Audited Results for Year Ended 31 December 2025

Aptitude Software Group PLC

08 April 2026

 

8 April 2026

APTITUDE SOFTWARE GROUP PLC

('Aptitude' or 'the Group')

Audited Results for the Year Ended 31 December 2025

Aptitude (LSE: APTD), a market-leading provider of finance transformation software solutions, specialising in autonomous finance, reports its Audited Results for the year ended 31 December 2025.

The Group has delivered a resilient performance during a period of strategic focus despite ongoing geopolitical and macroeconomic uncertainty and elongated sales cycles. We maintained strong profitability and cash generation, improved pipeline progression and disciplined execution, while positioning the business for future growth.

Financial Highlights

Year ended 31 December	2025	2024	% Change
Annual Recurring Revenue1, 2 ('ARR') at year end	£49.8m	£50.3m	(1%)
-  AI Autonomous Finance6	£17.9m	£16.8m	7%
-  Other Software	£27.5m	£28.5m	(4%)
-  Assure	£4.4m	£5.0m	(12%)
Revenue
Total Revenue	£65.0m	£70.0m	(7%)
-  Recurring Revenue3	£54.0m	£54.4m	(1%)
-  Non-Recurring Revenue	£11.0m	£15.6m	(29%)
Recurring Revenue proportion	83%	78%	5%
Profit and EPS
Adjusted Operating Profit4	£10.0m	£9.9m	1%
Statutory Operating Profit	£4.8m	£5.7m	(15%)
Adjusted Operating Margin4	15%	14%	1%
Basic Earnings per Share	7.3p	8.8p	(17%)
Cash and Balance Sheet
Cash and cash equivalents at year end	£29.6m	£30.4m	(3%)
Net funds5	£21.2m	£20.3m	4%
Share buyback completed	£5.1m	£4.0m	28%
Final Ordinary Dividend per Share	3.6p	3.6p	-
Full Year Ordinary Dividend per Share	5.4p	5.4p	-

·	2025 closing ARR of £49.8m was slightly lower (1%) than the prior year (2024: £50.3m) as a gross ARR increase of 10% was offset by expected churn in legacy products.
·	ARR growth within AI Autonomous Finance, the Group's strategic focus, of 7% (2024: 12%).
·	Adjusted operating margin of 15% (2024: 14%), driven by robust cost control and increasing margins through an improving revenue mix, with recurring revenues increasing to 83% in 2025 (2024: 78%).
·	Significant number of renewals completed in the year providing increased visibility of future revenues, with the total value of future contracted revenues at 31 December 2025 increasing to £83.4m (2024: £78m).
·	Continue to maintain a strong cash position, with £29.6m cash (2024: £30.4m) and £21.2m net funds (2024: £20.3m), enabling continued enhanced shareholder returns through the share buyback programme. A total of £5.1m of shares in value (2024: £4.0m) were bought back by the Company in 2025.
·	Full year dividend of 5.4p (2024: 5.4p) per share maintained.

Operational Highlights

Following the formal relaunch of Fynapse, the actions taken over the past year are now delivering measurable outcomes, with stronger pipeline quality, increased partner engagement and continued commercial momentum. Key successes include:

·	Fynapse ARR grew approximately 70% year-on-year, reflecting strong momentum following its formal relaunch at the end of 2024.
·	Pipeline value increased c.65% year-on-year, with expansion in later-stage opportunities improving visibility into FY26.
·	Partner-led execution strengthened, with 83% of pipeline partner-influenced and 84% related to Fynapse, which currently represents the majority of FY26 new customer opportunities.
·	AI Autonomous Finance ARR growth of 7% driven by expansion and renewal across existing customers, including a large US telecommunications client and a global insurance group, alongside new wins in healthcare insurance, payments and managed services.
·	Implementation timelines reduced significantly, with deployments increasingly delivered in weeks rather than months or years, accelerating time to value for customers.
·	Two new Fynapse customer wins in telecommunications and financial services in Q1 2026 reflecting continued progress in target markets.
·	Across both new wins and expansion activity, customers are increasingly selecting Aptitude where they are seeking faster time to value, greater flexibility in their architecture, and the ability to modernise finance without requiring full ERP replacement.

