AdvancedAdvT shares fall despite higher revenue, earnings

(Sharecast News) - AdvancedAdvT reported higher annual revenue and earnings on Monday, supported by acquisitions, strong renewals and growth in recurring income. The AIM-traded software group said revenue rose 23% to £53.4m in the year to 28 February, while recurring revenue grew 24% to £43.2m, representing 81% of the total.

Adjusted EBITDA increased 28% to £14.5m, pre-tax profit before fair value movements rose 21% to £13.4m, and year-end cash stood at £96.2m.

Executive chair Vin Murria said performance was ahead of management expectations, reflecting "continued operational focus, high renewal activity, the expansion of recurring and multi-year revenues, and growing customer demand for dependable software".

She said the group remained well positioned for disciplined organic investment and selective acquisitions after buying HFX, GOSS and the MatchingCore intellectual property during the year.

At 1256 BST, shares in AdvancedAdvT were down 1.79% at 152.22p.

Reporting by Josh White for Sharecast.com.

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