REG - Aptitude Software - Interim Results
26/07/2023 07:00
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RNS Number : 1714H Aptitude Software Group PLC 26 July 2023
26 July 2023
APTITUDE SOFTWARE GROUP plc
('Aptitude Software' or 'the Group')
Interim Results for the six months ended
30 June 2023
Aptitude Software Group plc (LSE: APTD), the specialist provider of finance
digitization and subscription management software, reports its unaudited
results for the six months ended 30 June 2023.
Financial Highlights
Six months ended 30 June H1 2023 H1 2022 % Change
Annual Recurring Revenue(1) ('ARR') at 30 June £49.8m £48.2m +3%
- Year-on-Year ARR Growth (Constant Currency(2)) 3% 28%
- Year-on-Year ARR Growth (Organic(3) and Constant Currency(2)) 3% 10%
Recurring Revenue(4) £27.0m £24.4m +11%
Implementation Revenue £10.5m £11.7m -10%
Total Revenue £37.5m £36.1m +4%
Adjusted Operating Profit(5) £4.2m £4.0m +5%
Adjusted Operating Margin(5) 11.2% 11.1% +0.1%
Statutory Operating Profit £1.7m £2.1m -19%
Cash and Cash Equivalents £24.5m £23.6m +4%
Net Funds(6) £12.2m £10.7m +14%
Interim Ordinary Dividend per Share 1.8p 1.8p -
· Year-on-year constant currency growth in ARR of 3%, with the unusually higher
churn levels seen in 2022 persisting in this period for Subscription, Billing
and Revenue Management
· Recurring revenue, a key strategic focus of the Group, grew 11% to £27.0
million (H1 2022: £24.4 million) and now represents 72% of total revenue (H1
2022: 68%)
· Adjusted Operating Profit increased to £4.2 million (H1 2022: £4.0 million),
with focused cost reductions undertaken in the period to underpin the Board's
profit expectations for FY 2023 and improve operating leverage going forward
· Balance sheet strength with cash of £24.5 million (30 June 2022: £23.6
million) and net funds(5) of £12.2 million (30 June 2022: £10.7 million) as
the Group's heritage products continue to generate strong cash returns
Strategic and Operational Highlights:
· First Fynapse go-live successfully achieved with the Telco charter client,
demonstrating the viability of our newest product and marking the first step
in our aspirations for its deployment across prospects and clients
· Ongoing new business success across the Group's strategic products and across
geographical regions
· Go-lives achieved across the base of clients with the Aptitude Insurance
Calculation Engine, with 70% of clients live by the end of H1, underpinning
future revenue opportunity particularly in the Group's solution management
service 'Assure'
· Strengthening pipeline across Aptitude's strategic partnerships and through
traditional avenues with growing confidence in the Fynapse opportunity
particularly, underpinned by the Microsoft partnership, supporting future
revenue growth expectations
· Alex Curran, formerly the Regional Chief Executive Officer for North America,
appointed Acting Chief Executive Officer, with former Chief Executive Officer
Jeremy Suddards leaving the Group
· The Board is confident in delivering profit expectations for FY23, and
believes that the combination of Fynapse's capabilities and the partnership
with Microsoft will be a material accelerator for growth in 2024 and beyond
Commenting on the results, Ivan Martin, Chairman, said: -
'Aptitude is well positioned to realise the opportunities across Finance
Digitalization and Subscription Management. The strategic partnership with
Microsoft to integrate Fynapse and Dynamics 365, in particular, presents a
significant global opportunity for the Group.
Recent changes within the organisation, particularly the appointment of Alex
Curran as Acting Chief Executive Officer, will drive the business to execute
on the growing opportunity presented by its Fynapse platform. Alex brings a
strategic sales focus and long term experience with the Group's clients and
partners that provides a strong platform to higher performance.
Recognising the impact of economic uncertainty, the Board took action to
reduce cost in the first half of 2023 to underpin its profit expectations for
the remainder of the year and increase operational efficiency in future years.
Throughout the period, investment was protected in areas of strategic focus,
including Fynapse and its go to market capabilities.
The Group has demonstrated resilience against the challenging economic
backdrop, continuing to generate new business across each strategic growth
driver and in geographically diverse locations. Aptitude remains financially
robust and has strong revenue visibility, providing a solid foundation for
future growth.'
Contacts
Aptitude Software Group plc
Ivan Martin,
Chairman
020-3687-3200
Alex Curran, Acting Chief Executive Officer
Mike Johns, Chief Financial Officer
Alma PR
Caroline Forde / Hilary
Buchanan
020-3405-0205
Throughout this announcement:
(1) Annual Recurring Revenue ('ARR') is the value of Aptitude Software's
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. Included in ARR are recurring revenues from
the Group's solution management services.
(2) Constant currency is calculated by comparing the H1 2023 results with H1
2022 results retranslated at the rates of exchange prevailing during H1 2023.
Items within the Financial Highlights table indicated by this superscript
reference are calculated on a constant currency basis.
(3) Organic growth excludes the contribution from the acquisition of MPP
Global in October 2021
(4) Recurring Revenue includes, for the first time, revenues from the Group's
solution management services, comparatives have been adjusted accordingly
(5) 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.