Strategic Review

Momentum behind Fynapse continues to build, with strong pipeline growth, increasing partner engagement resulting in improved visibility into future periods, as the Group becomes more focused and aligned around Fynapse and the emerging Finance ERP market. Structural market shifts, driven by AI and demand for real‑time financial insight, are creating a clear opportunity for enterprise‑grade, finance‑focused platforms such as Fynapse. Against this backdrop, and as announced separately today, the Board has initiated a strategic review to assess the optimal path to accelerate the Group's strategy and maximise long‑term value for shareholders and other stakeholders. Aptitude remains a very profitable and cash‑generative business, which against the backdrop of macroeconomic uncertainty provides resilience and the flexibility to invest selectively while maintaining strong financial discipline. Further detail on the strategic review is set out in a separate announcement published by the Group today.

Commenting on the results, Alex Curran, Chief Executive Officer, said:

"We have made strong progress over the past year, refining our positioning, strengthening our go-to-market approach and building momentum behind Fynapse.

The response we are seeing from customers and partners reinforces our view that the market is moving toward a new model of finance, and that Fynapse is well positioned within it. As AI accelerates adoption of next‑generation finance platforms, we see a clear Finance ERP opportunity emerging, where solutions like Fynapse provide the real‑time, finance‑grade data, control and orchestration to enable successful AI implementations.

As we look ahead, our focus is on scaling this opportunity. The strategic review we have initiated is an important step in determining the best way to accelerate our progress and support the next phase of growth.

We are building a more focused, scalable and efficient business, underpinned by strong fundamentals, and positioned to play a leading role in the future of AI-first finance."

Aptitude Software Group plc	020-3687-3200
Alex Curran, Chief Executive Officer
Ivan Martin, Chairman
Canaccord Genuity Limited (Broker)	020-7523-8000
Simon Bridges / Andrew Potts
Alma Strategic Communications (Financial PR Adviser)	020-3405-0205
Caroline Forde / Hilary Buchanan

Prior to publication the information communicated in this announcement was deemed by the Company to constitute inside information for the purposes of article 7 of the Market Abuse Regulations (EU) No 596/2014 as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations No 2019/310 ('MAR'). With the publication of this announcement, this information is now considered to be in the public domain.

About Aptitude Software

Aptitude Software provides software solutions that deliver fully autonomous finance to enable its clients to drive growth, efficiency and sustainability. Fynapse is Aptitude's intelligent finance data management and accounting platform designed to increase productivity and lower costs for finance teams globally. Fynapse provides a single view of finance and business data, unparalleled performance and automation, faster and better insights, user-friendly functionality and market-leading total cost of ownership.

Throughout this announcement:

1 Annual Recurring Revenue ('ARR') is the value of Aptitude's recurring revenue at a specific point in time, normalised to a one-year period. ARR includes recurring revenues contracted but yet to commence and excludes recurring revenues which are currently being received but for which formal termination has been received. Included in ARR are recurring revenues from the Group's Assure services (formerly known as solution management services).

2 Constant Currency is calculated by comparing the 2025 results with 2024 results retranslated at the rates of exchange prevailing during 2025. 2024 ARR has been restated to reflect constant currency.

3 Recurring Revenue includes revenues from the Group's Assure services (formerly known as solution management services)

4 Adjusted Operating Profit and Adjusted Operating Margin exclude non-underlying operating items, unless stated to the contrary, but includes share-based payments. Further detail in respect of the non-underlying operating items can be found within Note 2.

5 Net Funds represents cash and cash equivalents less finance obligations, which includes capital lease obligations and a loan.

6 AI Autonomous Finance ARR includes ARR from the Aptitude Accounting Hub ('AAH') and Fynapse.

Certain non-IFRS financial measures (e.g. Adjusted Operating Profit) are included which assist management in comparing performance on a consistent basis.

Chairman's statement

Positioned for the AI Era

As I approach the conclusion of my tenure as Chairman of Aptitude, I reflect on a period of sustained and, at times, significant transformation. Over the past decade, the Group has evolved from a diversified software business into a focused, finance-oriented software provider, and more recently into a SaaS-led organisation aligned to the needs of the modern CFO.

We are now entering a new phase of the market, shaped by rapid advances in AI and the increasing demand for real-time financial insight. The Board and management team is increasingly aligning the business around a clear opportunity centered on Fynapse and the emerging Finance ERP market.

The progress made over recent years, combined with the Group's strong profitability and cash-generative characteristics, leaves Aptitude well positioned against this backdrop.

Supporting a Clear Strategic Direction

During the year, the Board has worked closely with management as the Group has continued to simplify its operating model and sharpen its strategic focus.

