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Aptitude Software highlights wins in banking and telecoms sectors as pandemic dents insurance industry

For the six months to June 30, the financial management software specialist said it had traded in line with current expectations, with annual recurring revenue growing 11% year-on-year to £30.9mln

Software

Aptitude Software Group PLC (LON:APTD) has highlighted a “good number of new customers wins and contract expansions” in the banking and technology, media and telecom (TMT) sectors, which it said has helped to mitigate the effects of the coronavirus pandemic on the insurance sector.

In a trading update for the six months to June 30, the financial management software specialist said it had traded in line with current expectations, with annual recurring revenue (ARR) having grown 11% year-on-year to £30.9mln.

Aside from the wins in banking and TMT, Aptitude said it had also inked a strategic contract to licence its accounting hub product to the retail arm of an existing large European banking client as part of a five-year finance transformation programme automating the bank’s finance processes.

The company also said it has actioned a number of cost savings as part of its response to challenges caused by the coronavirus pandemic, although it added that it is benefitting from “excellent liquidity and a strong business model with recurring revenue”.

Aptitude said it had no bank loans and a cash balance of £30.9mln as of June 30, 2020.

The firm’s shares jumped 6.2% to 363.6p in early deals on Friday.

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