Aptitude Software Group PLC, a leading provider of finance transformation software solutions, has released its Audited Results for the year ended 31 December 2023. The financial highlights include a 2% increase in Annual Recurring Revenue (ARR) at year-end, reaching £51.1m, and a 6% growth in Recurring Revenue, which amounted to £53.4 million, representing 71% of total revenue. The company's Adjusted Operating Profit saw a significant 29% increase to £9.7m, and the cash and balance sheet remained strong, with cash and cash equivalents at year-end totaling £34.1m and net funds at £22.7m.
Aptitude's strategic progress includes the appointment of a new executive team, with a focus on transitioning from a business set up to sell regulatory compliance software to delivering an intelligent finance data management and accounting platform. The company is also implementing a strategic refocus and organizational realignment to support the opportunity with Fynapse, its intelligent finance data management and accounting platform. This includes the alignment of product and technology, the implementation of a global and Fynapse partner-led go-to-market team, and the refocus of the partner program to build stronger relationships with critical partners.
Fynapse, Aptitude's offering, enables CFOs to move from closing the books to supporting their full Autonomous Finance vision and subsequent elevation to strategic advisor of the business. It provides organizations with the ability to support this transformation rapidly and cost-effectively, expanding the go-to-market opportunity for Aptitude and significantly increasing the opportunity with partners. The company has expressed confidence in the long-term growth of Fynapse, citing its traction in the market, pipeline progression, and the commitment of key partners to jointly go-to-market on their vision for AI Autonomous Finance.
In addition, the Board has approved a share buyback program of up to £20m over three years as part of a program of enhanced returns, leveraging the company's robust balance sheet to repurchase shares at advantageous levels while supporting the organic growth of the business. Aptitude has also maintained a full-year dividend of 5.4p per share, demonstrating its commitment to delivering value to its shareholders.