The decision taken in January 2026 to position Fynapse more explicitly as a Finance ERP solution reflected both market feedback and the evolution of customer requirements and marked an important point in this transition. Since then, through continued engagement with customers and partners, we have further reinforced our view of the scale of the opportunity and the importance of continued investment to support its development. This points to a more scalable, higher-margin, software-led business model, which we believe is important for long-term value creation.

The Board recognises the importance of maintaining an appropriate balance. The Group remains very profitable and cash-generative, providing a strong foundation from which to invest. The Board is considering how best to allocate capital and resources toward areas of highest strategic value, including the continued development and scaling of Fynapse, and this will be assessed as part of the Strategic Review.

Market Context and Positioning

The market in which Aptitude operates is undergoing a period of structural change. Traditional ERP systems remain deeply embedded but are not designed for the demands of real-time, AI-enabled finance. At the same time, newer entrants are bringing innovation but often lack the scale, control, and regulatory credibility required by large, complex organisations.

We are also seeing increased investment in modern finance platforms, particularly among newer entrants, as capital is deployed toward solutions designed for this next generation of finance systems.

This dynamic is contributing to the emergence of a distinct Finance ERP market. The Board believes Aptitude is well positioned within this space, given its heritage in financial control, its deep domain expertise, and the capabilities developed within Fynapse.

We are encouraged by early market validation, including improvements in pipeline quality, increasing partner engagement, positive customer feedback and recent new wins.

Governance and Board Succession

The Board continues to evolve to support the next phase of the Company's development.

As previously communicated, I had intended to step down as Chairman following the 2026 AGM. However, in light of the Strategic Review, the Board has concluded that it is appropriate to extend my tenure as Non-Executive Chairman until its conclusion. A further update on Chair succession will be provided in due course, subject to the outcome of the strategic review. The search for a new Chief Financial Officer remains ongoing.

The Board remains focused on ensuring that the appropriate leadership and governance structure is in place to support the Company's strategic direction and long-term growth ambitions.

Strategic Review

Given the scale of the Fynapse opportunity and the investment required to accelerate development, the Board has taken the decision to undertake a formal Strategic Review at this time. In the current macroeconomic environment, the Board believe it is appropriate to consider the full range of options to ensure the business is optimally positioned for long-term growth.

Accordingly, the Board is reviewing the strategic options available to Aptitude, including the launch of a formal sale process, with the aim of maximising value for shareholders, employees and other stakeholders. Options under consideration include capital raising, strategic partnerships, portfolio optimisation and potential corporate transactions.

Capital Allocation

In 2025, the Group operated a share buyback programme and repurchased £5.1m of its own Ordinary Share Capital to 31 December 2025. The programme is in accordance with the authority granted by shareholders on 28 May 2025 to make market purchases of the Company's Ordinary Shares and forms part of a £20m share buyback programme over a three-year period.

The Board has decided that the share buyback programme announced on 29 May 2025 should be suspended as a result of the strategic review. This reflects the Board's commitment to maintaining flexibility in capital allocation while the strategic review is underway, ensuring that all options are considered to maximise shareholder value.

The Board has proposed an unchanged final dividend of 3.60 pence per share (2024: 3.60 pence), making a total ordinary dividend of 5.40 pence per share for the year (2024: 5.40 pence). Subject to shareholder approval at the Group's Annual General Meeting on 27 May, the proposed final dividend will be paid on 12 June 2026 to shareholders on the register at 22 May 2026.

Looking Ahead

As the Company enters its next phase, the priorities are clear. The focus will be on strengthening Aptitude's position within the emerging Finance ERP market, deepening partner-led execution and ensuring that investment is directed toward the highest-value opportunities.

The Board believes that the strategic review will provide a clear framework for determining the optimal path forward to support the next stage of our growth.

A Personal Reflection

I would like to take the opportunity to thank the Board, the executive team, and all colleagues across Aptitude for their commitment and contribution during a period of significant change. Their dedication, skill, and considerable effort have been outstanding throughout my period as Chair.

The business today is more focused, more aligned to market demand, and better positioned for the future than at any point during my tenure. While there remains work to do, the foundations that have been put in place give me confidence in the Company's direction and long-term potential.

I would also like to thank our shareholders for their continued support.

We believe the Group is well positioned to capitalise on the opportunities ahead, while continuing to evaluate additional investment avenues as part of the ongoing Strategic Review.

