
million).
Earnings per Share
Adjusted Basic Earnings per Share and Basic Earnings per Share
increased to 7.3 pence and 6.8 pence (H1 2020: 6.7 pence and 6.0
pence), growth of 9% and 13% respectively.
Dividend
An interim dividend of 1.8 pence per share is proposed (2020:
1.8 pence). The interim dividend will be payable on 27 August 2021
to shareholders on the register at the close of business on 6
August 2021.
Balance Sheet
The Group continues to have a strong balance sheet with net
assets at 30 June 2021 of GBP53.0 million (H1 2020: GBP48.3
million), including cash of GBP46.8 million (H1 2020: GBP30.9
million), net funds of GBP45.4 million (H1 2020: GBP29.2 million)
and no bank loan. Trade receivables (net) have reduced to GBP6.3
million (H1 2020: GBP10.7 million), a reduction of GBP4.4 million
due to the timing of receipt of annual licence fee and subscription
invoices issued. The growth in the Group's recurring revenues
resulted in deferred income increasing to GBP24.1 million at 30
June 2021 (H1 2020: GBP22.2 million). The Group's cash collection
disciplines remain strong with DSO (debtor days) improving at 30
June 2021 to 35 (H1 2020: 60).
Statement on Principal Risks and Uncertainties
Pursuant to the requirements of the Disclosure and Transparency
Rules the Group provides the following information on its principal
risks and uncertainties. The Group considers strategic, operational
and financial risks and identifies actions to mitigate those risks.
These risk profiles are updated at least annually. The principal
risks and uncertainties detailed within the Group's 2020 Annual
Report remain applicable for the first six months of the financial
year. The Group's 2020 Annual Report is available from the Aptitude
Software website: www.aptitudesoftware.com/investor-relations/
Related party transactions during the period are disclosed in
Note 17.
CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT
For the six months ended 30 June 2021
Unaudited six months ended Unaudited six months ended Audited year ended 31 Dec
30 Jun 2021 30 Jun 2020 2020
Before Before Before
Non-underlying Non-underlying Non-underlying Non-underlying Non-underlying Non-underlying
Note items items Total items items Total items items Total
Continuing
operations GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Revenue 5 27,635 - 27,635 29,129 - 29,129 57,266 - 57,266
Operating
costs 5/6 (22,520) (423) (22,943) (24,034) (563) (24,597) (48,155) (964) (49,119)
--------------- --------------- --------- --------------- --------------- --------- --------------- --------------- ---------
Operating
profit 5/6 5,115 (423) 4,692 5,095 (563) 4,532 9,111 (964) 8,147
Finance
income 5 - 5 50 - 50 61 - 61
Finance
costs (44) - (44) (42) - (42) (100) - (100)
--------------- --------------- --------- --------------- --------------- --------- --------------- --------------- ---------
Profit
before
income
tax 5,076 (423) 4,653 5,103 (563) 4,540 9,072 (964) 8,108
Income tax
expense 7 (914) 123 (791) (1,225) 135 (1,090) (1,585) 514 (1,071)
Profit for
the period 4,162 (300) 3,862 3,878 (428) 3,450 7,487 (450) 7,037
=============== =============== ========= =============== =============== ========= =============== =============== =========
Earnings per share
Basic 8 6.8p 6.0p 12.5p
--------- --------- ---------
Diluted 8 6.8p 5.9p 12.3p
--------- --------- ---------
CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE
INCOME
For the six months ended 30 June 2021
Unaudited Unaudited Audited
six months six months year
ended ended ended
30 Jun 30 Jun 31 Dec
2021 2020 2020
GBP000 GBP000 GBP000
Profit for the period 3,862 3,450 7,037
------------ ------------ --------
Other comprehensive (expense)/income
Items that may subsequently be reclassified
to profit or loss:
Fair value (loss)/gain on hedged
financial instruments (141) 210 45
