Software Circle fully recovers £0.43m after suspected payment fraud

(Sharecast News) - Software Circle confirmed the full recovery of £0.43m on Tuesday, following a suspected authorised push payment fraud affecting one of its operating units. The AIM-traded company credited the successful outcome to swift internal action, close cooperation with its bank, and the involvement of relevant authorities.

It said the incident was isolated to a single unit, adding that there was no evidence of any breach to the group's systems or data.

Software Circle said it was continuing to maintain a strong financial position and reiterated its commitment to strengthening internal controls to guard against future incidents.

The group said it would provide a trading update later in the week regarding its financial results for the year ended 31 March.

At 1022 BST, shares in Software Circle were up 3.64% at 29.02p.

Reporting by Josh White for Sharecast.com.