StockMarketWire.com - Financial management software group Aptitude Software said speculation that the introduction of new accounting standards could be deferred had delayed a small number of sales opportunities.

The company said it had won several contracts for its insurance calculation system in 2019.

However, it said there was speculation that the deadline for the implementation of IFRS 17 may be deferred by twelve months.

Associated contract delays had minimal impact on 2019 recognised revenue, but suppressed annual recurring revenue growth as at 31 December.

The company also said it had identified investment opportunities, and that currency movement would reduce annual recurring revenue by £0.9m.

Annual recurring revenue in 2019 had risen 22% to £28.6m on a constant currency basis.

'The acceleration in investment is to build the necessary foundations to fully realise the opportunities that have been identified,' Aptitude Software said.

'With the board's overall revenue growth expectations for 2020 unchanged, the above investments -- together with the aforementioned foreign exchange impact on ARR -- are likely to result in 2020 adjusted operating profits being marginally ahead of those expected for 2019.'


At 1:52pm: [LON:APTD] share price was -76p at 562p



Story provided by StockMarketWire.com