Currency translation difference (219) 30 (988)
Other comprehensive (expense)/income
for the period, net of tax (360) 240 (943)
------------ ------------ --------
Total comprehensive income for the
period 3,502 3,690 6,094
============ ============ ========
CONDENSED CONSOLIDATED INTERIM BALANCE SHEET
As at 30 June 2021
Unaudited Unaudited Audited
as at as at as at
30 Jun 30 Jun 31 Dec
Note 2021 2020 2020
ASSETS GBP000 GBP000 GBP000
Non-current assets
Property, plant and equipment
including right-of-use assets 11 1,902 2,558 2,394
Goodwill 23,787 23,787 23,787
Intangible assets 5,217 6,063 5,640
Other long-term assets 1,644 1,886 1,472
Income tax assets - - 642
Deferred tax assets 448 703 448
32,998 34,997 34,383
---------- ---------- ---------
Current assets
Trade and other receivables 12 8,606 13,031 7,782
Financial assets
- derivative financial instruments 37 121 62
Current income tax assets 898 1,555 1,161
Cash and cash equivalents 46,759 30,887 44,822
---------- ---------- ---------
Total current assets 56,300 45,594 53,827
---------- ---------- ---------
Total assets 89,298 80,591 88,210
---------- ---------- ---------
LIABILITIES
Current liabilities
Financial liabilities
- derivative financial instruments (250) (28) (133)
Trade and other payables 13 (32,800) (28,641) (33,652)
Capital lease obligations 14 (563) (479) (881)
Current income tax liabilities (245) (206) (247)
Provisions 15 (240) (38) -
(34,098) (29,392) (34,913)
---------- ---------- ---------
Net current assets 22,202 16,202 18,914
---------- ---------- ---------
Non-current liabilities
Capital lease obligations 14 (786) (1,122) (972)
Provisions 15 (196) (404) (441)
Deferred tax liabilities (1,236) (1,358) (1,236)
---------- ---------- ---------
(2,218) (2,884) (2,649)
---------- ---------- ---------
NET ASSETS 52,982 48,315 50,648
========== ========== =========
Unaudited Unaudited Audited
as at as at as at
30 Jun 30 Jun 31 Dec
Note 2021 2020 2020
GBP000 GBP000 GBP000
CONDENSED CONSOLIDATED INTERIM BALANCE SHEET
As at 30 June 2021
SHAREHOLDERS' EQUITY
Share capital 16 4,156 4,140 4,143
Share premium account 16 8,382 7,720 7,828
Capital redemption reserve 12,372 12,372 12,372
Other reserves 33,983 34,289 34,124
Accumulated losses (4,038) (9,570) (6,165)
Foreign currency translation
reserve (1,873) (636) (1,654)
-------- -------- --------
TOTAL EQUITY 52,982 48,315 50,648
======== ======== ========
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN
EQUITY
For the six months ended 30 June 2021
Foreign
Share currency Capital
Share premium Accumulated translation redemption Other
capital account losses reserve reserve reserves Total
GBP000 GBP000 GBP000 GBP000 GBP'000 GBP000 GBP000
Total equity as at
1 January 2021 4,143 7,828 (6,165) (1,654) 12,372 34,124 50,648
----------- --------- ------------ ------------- ------------ ---------- --------
Comprehensive income
Profit for the period - - 3,862 - - - 3,862
Cash flow hedges
- net fair value
losses - - - - - (141) (141)
Exchange rate adjustments - - - (219) - - (219)
----------- --------- ------------ ------------- ------------ ---------- --------
Total comprehensive
income for the period - - 3,862 (219) - (141) 3,502
----------- --------- ------------ ------------- ------------ ---------- --------
Shares issued under
share option schemes 13 554 - - - - 567
Share options - value
of employee service - - 303 - - - 303
Dividends to equity
holders of the company - - (2,038) - - - (2,038)
Total contributions
by and distributions
to owners of the company
recognised directly
into equity 13 554 (1,735) - - - (1,168)
----------- --------- ------------ ------------- ------------ ---------- --------
Balance at 30 June
2021 (unaudited) 4,156 8,382 (4,038) (1,873) 12,372 33,983 52,982
=========== ========= ============ ============= ============ ========== ========
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN
EQUITY
For the six months ended 30 June 2020
Foreign
Share currency Capital
Share premium Accumulated translation redemption Other
capital account losses reserve reserve reserves Total
GBP000 GBP000 GBP000 GBP000 GBP'000 GBP000 GBP000
Total equity as at
1 January 2020 4,128 7,660 (11,149) (666) 12,372 34,079 46,424
----------- --------- ------------ ------------- ------------ ---------- --------
Comprehensive income
Profit for the period - - 3,450 - - - 3,450
Cash flow hedges
- net fair value
gains - - - - - 210 210
Exchange rate adjustments - - - 30 - - 30
----------- --------- ------------ ------------- ------------ ---------- --------
Total comprehensive
income for the period - - 3,450 30 - 210 3,690
----------- --------- ------------ ------------- ------------ ---------- --------
Shares issued under
share option schemes 12 60 - - - - 72
Share options - value
of employee service - - 159 - - - 159
Dividends to equity
holders of the company - - (2,030) - - - (2,030)
Total contributions
by and distributions
to owners of the company
recognised directly
into equity 12 60 (1,871) - - - (1,799)
----------- --------- ------------ ------------- ------------ ---------- --------
Balance at 30 June
2020 (unaudited) 4,140 7,720 (9,570) (636) 12,372 34,289 48,315
=========== ========= ============ ============= ============ ========== ========
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
For the six months ended 30 June 2021
Unaudited Unaudited Audited
six months ended six months ended year ended
Note 30 Jun 2021 30 Jun 2020 31 Dec 2020
GBP000 GBP000 GBP000
Cash flows from operating activities
Cash generated from operations 9 4,212 925 16,238
Interest paid (44) (42) (100)
Income tax received/(paid) 346 (439) 281
Net cash flows generated from operating activities 4,514 444 16,419
----------------- ----------------- ------------
Cash flows from investing activities
Purchase of property, plant and equipment (194) (131) (232)
Interest received 5 50 61
Net cash used in investing activities (189) (81) (171)
----------------- ----------------- ------------
Cash flows from financing activities
Net proceeds from issuance of ordinary shares 16 567 72 183
Dividends paid to company's shareholders 10 (2,038) (2,030) (3,044)
Repayment of capital lease obligations (548) (489) (924)
Net cash used in financing activities (2,019) (2,447) (3,785)
----------------- ----------------- ------------
Net increase/(decrease) in cash and cash equivalents 2,306 (2,084) 12,463
Cash and cash equivalents at beginning of period 44,822 32,965 32,965
(369) 6 (606)
Exchange rate (losses)/gains on cash and cash equivalents
Cash and cash equivalents at end of period 46,759 30,887 44,822
================= ================= ============
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS
1. General information
Aptitude Software Group plc (the 'Company') and its subsidiaries
(together, the 'Group') is a specialist provider of innovative
software to the finance functions of large global businesses.
The Company is a public limited company incorporated and
domiciled in England and Wales with a primary listing on the London
Stock Exchange. The address of its registered office is Old Change
House, 128 Queen Victoria Street, London, England, EC4V 4BJ.
These condensed consolidated interim financial statements were
approved for issue on 27 July 2021.
These condensed consolidated interim financial statements do not
comprise statutory accounts within the meaning of section 434 of
the Companies Act 2006. Statutory accounts for the year ended 31
December 2020 were approved by the Board of directors on 9 March
2021 and delivered to the Registrar of Companies. The report of the
auditors on those accounts was unqualified, did not contain an
emphasis of matter paragraph and did not contain any statement
under section 498 of the Companies Act 2006.