(6) 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
About Aptitude Software
Aptitude Software helps complex organisations automate and transform their
financial business models. Our core areas of focus are the accelerating
digitization of the finance function, and the global drive to deploy and
manage subscription offerings. Aptitude Software also continues to support
clients through complex regulations which often form the catalyst for broader
finance transformation.
Aptitude's finance digitization products enable enterprise finance
professionals to improve the speed of their function, enhance the quality of
its outcomes, and do so at a lower cost. Aptitude draws data from complex,
often siloed systems, automate its processing through complex accounting
calculations, and create a unified view of finance. Businesses are left with a
transparent view of their data, delivered at extreme performance and at a
lower cost of ownership improving their finance functions' ability to support
their business objectives.
Aptitude's subscription management products are a rapidly increasingly
critical driver for new and traditional businesses alike, who need to launch
new offerings frequently, in ways which appeal to their customers and allow
them to outperform their peers. Aptitude Software's products power the
acquisition, monetization, and retention of subscribers straight through to
revenue reporting.
Our global client base includes some of the world's largest companies,
typically organisations with complex business models, large volumes of data,
and numerous internal systems. Aptitude Software is headquartered in London,
has a strong and growing North American presence, and is powered by Global
Innovation Centres in Poland and the North West of England. Sales, support and
implementation services are provided from offices in the United States, the
United Kingdom, Canada, and Singapore. www.aptitudesoftware.com
(http://www.aptitudesoftware.com)
Overview
Aptitude Software showed modest revenue and adjusted operating profit growth
in the first half of 2023. The Group maintained investment levels in areas of
strategic focus, most notably in its Fynapse platform and go to market
capabilities, while driving cost efficiencies to underpin profitability for FY
2023.
Overall, ARR increased year-on-year by 3% on a constant currency basis to
£49.8 million on 30 June 2023 (31 December 2022: £50.5 million, 30 June
2022: £48.2 million). As previously announced, ARR growth was moderated by a
combination of higher than usual churn continuing into H1 2023, and elongated
sales cycles as a result of the uncertainty caused by the wider economic
environment and is reflected in the net retention rate of 98% (H1 2022: 103%
organic). Despite a difficult economic backdrop and the impact of certain
customer consolidation, growth from continuing clients has been strong,
particularly through the sale of new Assure contracts. The Group also
generated new business success in each of its strategic products.
The recent first go-live of Fynapse at the US Telco charter client represents
a key milestone in the development and rollout of the platform, with
performance in line with expectations. The Group is confident that Fynapse
will accelerate the Group's growth in the medium and long term whilst also
generating higher gross margins due to the cloud native technologies on which
the platform is built. Fynapse provides differentiated finance digitization
capability to a market in which the Group already has outstanding credentials
with the successful Aptitude Accounting Hub. The Group continues to expand the
capabilities of the platform and is seeing a strengthening pipeline.
The integration of eSuite and the MPP Global team was completed in the early
months of 2023, with operational efficiencies generated through the
combination of both businesses.
The partnership program continues to develop. The Group has been working with
Microsoft in line with its strategic partnership agreement to deeply integrate
Fynapse and Dynamics 365 so that both organisations can present an end-to-end
solution to prospective customers. In addition, work has been progressing to
support and optimise the sale of the combined solution by both parties.
Fynapse is now available on both of Microsoft's online marketplaces, AppSource
and the Azure Marketplace, enabling Microsoft's other partners to work with
the Group to expand customer acquisition opportunities for the product. With
firm foundations in place, the Group is confident that the combination of
Fynapse's capabilities and the partnership with Microsoft will be a material
accelerator for growth in 2024 and beyond.
Investment in product management, research & development in the six months
ended 30 June 2023 increased to £8.6 million (H1 2022: £7.9 million), an
increase of 9%, which is principally related to Fynapse and the effect of
higher inflation on the Group's cost base.
Although headline ARR growth rates have been disappointing in H1 2023, the
Board takes confidence in the work performed to underpin the foundations of
future growth in the first half of the year and is confident that the
performance in 2023 will be in line with its expectations.
Corporate Strategy
Aptitude's strategy is focused on providing innovative finance digitalization
and subscription management software to a growing number of C-suite
stakeholders in a growing number of clients.
Finance digitization allows finance leaders to improve the operational
efficiency of their organisation by streamlining processes and automating
manual tasks, enhance the quality of its outcomes, and do so at a dramatically
lower total cost of ownership for a modern finance function in organisations
that are becoming increasingly complex. Aptitude's products take data from
complex, often siloed systems, automate its processing through complex
accounting calculations, and create a unified view of business performance.
Businesses are left with a transparent view of their finance data, delivered
on a near real time basis and at a lower cost of ownership.
Subscription based revenues are an increasingly critical driver for new
economy and traditional businesses alike. Aptitude's Subscription Management
solutions now power the acquisition, billing, and retention of subscribers
straight through to revenue reporting. With Aptitude Software, businesses can
take new product subscriptions to market quickly, retain their high-value
recurring revenue, and stay ahead of the competition.
Finance Digitization
Market Drivers
Quality of data, speed of reporting and cost continue to be the top drivers on
the CFO's agenda as they are increasingly challenged by the demands of
operating in a digital world with growing complexity, regulatory and cost
pressures. These demands result in an increase in the volume and number of
sources of finance data, and the increasing requirement for decision making to
move at the pace that the business requires. Aptitude's product set is
specifically designed to address these priorities and requirements.
