Aptitude Software Group PLC, a leading provider of AI Autonomous Finance solutions, has released its unaudited results for the six months ending 30 June 2024. The financial highlights include a 2% increase in Annual Recurring Revenue (ARR) at £50.8m, with Software ARR at £46.7m and Assure ARR at £4.1m. The total revenue was £35.3m, with recurring revenue accounting for 78% of the total revenue. The adjusted operating profit was maintained at £4.2m, and the net funds stood at £13.8m.
The company reported a 3% growth in Software ARR, driven by strong new business performance, including wins in Fynapse and Revenue Management. The software net retention rate increased to 99%, reflecting the revised strategic focus and operational improvements. Recurring revenue accounted for 78% of the total revenue, driving improving operating margins across the Group. Despite non-recurring implementation revenue reductions, the adjusted operating profit was maintained at £4.2m.
Strategically, the company signed two additional Fynapse clients in H1 2024, launched a global insurance industry solution with HSO, and demonstrated a growing pipeline of opportunities for Fynapse. The Board remains confident that the Group will meet market expectations for 2024.
Alex Curran, CEO of Aptitude Software, commented on the results, stating, "The Group has made strong progress in the first half of 2024 across its core objectives to deliver Fynapse clients, reduce client churn and begin to scale the organisation through partnerships." The company's balance sheet, high levels of recurring revenue, and strong cash generation provide considerable financial strength to execute its growth strategy.
The company's ongoing work to focus the organization on AI Autonomous Finance continues to deliver operational improvements and cost efficiencies, setting the business up to support the Fynapse opportunity and deliver long-term sustainable growth.
The announcement also includes contact information for Aptitude Software Group plc and provides additional details on the financial highlights and recurring revenue.