2. Basis of preparation
These condensed consolidated interim financial statements for
the six months ended 30 June 2021 have not been audited or reviewed
by the auditors. The interims have been prepared in accordance with
the Disclosure and Transparency Rules of the Financial Services
Authority and with IAS 34, 'Interim financial reporting' as adopted
pursuant to Regulation (EC) No 1606/2002 as it applies in the
European Union. These condensed consolidated interim financial
statements should be read in conjunction with the annual financial
statements for the year ended 31 December 2020, which have been
prepared in accordance with IFRSs as adopted by the European
Union.
After reviewing the Company's forecasts and projections, the
Directors have a reasonable expectation that the Group has adequate
resources to continue in operational existence for the foreseeable
future. In particular, these forecasts considered the future impact
on the Group of COVID-19 outlined in the overview section. The
Company therefore continues to adopt the going concern basis in
preparing its financial statements.
A scenario testing exercise was also performed for the three
years 2022, 2023 and 2024, with several different sets of
assumptions modelled including some more pessimistic than current
indications may suggest. In all scenarios Aptitude Software remains
comfortably profitable and cash generative in the years under
review,
3. Accounting policies
The accounting policies adopted are consistent with those of the
previous financial statements, except as described below.
Taxes on income in the interim periods are accrued using the tax
rate that would be applicable to expected total annual profits.
New and amended standards and interpretations need to be adopted
in the first interim financial statements issued after their
effective date. There are no new IFRSs or IFRICs that are effective
for the first time for this interim period that would be expected
to have a material impact on the financial statements.
4. Estimates
The preparation of interim financial statements requires
management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported
amounts of assets, liabilities, income and expense. Actual results
may differ from these estimates. In preparing these condensed
consolidated interim financial statements, the significant
judgements made by management in applying the Group's accounting
policies and the key sources of estimation uncertainty were the
same as those that applied to the consolidated financial statements
for the year ended 31 December 2020, with the exception of changes
in estimates that are required in determining the provision for
income taxes.
Fair value estimation
Financial instruments not measured at fair value
Financial instruments not measured at fair value includes cash
and cash equivalents, trade and other receivables, trade and other
payables, and loans and borrowings. However, due to their
short-term nature and ability to be liquidated at short notice
their carrying value approximates to their fair value.
Financial instruments measured at fair value
The fair value hierarchy of the financial instruments measured
at fair value is provided below.
Level 2 inputs
Unaudited Unaudited
six months six months
ended ended
30 Jun 2021 30 Jun 2020
GBP'000 GBP'000
Financial assets
Derivative financial assets (designated hedge instruments) 37 121
37 121
============= =============
Financial liabilities
Derivative financial liabilities (designated hedge instruments) (250) (28)
(250) (28)
====== =====
The derivative financial assets and liabilities have been valued
using the market approach and are considered to be Level 2 inputs.
There were no changes to the valuation techniques used in the year.
There were no transfers between levels during the year.
5. Segmental information
Business segments
The only business segment during both periods presented was
Aptitude Software and therefore certain segmental analysis is not
required.
Geographical segments
The Group has two geographical segments for reporting purposes,
the United Kingdom and the Rest of the World.
The following table provides an analysis of the Group's sales by
origin and by destination.