Finance Digitization Products
Fynapse, the Group's next generation digital finance platform, was originally
launched in March 2022 with significant milestones achieved since that launch.
New business success also continues to be achieved with the established
Aptitude Accounting Hub application.
Fynapse is a modular, cloud native, high performance finance platform
addressing an enterprise's need to drive finance digitization to underpin the
transformation of their wider businesses. The platform builds on the
successful Aptitude Accounting Hub, centralising and automating finance,
accounting and reporting processes, creating a deep level of operational
intelligence for our clients. It delivers a brand-new user centric interface
with a consolidated, yet highly granular, view of financial data which
enhances business insights to assist decision making. The capabilities of the
product drive even greater automation of manual accounting processes, reducing
on-going operational costs and driving an improved total cost of ownership for
the finance function.
The modular design and ease of integration also allows the market opportunity
to extend beyond our current industries into adjacent verticals, shortening
implementation cycles and allowing our partner network to implement
efficiently, with minimal risk, and delivering a faster time to value for
enterprise customers.
Fynapse was successfully delivered to the charter client in the US telco
market in 2022 and a multi-year subscription agreement is now in place. The
charter client has made good progress with their implementation, with a
successful go-live achieved in July 2023. Fynapse is delivering significantly
increased processing speeds, efficiency of processing and an enhanced user
experience for the charter client. The go-live of Fynapse at the charter
client demonstrates the effectiveness of Fynapse and reinforces the Group's
confidence in Fynapse's ability to drive future revenue growth.
A strategic global partnership with Microsoft, signed in December 2022, is
expected to be a material contributor to the success of Fynapse globally in
the medium and longer term across all industry sectors. Under this agreement
Fynapse will be the only product available on the market with capabilities
deeply integrated with Microsoft Dynamics 365 Finance and operating on the
Microsoft Azure cloud platform. This combined solution will provide Aptitude
and Microsoft clients with the ability to unify data from various financial
systems to increase scalability, gain the ability to rapidly adopt new
regulations, automate manual processes whilst delivering better business
insights and reduce the cost of the finance function.
In addition to the Microsoft partnership there is a strong interest from large
consultancy firms who are attracted to the open design of Fynapse. This open
design provides partners with the opportunity to co-create and license their
own IP built on the Fynapse platform, further accelerating and differentiating
their services. It is pleasing to report that this capability is proving an
attractive proposition for the Big-4 accountancy firms and is highly
differentiated from the more generalist providers in the market.
The strategic investment continues to enhance the capabilities of Fynapse with
development performed at the Aptitude Global Technology Centre in Wroclaw,
Poland. Investment levels as a proportion of revenue are expected to peak in
2023 before moderating in future years.
The Group has every confidence in the success of Fynapse which is expected to
be a key growth driver for the business in future years.
The Group achieved new business success with the Aptitude Accounting Hub in
the first half of 2023, with the signature of a large European bank. Whilst
further sales of AAH will be achieved, particularly when used in conjunction
with our other regulatory focused applications, we do expect that an
increasing number of clients seeking to automate and transform their finance
function will opt for Fynapse in the future.
Additionally, successful go-lives have been achieved across 70% of Aptitude's
base of clients with the Aptitude Insurance Calculation Engine in the first
half of the year following the arrival of the IFRS compliance deadline, with
the remaining projects continuing to make good progress. A key focus for the
remainder of the year will be upgrading AICE users to Assure, Aptitude's
increasing popular solution management service.
Subscription Management
Market Drivers
The subscription economy is continuing to expand into new sectors as the
benefits of subscription based recurring revenue are increasingly valued more
than traditional non-recurring revenues. The Group has seen this phenomenon in
a broader range of sectors such as high-tech advanced industries, medical
devices and automotive. As organisations move to these business models they
require new systems to manage these subscriptions and require new capabilities
to address the complexities of revenue recognition inherent with complex
subscriptions.
Aptitude's solutions are focused on the needs of the world's largest
companies, organisations with highly complex business models and data
processing requirements which generalist providers are unable to address.
Subscription Management Products
Whilst good levels of new business success and growth of existing accounts
were achieved, overall Annual Recurring Revenue growth was subdued due to an
unusually high level of churn. Impacting all products within Subscription
Management there are several underlying reasons for the elevated level of
terminations, including business failure of some customers and corporate
events which are more prevalent in the markets particularly targeted by the
Subscription Management product set. Whilst there has been a negative impact
from the dynamic nature of the markets that are the focus of the Subscription
Management product set, this dynamism has historically delivered strong
organic opportunities within the existing base and is expected to do so again
in the future.
In the period, new business success was achieved with the sale of eSuite to a
large German publisher. The Group now serves six German publishers with the
eSuite platform, with the DACH region a growing focus for new business
activity. Further new business success has been achieved with AREV in the
period with the signature of a leading consumer products subscription
business.
The eSuite team is now fully integrated with the remainder of the business and benefitting from the expertise and processes of the wider group. This together with the pipeline of new eSuite opportunities and the Annual Recurring Revenue once the recently acquired clients go-live, is expected to lead to an improved performance from this product.
Solution Management Services ('Aptitude Assure')
Aptitude Insurance Calculation Engine clients continued to contract for
Aptitude Assure as they reach their go-live dates. These contracts contributed
to the year-on-year growth of 18% in the Annual Recurring Revenue derived from
Assure to £4.5 million (30 June 2022: £3.8 million).
