- Software provider Microgen posted a 42% rise in annual profit and said it expected a demerger of its Microgen Financial System business to be completed during 2019.

Pre-tax profit for the year through December rose to £16.3m, up from a restated £11.5m in 2017.

Revenue grew 12% to £70.3m, including organic growth of 6%.

The company declared a final dividend of 4.4p per share, bringing the full-year dividend to 6.6p, up 6% on-year.

'The proposed demerger and admission to trading on AIM of Microgen Financial System will represent a significant milestone in the strategic development of the group,' chairman Ivan Martin said.

The split would allow Microgen to focus on the specialised financial management software market served by Aptitude Software.

'The board believes the demerger enhances the long-term prospects of both businesses for the benefit of their shareholders, clients and employees.'

'The precise mechanics of the demerger and listing will be communicated in due course but is expected to be completed in the current calendar year.'

At 8:27am: [LON:MCGN] Microgen PLC share price was +18.5p at 461p

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