Sales revenue by origin Sales revenue by destination
Unaudited Unaudited Unaudited Unaudited
six months six months six months six months
ended ended ended ended
30 Jun 2021 30 Jun 2020 30 Jun 2021 30 Jun 2020
GBP000 GBP000 GBP000 GBP000
Continuing operations
United Kingdom 14,526 16,050 3,912 4,729
Rest of World 13,109 13,079 23,723 24,400
27,635 29,129 27,635 29,129
------------- ------------- --------------- --------------
The Group derives revenue from the transfer of goods and
services in the following major categories and geographical
regions, these being the United Kingdom ('UK') and Rest of the
World ('RoW'):
Unaudited six months ended 30 June 2021
Software related revenue Services related revenue
UK RoW Total UK RoW Total Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Revenue from external
clients 2,685 14,047 16,732 1,227 9,676 10,903 27,635
========= ======== ======== ========= ======== ======== =======
Unaudited six months ended 30 June 2020
Software related revenue Services related revenue
UK RoW Total UK RoW Total Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Revenue from external
clients 2,615 12,080 14,695 2,114 12,320 14,434 29,129
========= ======== ======== ========= ======== ======== =======
5. Segmental information
All of the revenue displayed in the above table is recognised
over time in line with the Group's accounting policy detailed on
pages 84 to 87 of the Aptitude Software Group plc 2020 Annual
Report and has been generated from contracts with clients.
The following is an analysis of the carrying amount of
non-current assets (excluding deferred and income tax assets), and
additions to property, plant and equipment and intangible assets
(excluding right-of-use asset additions resulting from property
lease agreements) and intangible assets, analysed by the
geographical area in which the assets are located.
Carrying amount of
non-current assets Capital expenditure
Unaudited Unaudited Unaudited Unaudited
six months six months six months six months
ended ended ended ended
30 Jun 2021 30 Jun 2020 30 Jun 2021 30 Jun 2020
GBP000 GBP000 GBP000 GBP000
United Kingdom 16,497 17,417 37 55
Rest of World 16,053 16,877 157 76
32,550 34,294 194 131
------------- ------------- ------------- -------------
The Company's business is to invest in its subsidiaries and,
therefore, it operates in a single segment.
6. Non-underlying items
Unaudited Unaudited Audited
six months six months year
ended 30 Jun 2021 ended 30 Jun 2020 ended 31 Dec 2020
GBP000 GBP000 GBP000
Continuing operations
Amortisation of acquired intangibles 423 423 846
Group reorganisation costs - 140 118
-------------------
423 563 964
------------------- ------------------- -------------------
7. Income tax expense
Income tax expense is recognised based on management's estimate
of the weighted average income tax rate expected for the full
financial year of 17% (the estimated tax rate for the six months
ended 30 June 2020 was 24%). The reduction against the United
Kingdom corporation tax rate of 19% and H1 2020 levels is due to
the Group's ability to receive additional tax relief on its
research and development expenditure.
During the six-month period to 30 June 2021, the Group received
refunds from the UK tax authority in respect of the benefit it
obtained from additional research and development relief and share
option deductions in prior periods driving the GBP346,000 net tax
receipt for the period.
8. Earnings per share Unaudited
Unaudited six six months Audited
months ended ended 30 Jun year ended
30 Jun 2021 2020 31 Dec 2020
pence pence pence
Earnings per share
Basic 6.8 6.0 12.5
-------------- -------------- -------------
Diluted 6.8 5.9 12.3
-------------- -------------- -------------
Unaudited
Unaudited six six months Audited
months ended ended 30 Jun year ended
30 Jun 2021 2020 31 Dec 2020
pence pence pence
Adjusted earnings per
share
Basic 7.3 6.7 13.2
Diluted 7.3 6.6 13.0
-------------- -------------- -------------
To provide an indication of the underlying operating performance
the adjusted earnings per share calculation above excludes
intangible amortisation and other non-underlying items and has a
tax charge based on the effective rate.