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 Group's services are provided by a significant pool of
highly skilled individuals, providing deep domain and technical expertise
which is highly valued by our clients and provide a differentiator compared
with our competitors. Demand for implementation services from the Group's
on-going projects has been strong in the first half of the year, with clients
frequently requesting additional services.
Partner Network
The growth and development of Aptitude Software's high-quality partner network
is 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 fees faster
than its services, leading to a richer revenue mix.
An agreement to provide finance automation to a Big-4 accountancy firm's
mergers and acquisitions practice continues to generate strong pipeline. The
agreement enables the organisation to accelerate the post-acquisition
integration of their clients' finance functions.
Whilst the Big-4 accounting firms have global reach, for specific applications
in specific jurisdictions it can be beneficial to work closely with more
specialised partner organisations. The benefits of this approach are
demonstrated by the success the Group is having with eSuite in the German
publishing and Japanese motor manufacturing markets, two markets which would
be challenging to unlock without the assistance of our partners. We are
engaged with these partners on both on-going projects as well as several
additional new business opportunities.
Aptitude Innovation Centres
The Group has maintained the level of investment in its two innovation centres
in Poland and the North West of England. Overall there were 226 employees at
the Innovation Centre in Poland at 30 June 2023 (30 June 2022: 212) with a
further 50 employees (30 June 2022: 47) focused on design, development,
implementation and support based in the North West of England. Investment
remains focused on both Fynapse and eSuite in these two centres.
The Group's talent acquisition team allows the Group to attract new talent to
the business despite increased competition for technologists in both
locations. In the current competitive talent market the Group continues to
invest in its people, including the initiatives described below.
Our People
The Board wishes to thank its employees for the excellent support and
commitment they are providing to the business and to our clients and partners.
Aptitude Software continues to progress its approach to diversity and
inclusion with its established advocacy group with representation from across
our global team. The business is committed to creating a working environment
that recognises diversity, supporting everyone to thrive.
Overall Group headcount has decreased to 524 (31 December 2022: 527, 30 June
2022: 531) with increased investment in Fynapse offset by reductions through
cost efficiency action undertaken in the period.
Focus areas
The Group is focused on delivery of the opportunity within finance
digitization and subscription management.
The focus of the Group is the ongoing development of the additional
capabilities of its Fynapse platform to address the wider market opportunity,
both directly and through our Tier 1 partners, whilst continuing to develop
and progress demand for our new application. In parallel, the Group will
realise the continuing opportunity for Aptitude Accounting Hub for those
organisations which have an immediate requirement for the capabilities of this
application.
Financial Performance
The Group delivered a solid financial performance in the period with growth of
its recurring revenues despite economic headwinds.
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
Recurring Revenues
Aptitude Software's Annual Recurring Revenue ('ARR') at 30 June 2023 totalled
£49.8 million (31 December 2022: £51.6 million, 30 June 2022: £49.1
million) representing overall year-on-year growth of 1%. On a constant
currency basis, overall year-on-year ARR growth was 3% (31 December 2022:
£50.5 million, 30 June 2022: £48.2 million). Included within ARR is the
value of the Group's recurring solution management services contracts
('Assure') (30 June 2023: £4.5 million, 31 December 2022: £4.3 million, 30
June 2022: £3.8 million).
The value of recurring contracts for the Group's solution management service
included within ARR is £4.5 million (31 December 2022: £4.3 million, 30 June
2022: £3.8 million on a constant currency basis).
Net retention in the 12 months to 30 June 2023 was 98% (H1 2022: 103% organic)
(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). The net retention rate in the period
was moderated by higher than usual churn in Subscription, Billing and Revenue
Management.
A significant majority of the Group's recurring revenue contracts include the
ability to increase ARR for clients by relevant consumer price index rises
('CPI'). There are a small number of contracts with variations to this
mechanism which may delay the ability to pass on the full impact of CPI to
clients in the short term. While inflation remains high, many of the Group's
renewals are weighted toward the second half of the year. The increase
attributable to CPI for the period 1 January 2023 to 31 December 2023 is
expected to be higher given continued high inflation, but may moderate should
inflation fall to target levels before the end of the year.
Recurring revenues recognised in the six months ended 30 June 2023 increased
by 11% to £27.0 million (H1 2022: £24.4 million). These now represent 72% of
overall revenue (H1 2022: 68%). 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, the largest
element of recurring revenue, and implementation services.
Implementation Services
Services revenue totalled £10.5 million for the six months ended 30 June 2023
(H1 2022: £11.7 million) Implementation services revenues continued to
benefit from the strong 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 2023 increased to £8.6 million (H1 2022: £7.9 million),
an increase of 9%. The increase in research and development relates to the
ongoing investment in Fynapse and the effect of higher inflation on the
Group's cost base.
The Board has determined 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 2023 was £4.2
million (H1 2022: £4.0m). Operating profit on a statutory basis was £1.7
million (H1 2022: £2.1 million). Adjusted Operating Margin for the six months
ended 30 June 2023 was 11.2% (H1 2022: 11.1%).
