(Alliance News) - Aptitude Software Group PLC on Wednesday said it expects to report a decline in revenue for 2024, as its chief financial officer steps down amid restructuring efforts.
Shares in the London-based provider of autonomous finance software were up 5.8% at 336.00 pence each in London on Wednesday morning. The stock has risen 16% in the last 12 months.
The firm said it expects total revenue for 2024 to be around GBP70 million, down 6.5% from GBP74.7 million in 2023. This was "as anticipated" and in line with the group's plan to move towards partner-led sales and implementation.
Recurring revenue is expected at 78% of total income, compared to 74% last year, growing to GBP52.1 million from GBP51.2 million.
"Aptitude made positive progress in 2024, delivering revenue and profits in line with expectations and advancing its strategic goals," the firm said. "Despite macroeconomic conditions, particularly in the US and UK, which slowed customer decision-making earlier in the year, recent weeks have shown renewed momentum."
Annualised recurring revenue for its AI Autonomous Finance solutions, including Fynapse, is expected to have grown 11% on-year to GBP17.1 million from GBP15.3 million.
Aptitude Software said it also surpassed its target of 30% recurring revenue for Software, which was driven by "strong collaborations" with HSO, Microsoft and an unnamed 'Big 4' accountancy firm.
The group is due to release its 2024 results on March 26.
Aptitude Software also on Wednesday said Chief Financial Officer Mike Johns has agreed to step down from the board after seven years in the role, as part of the company's efforts to create a "smaller, globally integrated senior management team with increased travel requirements and expanded spans of control".
Johns will remain in his role to oversee Aptitude Software's 2024 results and ensure an orderly transition. The search for his successor has begun, with further details to be shared "in due course".
By Emily Parsons, Alliance News reporter
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