15th Jul 2019 12:04
(Alliance News) - Aptitude Software Group PLC on Monday said it has made further changes to its board following Chief Executive Tom Crawford's decision to step down.
In addition, the financial management software provider said its recurring revenue base grew to GBP27.5 million as at June 30, up 29% from GBP21.4 million a year prior.
Aptitude explained growth was boosted by the Insurance Calculation Engine, its regulatory-focused application, and the Accounting Hub, its finance software.
Turning back to board changes, Aptitude said Crawford will not be seeking re-election at the company's annual general meeting in 2020. The company explained Crawford needs to spend more time with his family whilst his wife continues to recover from a serious health issue.
Crawford is expected to continue to contribute to Aptitude on a part-time basis following the 2020 AGM.
The company said Jeremy Suddards, chief client officer for Europe & Asia, will be appointed to the board at the beginning of September. Suddards will transition to the role of CEO in the "coming months", Aptitude said, once the new management structures have been finalised.
"The experiences acquired in his previous roles and from his time with Aptitude support the board's view that Jeremy has the required talent and skills to lead the business through its next phase of growth," Aptitude said in its statement Monday.
On June 28, Aptitude disposed of its Microgen Financial Systems division for GBP51.4 million. The company said it is now totally focused on its financial management software.
Therefore, Chief Financial Officer Philip Wood was appointed deputy CEO & CFO with immediate effect.
Meanwhile, Alex Curran was appointed to lead the North American business as executive vice president.
Aptitude expects to publish its first-half results on Wednesday next week. Aptitude shares were trading 2.6% higher on Monday at 472.00 pence each.