Foreign Exchange
With 53% (H1 2022: 51%) 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. The
Group's Annual Recurring Revenue at 30 June 2023 decreased by £1.0 million in
the first half by unfavourable exchange rate movements. Aptitude Software's H1
2022 revenue and Adjusted Operating Profit would have been reported at £36.5
million and £4.1 million respectively on a constant currency basis (compared
to actual result of £36.1 million and £4.0 million). Constant currency is
calculated by comparing the 2022 results with 2023 results retranslated at the
rates of exchange prevailing during 2023.
Non-Underlying Items
Non-underlying items of £2.5 million (H1 2022: £1.9 million) comprises
intangible amortisation and reorganisation costs.
Taxation
The total tax charge of £0.4 million (H1 2022: £0.4 million) represents 22%
of the Group's profit before tax (H1 2022: 19%).
Statutory Results
The Group reported a profit for the period attributable to equity shareholders
of £1.3 million (H1 2022: £1.5 million).
Earnings per Share
Increased investment in the business led to Adjusted Basic Earnings per Share
and Basic Earnings per Share reducing to 5.7 pence and 2.3 pence (H1 2022: 5.2
pence and 2.6 pence).
Dividend
An interim dividend of 1.8 pence per share is proposed (2022: 1.8 pence). The
interim dividend will be payable on 25 August 2023 to shareholders on the
register at the close of business on 4 August 2023.
Balance Sheet
The Group has a strong balance sheet with net assets at 30 June 2023 of £59.6
million (H1 2022: £58.7 million), including cash of £24.5 million (H1 2022:
£23.6 million) and net funds of £12.2 million (H1 2022: £10.7 million).
Trade receivables (net) have decreased to £11.0 million (H1 2022: £14.9
million). Of the balance of £11.0 million, collections following the period
end have totalled £4.2 million. Deferred income decreased to £26.7 million
at 30 June 2023 (H1 2022: £30.1 million), which was primarily a result of a
small number of high value multi-year payments made by clients in 2021 and
2022.
The Group's cash flow is seasonal due to the timing of the invoicing and
collection of the Group's recurring revenue which, together with a weighting
of a number of other payments in the first half of the year (e.g. bonus),
contribute to a weaker cash performance in the first half of any year. Cash
outflow from operating activities in the first half of the year was £0.8m (H1
2022: £3.5m), an improvement partly driven through collection of outstanding
amounts from the end of 2022. Given the seasonality of cashflow the Group is
confident that full year cash flow conversion for 2023 will return to historic
levels.
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 2022 Annual Report remain applicable for the first six
months of the financial year. The Group's 2022 Annual Report is available from
the Aptitude Software website: www.aptitudesoftware.com/investor-relations/
(http://www.aptitudesoftware.com/investor-relations/)
Related party transactions during the period are disclosed in Note 18.
CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT
For the six months ended 30 June 2023
Unaudited six months ended 30 Jun 2023 Unaudited six months ended 30 Jun 2022 Audited year ended 31 Dec 2022
Note Before non-underlying items Non- underlying items Total Before non-underlying items Non- underlying items Total Before non-underlying items Non- underlying items Total
£000 £000 £000 £000 £000 £000 £000 £000 £000
Revenue 5 37,536 - 37,536 36,123 - 36,123 74,394 - 74,394
Operating costs 5/6 (33,300) (2,488) (35,788) (32,121) (1,883) (34,004) (66,887) (3,822) (70,709)
Operating profit 5/6 4,236 (2,488) 1,748 4,002 (1,883) 2,119 7,507 (3,822) 3,685
Finance income 81 - 81 3 - 3 18 - 18
Finance costs (163) - (163) (247) - (247) (498) - (498)
Profit before income tax 4,154 (2,488) 1,666 3,758 (1,883) 1,875 7,027 (3,822) 3,205
Income tax expense 7 (911) 542 (369) (754) 400 (354) (1,481) 871 (610)
Profit for the period 3,243 (1,946) 1,297 3,004 (1,483) 1,521 5,546 (2,951) 2,595
Earnings per share
Basic 8 2.3p 2.6p 4.5p
Diluted 8 2.2p 2.6p 4.5p
CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June 2023
Unaudited six months ended 30 Jun 2023 Unaudited six months ended 30 Jun 2022 Audited year ended 31 Dec 2022
£000 £000 £000
1,297 1,521 2,595
Profit for the period
Other comprehensive income/(expense)
Items that will or may be reclassified to profit or loss:
Cash flow hedges reclassified to income statement (520) - 187
Gain on effective cash flow hedges 739 267 1,445
Deferred tax on cash flow hedges (185) - (335)
Currency translation difference (466) 1,334 1,972
Other comprehensive income/(expense) for the period, net of tax (432) 1,601 3,269
Total comprehensive income for the period 865 3,122 5,864
CONDENSED CONSOLIDATED INTERIM BALANCE SHEET
As at 30 June 2023
Unaudited as at 30 June 2023 Unaudited as at 30 June 2022 Audited as at 31 Dec 2022
Notes £000 £000 £000
ASSETS
Non-current assets
Property, plant and equipment including right-of-use assets 11 4,911 4,250 5,103
Goodwill 46,006 46,006 46,006
Intangible assets 19,430 22,812 21,120
