REG - Advancedadvt Limited - Publication of Admission Document & Trading Update

AdvancedAdvTAnnouncement

08/01/2024 07:00

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RNS Number : 8672Y  Advancedadvt Limited  08 January 2024

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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 £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 financial 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 £3.5 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 £97.9 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 (http://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 and Broker)  Tel: 020 7496 3000
 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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