Microgen on target as Aptitude software bags ten contracts

Business software company Microgen reported that trading in the second half of 2016 was in line with its strategy.

The highlight for the group was the continued progress of its Aptitude Software business which entered into ten contracts in 2016 with new clients located across Europe, North America and Asia, resulting in an approximate 40% increase in year end recurring revenue.

The company’s Financial Systems business continued to develop its focus on the Trust & Fund Administration (T&FA) market with the integration of the acquisition of Infoscreen in May progressing in line with expectations.

At 31 December 2016 the group has gross cash of £23.8m up from £18.6m in 2015 and net funds of £13.6m up from £18.5m and £5.4m in the previous period, following net corporate cash outflows of £1.5m during the period.

The share price rose 1.9% to 188p at 1049GMT on Wednesday.