Other long-term assets 1,474 1,451 1,307
Deferred tax assets 423 115 423
72,244 74,634 73,959
Current assets
Trade and other receivables 12 13,312 16,740 12,297
Financial assets - derivative financial instruments 1,558 150 1,339
Current income tax assets 1,488 1,189 1,352
Cash and cash equivalents 24,506 23,611 29,245
40,864 41,690 44,233
Total assets 113,108 116,324 118,192
LIABILITIES
Current liabilities
Financial liabilities
- borrowings 14 (1,250) (938) (1,250)
- derivative financial instruments - (177) -
Trade and other payables 13 (35,001) (38,096) (38,146)
Capital lease obligations 15 (424) (329) (553)
Current income tax liabilities (74) (353) (119)
Provisions 16 - - (114)
(36,749) (39,893) (40,182)
Net current assets/(liabilities) 4,115 1,797 4,051
Non-current liabilities
Financial liabilities - borrowings 14 (7,733) (8,959) (8,347)
Capital lease obligations 15 (2,921) (2,679) (3,196)
Provisions 16 (211) (300) (202)
Deferred tax liabilities (5,909) (5,811) (5,724)
(16,774) (17,749) (17,469)
NET ASSETS 59,585 58,682 60,541
CONDENSED CONSOLIDATED INTERIM BALANCE SHEET
As at 30 June 2023
Unaudited as at 30 June 2023 Unaudited as at 30 June 2022 Audited as at 31 Dec 2022
Notes £000 £000 £000
SHAREHOLDERS' EQUITY
Share capital 17 4,204 4,204 4,204
Share premium account 17 11,959 11,959 11,959
Capital redemption reserve 12,372 12,372 12,372
Other reserves 35,171 34,169 35,199
(Accumulated losses)/retained earnings (3,748) (3,477) (3,286)
Foreign currency translation reserve (373) (545) 93
TOTAL EQUITY 59,585 58,682 60,541
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 June 2023
Attributable to owners of the Parent
Share capital Share premium Accumulated losses Foreign currency translation reserve Capital redemption reserve Other reserves Total Equity
£000 £000 £000 £000 £000 £000 £000
Group
Balance at 1 January 2023 4,204 11,959 (3,286) 93 12,372 35,199 60,541
Profit for the year - - 1,297 - - - 1,297
Cash flow hedges reclassified to income statement - - - - - (520) (520)
Gain on effective cash flow hedges 739 739
Deferred tax on cash flow hedges (185) (185)
Exchange rate adjustments - - - (466) - - (466)
Total comprehensive income for the year - - 1,297 (466) - 34 865
Shares issued under employee benefit trust - - (163) - - (62) (225)
Share options - value of employee service - - 468 - - - 468
Dividends to equity holders of the company - - (2,064) - - - (2,064)
Total Contributions by and distributions to owners of the company recognised - - (1,759) - - (62) (1,821)
directly in equity
Balance at 30 June 2023 (unaudited) 4,204 11,959 (3,748) (373) 12,372 35,171 59,585
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 June 2022
Attributable to owners of the Parent
Share capital Share premium Accumulated losses Foreign currency translation reserve Capital redemption reserve Other reserves Total Equity
£000 £000 £000 £000 £000 £000 £000
Group
Balance at 1 January 2022 4,194 11,946 (3,346) (1,879) 12,372 33,902 57,189
Profit for the period - - 1,521 - - - 1,521
Cash flow hedges - - - - - - -
Gain on effective cash flow hedges - - - - - 267 267
Exchange rate adjustments - - - 1,334 - - 1,334
Total comprehensive income for the period - - 1,521 1,334 - 267 3,122
Shares issued under share option schemes 10 13 - - - - 23
Share options - value of employee service - - 409 - - - 409
Dividends to equity holders of the company - - (2,061) - - - (2,061)
Total Contributions by and distributions to owners of the company recognised 10 13 (1,652) - - - (1,629)
directly in equity
Balance at 30 June 2022 (unaudited) 4,204 11,959 (3,477) (545) 12,372 34,169 58,682
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
For the six months ended 30 June 2023
Unaudited six months ended 30 June 2023 Unaudited six months ended 30 June 2022 Audited year ended 31 Dec 2022
Note £000 £000 £000
Cash flows from operating activities
Cash generated from/(used in) operations 9 (25) (2,995) 5,272
Interest paid (163) (247) (498)
Income tax (paid) (562) (283) (1,597)
Net cash flows generated from/(used in) operating activities (750) (3,525) 3,177
Cash flows from investing activities
Purchase of property, plant and equipment, excluding right-of-use assets 11 (495) (379) (831)
Interest received 81 3 18
Net cash (used in) from investing activities (414) (376) (813)
Cash flows from financing activities
Net proceeds from issuance of ordinary shares 17 - 23 23
Purchase of shares under employee benefit trust (186) - -
Dividends paid to company's shareholders 10 (2,064) (2,061) (3,093)
Repayments of loan (625) - (313)
Repayment of capital lease obligations (199) (181) (405)
Net cash generated (used in) financing activities (3,074) (2,219) (3,788)
Net (decrease) in cash and cash equivalents (4,238) (6,120) (1,424)
Cash, cash equivalents and bank overdrafts at beginning of period 29,245 29,064 29,064
Exchange rate gains/(losses) on cash and cash equivalents (501) 667 1,605
Cash and cash equivalents at end of period 24,506 23,611 29,245
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 finance digitization and subscription
management software.
