Microgen makes 'strong start' to 2017, investors told

Investors in Microgen were gathering for the company’s annual general meeting on Monday morning, where chairman Ivan Martin was set to confirm that the group’s two businesses had made a “strong start” to 2017.

The London-listed firm’s Aptitude Software business had built on the “excellent progress” it achieved in 2016 with a number of successes in both new and existing markets, Martin said.

“Aptitude Software has successfully developed its presence in the US healthcare market with two material contracts secured since the start of the year.

“The opening of this important new market in 2017 complements the continued demand for the Aptitude Revenue Recognition Engine from telcos as they work towards the implementation of IFRS 15 and ASC 606, accounting standards which are effective for annual reporting periods beginning on or after 1 January 2018,” Martin was set to tell shareholders.

Microgen Financial Systems was continuing to focus on growing its Trust & Fund Administration business through a combination of organic growth and add-on acquisitions, Martin added.

“New business progress has continued in 2017 complemented by a number of customers acquired with the add-on acquisitions committing to convert to Microgen 5Series in line with the strategy of the business.

“In February 2017 the business announced the acquisition of Primacy Corporation, the fifth add-on acquisition within T&FA since December 2014.

“The integration of Primacy Corporation continues in line with expectations.”

He said the board remained confident that the progress at the start of 2017 would continue throughout the year.