Unaudited
Unaudited six six months Audited
months ended ended 30 Jun year ended
30 Jun 2021 2020 31 Dec 2020
pence pence pence
Basic earnings per share 6.8 6.0 12.5
Non-underlying items 0.5 0.7 0.8
Prior years' tax credit - - (0.1)
Adjusted earnings per share 7.3 6.7 13.2
-------------- -------------- -------------
9. Cash generated from operations
Unaudited Audited
Unaudited six months year
six months ended ended ended
30 Jun 2021 30 Jun 2020 31 Dec 2020
GBP000 GBP000 GBP000
Profit before tax for the period 4,653 4,540 8,108
Adjusted for:
Depreciation 648 823 1,573
Amortisation 423 423 846
Share-based payment expense 303 159 337
Finance income (5) (50) (61)
Finance costs 44 42 100
Changes in working capital:
(Increase)/decrease in receivables (997) (3,512) 1,917
(Decrease)/increase in payables (852) (1,518) 3,484
(Decrease)/increase in provisions (5) 18 (66)
Cash generated from operations 4,212 925 16,238
================== ============= =============
10. Dividends
The interim dividend of 1.8 pence per share (2020: 1.8 pence per
share) was approved by the Board on 27 July 2021. It is payable on
27 August 2021 to shareholders on the register at 6 August 2021.
This interim dividend has not been included as a liability in this
interim financial information. It will be recognised in
shareholders' equity in the year to 31 December 2021. A final
dividend of GBP2,038,000 was paid in May 2021 and relates to the
year ending 31 December 2020 (2020: final dividend
GBP2,030,000).
11. Property, plant and equipment including right-of-use assets
Unaudited Unaudited
six months six months
ended ended
30 Jun 2021 30 Jun 2020
GBP000 GBP000
Opening net book amount 1 January 2,394 3,207
Additions 194 131
Exchange movements (38) 43
Depreciation (648) (823)
Closing net book amount 30 June (unaudited) 1,902 2,558
================== ======================
The Group has not placed any contracts for future capital
expenditure which have not been provided for in the financial
statements.
12. Trade and other receivables
Unaudited Unaudited
six months six months
ended ended
30 Jun 2021 30 Jun 2020
GBP000 GBP000
Trade receivables - net 6,292 10,724
Other receivables 328 672
Prepayments 1,498 1,171
Accrued income 488 464
Closing net book amount 30 June (unaudited) 8,606 13,031
================ ================
Contract assets and contract liabilities only comprise accrued
and deferred income respectively. Within the trade receivables
balance of GBP6,292,000 (30 June 2020: GBP10,724,000) there are
balances totalling GBP484,000 (30 June 2020: GBP2,385,000) which,
at 30 June 2021 were overdue for payment. The reduction of
GBP4,432,000 in trade receivables from prior period levels is due
to the timing of receipt of annual licence fee and subscription
invoices issued. During July 2020, significant receipts totalling
GBP3,900,000 were collected against the total receivables balance
at 30 June 2020.
13. Trade and other payables
Unaudited Unaudited
six months six months
ended ended
30 Jun 2021 30 Jun 2020
GBP000 GBP000
Trade payables 713 620
Other tax and social security
payable 1,720 1,311
Other payables 128 128
Accruals 6,116 4,347
Deferred income 24,123 22,235
Closing net book amount 30 June (unaudited) 32,800 28,641
================== ==================
14. Capital lease obligations
Unaudited
Unaudited six months
six months ended
ended 30 Jun
30 Jun 2021 2020
GBP000 GBP000
Amounts payable under capital
lease arrangements:
Within one year 606 531
Within two to five years 838 1,096
After five years - 114
Total 1,444 1,741
Less: future finance charges (95) (140)
------------- ------------
Present value of lease obligations 1,349 1,601
Less: Amount due for settlement within 12
months (shown under current liabilities (563) (479)
------------
As at 30 June 786 1,122
------------- ------------
14. Capital lease obligations (continued)
Unaudited
Unaudited six months
six months ended
ended 30 Jun
30 Jun 2021 2020
The present value of financial lease liabilities
is split as follows: GBP000 GBP000
Within one year 563 479
Within two to five years 786 1,008
After five years - 114
------------- ------------
1,349 1,601
============= ============
15. Provisions
Unaudited
Unaudited six months
six months ended ended
30 Jun 2021 30 Jun 2020
GBP000 GBP000
At 1 January 441 375
Charged to income statement - 60
Exchange movements (5) 7
--------------------- ---------------------
At 30 June 436 442
===================== =====================
Unaudited Unaudited
six months six months
ended ended
30 Jun 2021 30 Jun 2020
GBP000 GBP000
Current 240 38
Non-current 196 404
At 30 June 436 442
============= =============
GBP 382,000 of the total provision at 30 June 2021 of GBP
436,000 relates to the cost of dilapidations in respect of its
occupied leasehold premises (30 June 2020: GBP442,000).