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 8(th) Floor, 138 Cheapside, London EC2V 6BJ.
These condensed consolidated interim financial statements were approved for
issue on 25 July 2023.
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 2022 were approved by
the Board of directors on 20 March 2023 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 2023 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'. These condensed consolidated interim financial statements should
be read in conjunction with the annual financial statements for the year ended
31 December 2022, which have been prepared in accordance with UK adopted
international accounting standards and company law.
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 2022,
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 2023
30 Jun 2022
£'000
£'000
Financial assets
Derivative financial assets (designated hedge instruments) 1,558 150
1,558 150
Financial liabilities
Derivative financial liabilities (designated hedge instruments) - (177)
- (177)
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 six months ended 30 June 2023 Unaudited six months ended 30 June 2022 Unaudited six months ended 30 June 2023 Unaudited six months ended 30 June 2022
Continuing operations £000 £000 £000 £000
United Kingdom 16,224 19,504 5,990 7,753
Rest of World 21,312 16,619 31,546 28,370
37,536 36,123 37,536 36,123
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 2023
Recurring revenue Non-recurring revenue
UK RoW Total UK RoW Total Total
£000 £000 £000 £000 £000 £000 £000
Revenue from external clients 4,844 22,154 26,998 1,147 9,391 10,538 37,536
Unaudited six months ended 30 June 2022
Recurring revenue Non-recurring revenue
UK RoW Total UK RoW Total Total
£000 £000 £000 £000 £000 £000 £000
Revenue from external clients 5,728 18,695 24,423 2,025 9,675 11,700 36,123
All of the revenue displayed in the above table is recognised over time in
line with the Group's accounting policy detailed on pages 98 to 101 of the
Aptitude Software Group plc 2022 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 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 six months ended 30 June 2023 Unaudited six months ended 30 June 2022 Unaudited six months ended 30 June 2023 Unaudited six months ended 30 June 2022
£000 £000 £000 £000
United Kingdom 56,194 55,703 91 132
Rest of World 15,627 18,816 404 247
71,821 74,519 495 379
The Company's business is to invest in its subsidiaries and, therefore, it
operates in a single segment.
6. Non-underlying items
Unaudited six months ended 30 Jun 2023 Unaudited six months ended 30 Jun 2022 Audited year ended 31 Dec 2022
£000 £000 £000
Continuing operations
Amortisation of acquired intangibles 1,690 1,883 3,382
Acquisition and associated reorganisation costs 798 - 440
2,488 1,883 3,822
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 22%
(the estimated tax rate for the six months ended 30 June 2022 was 19%). The
increase against H1 2022 levels is due to the increase of the UK income tax
rate to 25% from 1 April 2023 from 19% as part of the March 2021 Bill.
8. Earnings per share
Unaudited six months ended Unaudited six months ended 30 Jun 2022 Audited
30 Jun 2023 year ended
31 Dec 2022
pence pence pence
Earnings per share 2.3 2.6 4.5
Basic
Diluted 2.2 2.6 4.5
Unaudited six months ended Unaudited six months ended 30 Jun 2022 Audited
30 Jun 2023 year ended
31 Dec 2022
pence pence pence
Adjusted earnings per share 5.7 5.2 4.5
Basic
Diluted 5.5 5.2 9.9
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 six months ended Unaudited six months ended 30 Jun 2022 Audited
30 Jun 2023 year ended
31 Dec 2022
pence pence pence
Basic earnings per share 2.3 2.6 4.5
Non-underlying items 3.4 2.6 5.2
Prior years' tax credit - - 0.6
Recognition of tax losses - - (0.4)
Adjusted earnings per share 5.7 5.2 9.9
9. Cash generated from operations
Unaudited six months ended 30 Jun 2023 Unaudited six months ended 30 Jun 2022 Audited year ended 31 Dec 2022
£000 £000 £000
Profit before tax for the period 1,666 1,875 3,205
Adjusted for:
Depreciation 514 551 1,132
Amortisation 1,690 1,690 3,382
Share-based payment expense 468 409 695
Finance income (81) (3) (18)
Finance costs 163 247 498
Changes in working capital:
(Increase) in receivables (1,194) (5,497) (1,485)
(Decrease) in payables (3,146) (2,188) (2,137)
(Decrease) in provisions (105) (79) -
(25)
Cash (used in)/generated from operations (2,995) 5,272
10. Dividends
The interim dividend of 1.8 pence per share (2022: 1.8 pence per share) was
approved by the Board on 25 July 2023. It is payable on 25 August 2023 to
shareholders on the register at 4 August 2023. 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 2023. A final
dividend of £2,064,000 was paid in June 2023 and relates to the year ending
31 December 2022 (2022: final dividend £2,061,000).
11. Property, plant and equipment including right-of-use assets
Unaudited six months ended 30 Jun 2023 Unaudited six months ended 30 Jun 2022
£000 £000
Opening net book amount 1 January 5,103 4,261
Additions 495 379
Disposals (117) -
Exchange movements (56) 161
Depreciation (514) (551)
Closing net book amount 30 June (unaudited) 4,911 4,250
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 six months ended 30 Jun 2023 Unaudited six months ended 30 Jun 2022
£000 £000
Trade receivables - net 10,994 14,901
Other receivables 62 130
Prepayments 1,540 1186
Accrued income 716 523
Closing net book amount 30 June (unaudited) 13,312 16,740
Contract assets and contract liabilities only comprise accrued and deferred
income respectively. Within the trade receivables balance of £10,994,000 (30
June 2022: £14,901,000), there are balances totalling £2,977,000 (30 June
2022: £3,191,000) which, at 30 June 2023 were overdue for payment. The
decrease of £3,907,000 in trade receivables from prior period levels is due
to the timing of receipt of annual licence fee and subscription invoices
issued. During July 2023, significant receipts totalling £4.2 million were
collected against the total receivables balance at 30 June 2023.
13. Trade and other payables
Unaudited six months ended 30 Jun 2023 Unaudited six months ended 30 Jun 2022
£000 £000
Trade payables 871 541
Other tax and social security payable 1,379 1,903
Other payables 9 -
Accruals 6,009 5,511
Deferred income 26,733 30,141
Closing net book amount 30 June (unaudited) 35,001 38,096
14. Financial liabilities - borrowings
Unaudited six months ended 30 Jun 2023 Unaudited six months ended 30 Jun 2022
£000 £000
Bank Loan 8,983 9,897
The borrowings are repayable as follows:
Within one year 1,250 938
In the second year 7,812 1,250
In the third to fifth years inclusive - 7,812
9,062 10,000
Unamortised prepaid facility arrangement fees (79) (103)
As at 30 June (unaudited) 8,983 9,897
On 15 October 2021, the Group and Company entered into a loan agreement with
Bank of Ireland consisting of a £10 million term loan in addition to a
revolving credit facility of £10 million. The loan is secured on all the
assets of the Group. Operating covenants are limited to the Group's net debt
leverage and interest cover. The term loan is repayable over three years with
an initial 12-month repayment holiday followed by annual capital repayments of
£1,250,000. The Group can request a further one year extension to the loan.
At the end of the term, a bullet payment for the remaining balance of the loan
is due. The loan is denominated in Pound Sterling and carries interest at
SONIA plus 1.75%. The Group entered into an interest swap on 2 November 2021,
effectively fixing the interest rate at 2.95% over the term of the loan.
15. Capital lease obligations
Unaudited six months ended 30 Jun 2023 Unaudited six months ended 30 Jun 2022
£000 £000
Amounts payable under capital lease arrangements:
Within one year 538 440
Within two to five years 2,091 1,574
After five years 1,206 1,529
Total 3,835 3,543
Less: future finance charges (490) (535)
Present value of lease obligations 3,345 3,008
Less: Amount due for settlement within 12 months (shown under current (424) (329)
liabilities
As at 30 June (unaudited) 2,921 2,679
Unaudited six months ended 30 Jun 2023 Unaudited six months ended 30 Jun 2022
£000 £000
The present value of financial lease liabilities is split as follows:
Within one year 424 329
Within two to five years 1,781 1263
After five years 1,140 1,416
3,345 3,008
16. Provisions
Unaudited six months ended 30 Jun 2023 Unaudited six months
ended 30 Jun 2022
£000 £000
At 1 January 316 379
Debited/(credited) to income statement (104) (80)
Exchange movements (1) 1
As at 30 June (unaudited) 211 300
Unaudited six months ended 30 Jun 2023 Unaudited six months ended 30 Jun 2022
£000 £000
Current - -
Non-current 211 300
As at 30 June (unaudited) 211 300
£167,000 of the total provision at 30 June 2023 of £211,000 relates to the
cost of dilapidations in respect of its occupied leasehold premises (30 June
2022: £252,000).
17. Share capital
Unaudited six months ended 30 June 2023 Unaudited six months ended 30 June 2022
Ordinary share capital at 7 1/3 pence each Number of shares Ordinary shares Number of shares Ordinary shares
Issued and fully paid: 000 £000 000 £000
Opening balance as at 1 January 57,337 4,204 57,199 4,194
Shares issued under share option schemes - - 138 10
As at 30 June (unaudited) 57,337 4,204 57,337 4,204
During the year, the Company established an Employee Benefit Trust ("EBT") for
the benefit of the Group's employees. At 30 June 2023, the Company holds
17,710 shares in the Employee Benefit Trust ("EBT"), recognised as a deduction
in equity.
Share
premium
Unaudited six months ended 30 Jun 2023 Unaudited six months ended 30 Jun 2022
£000 £000
Opening balance as at 1 January 11,959 11,946
Movement in relation to share options exercised - 13
As at 30 June (unaudited) 11,959 11,959
18. Related party transactions
Transactions between the Company and its subsidiaries, which are related
parties, have been eliminated on consolidation.
There were no related party transactions during the six-month period ended 30
June 2023 (30 June 2022: £22,000), 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
2022 as defined by International Accounting Standard No 24 'Related Party
Disclosures' are disclosed in note 32 of the Aptitude Software Group plc
Annual Report for the year ended 31 December 2022.
19. 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 2022. A list of current
directors is maintained on the Aptitude Software Group plc website:
www.aptitudesoftware.com/investor-relations/
(http://www.aptitudesoftware.com/investor-relations/)
Copies of this statement are available on the investor relations page of our
website (www.aptitudesoftware.com/investor-relations/
(http://www.aptitudesoftware.com/investor-relations/) ).
By order of the Board
Michael Johns
25 July 2023
Chief Financial Officer
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