16. Share capital
Unaudited Unaudited
six months ended six months ended
30 Jun 2021 30 Jun 2020
Ordinary share capital at Number Ordinary Number Ordinary
7 1/3 pence each of shares Shares of shares Shares
000 GBP000 000 GBP000
Issued and fully paid:
Opening balance as at 1 January 56,429 4,143 56,218 4,128
Shares issued under share
option schemes 182 13 160 12
At 30 June (unaudited) 56,611 4,156 56,378 4,140
----------- --------- ----------- ---------
16. Share capital (continued)
Employee share option scheme options exercised during the period
to 30 June 2021 resulted in 182,291 shares being issued (30 June
2020: 159,992). The total net proceeds from the issuance of shares
during the period was GBP567,000 (30 June 2020: GBP72,000) with
GBP13,000 (30 June 2020: GBP12,000) of this being recognised within
share capital, being the nominal value of shares issued. The
remaining amount represents the premium on issue which is detailed
in the table below. The related weighted average share price at the
time of exercise was GBP6.74 per share (30 June 2020: GBP3.73).
Share premium
Unaudited Unaudited
six months six months
ended ended
30 Jun 2021 30 Jun 2020
GBP000 GBP000
Opening balance as at 1 January 7,828 7,660
Movement in relation to share options exercised 554 60
Closing balance as at 30 June (unaudited) 8,382 7,720
============= =============
17. Related party transactions
Transactions between the Company and its subsidiaries, which are
related parties, have been eliminated on consolidation.
During 2020, the Group entered into transactions with a
subsidiary of FDM Group (Holdings) plc, a company for which Peter
Whiting (non-executive Director of Aptitude Software Group plc) is
currently a non-executive Director. FDM Group (Holdings) plc
provided consultancy services to the Group during the six-month
period ended 30 June 2020 at a cost of GBP164,000. No such
transactions have been entered into for the six-month period ended
30 June 2021
There were no other related party transactions during the
six-month period ended 30 June 2021 (30 June 2020: GBPnil), as
defined by International Accounting Standard No 24 'Related Party
Disclosures', except for key management compensation. The related
party transactions for the year ended 31 December 2020 as defined
by International Accounting Standard No 24 'Related Party
Disclosures' are disclosed in note 31 of the Aptitude Software
Group plc Annual Report for the year ended 31 December 2020.
18. Statement of directors' responsibilities
The Directors confirm that these condensed interim financial
statements have been prepared in accordance with International
Accounting Standard 34, 'Interim Financial Reporting', as adopted
by the European Union and that the interim management report
includes a fair review of the information required by DTR 4.2.7 and
DTR 4.2.8, namely:
-- an indication of important events that have occurred during
the first six months and their impact on the condensed set of
financial statements, and a description of the principal risks and
uncertainties for the remaining six months of the financial year;
and
-- material related-party transactions in the first six months and any material changes in the related-party transactions described in the last annual report.
The Directors of Aptitude Software Group plc are listed in the
Aptitude Software Group plc Annual Report for 31 December 2020. A
list of current directors is maintained on the Aptitude Software
Group plc website: www.aptitudesoftware.com/investor-relations/
Copies of this statement are available on the investor relations
page of our website ( www.aptitudesoftware.com/investor-relations/
).
By order of the Board
Philip Wood
27 July 2021
Deputy Chief Executive Officer and Chief Financial Officer
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