Ivan Martin

Chairman           

7 April 2026

Chief Executive Officer's Report

Transformation and Strategic Focus

Aptitude has continued to make strong progress over the past year, simplifying the business, sharpening our strategic priorities and aligning the organisation around Fynapse. This reflects a continued shift toward a more scalable, higher-margin, software-led model.

Following the relaunch of Fynapse at the end of 2024, our focus in 2025 has been on testing its positioning in the market, validating demand and refining how we go to market. This has provided clear feedback from customers and partners, which is shaping how we now position the business and where we invest going forward.

Fynapse Relaunch and Positioning

We formally relaunched Fynapse to the market at the end of 2024, with dedicated teams and a focused go-to-market approach, marking the first time the product was properly taken to market. As a result, Fynapse has only been in the market for a limited period, during which ARR has grown 70% year-on-year.

During 2025, our focus has been on sharpening its positioning, strengthening how we go to market, securing new customers and validating its role within modern finance architectures through direct engagement with customers and partners. This has provided clear and consistent feedback, reinforcing both the strength of the platform and the scale of the opportunity ahead.

One of the key insights from customer, prospect and partner engagement has been that positioning Fynapse as a subledger understates the breadth of value it can deliver.  As the market evolves, driven by advances in AI and demand for real‑time financial insight, we are expanding this positioning to Fynapse as a Finance ERP - better reflecting both the needs of the market and the role Fynapse can play as a finance-grade system of record and action.

In parallel, we are simplifying how we present the business and our range of products. Rather than describing multiple products and use cases, we now lead with a clear, single proposition aligned to where the market is moving.

Financial Strength and Discipline

While the macroeconomic and geopolitical environment remains uncertain and has impacted the timing and progression of some deals, we have continued to execute with discipline. Aptitude remains a very profitable and cash-generative business, providing resilience in the current environment and a strong platform to invest and grow.

Market Evolution and Structural Shift

The market we operate in is undergoing rapid structural change, driven by advances in AI and increasing demand for real-time financial insight.

Traditional ERP platforms remain important but are not AI-native and were not designed for real-time, event-driven finance. Built around batch processing, periodic reporting and retrospective analysis, these systems are difficult to adapt to an AI-enabled model without fundamental re-architecture.

At the other end of the market, newer entrants are building AI-native solutions but typically lack the scale, control and regulatory credibility required by enterprise organisations. This is creating a clear gap for Fynapse, where organisations require both modern, AI-ready architecture and enterprise-grade control.

Emergence of the Finance ERP Market

We are seeing the emergence of a new market - Finance ERP - a modular, finance-focused layer that sits alongside existing systems, enabling real-time, governed financial data and supporting AI-driven decision-making.

This is changing how finance operates. Teams can move from periodic reporting to continuous insight - improving in-period visibility of profitability, cash and risk, and enabling outcomes such as real-time decision-making, reduced manual processes and faster close cycles. Over time, this supports the evolution of finance from a reporting function to an active driver of business performance.

At the same time, this is driving a separation between operational ERP systems and finance capabilities. Operational systems continue to support areas such as HR, procurement and supply chain, while finance is increasingly implemented as a distinct layer focused on financial data, control and decision-making.

Fynapse Differentiation and AI Defensibility and Leadership

We believe Aptitude is uniquely positioned to lead in this space. Our heritage in subledger, accounting hub and financial control systems, combined with vertical specialisation, means Fynapse is built on proven foundations already embedded within complex, regulated organisations. This allows us to extend an established position at the core of finance into a broader role as both the system of record and system of action for finance.

This foundation of finance-grade, auditable data creates a strong point of defensibility, particularly in an AI context where outcomes are only as reliable as the underlying data. This is especially important in complex, high-volume and regulated environments, where accuracy, control and auditability are critical.

As AI evolves, including the emergence of agentic AI, its effective use in finance will depend on access to structured, governed data and pre-configured, sector-specific capabilities - areas where we believe Fynapse is well positioned.

Market Validation and Customer Response

Importantly, we are seeing this reflected in the market. Despite being early in our go-to-market journey with Fynapse, customer and partner feedback has been strong, and the product is resonating as organisations reassess their finance architecture.

This validation is now translating into measurable progress across the business, with improvements in pipeline quality, partner engagement and commercial performance during 2025.

What is also becoming clear is a change in how organisations approach finance transformation. Rather than treating finance as part of broader ERP replacement programmes, it is increasingly being addressed independently. This is reflected in how solutions are being bought and deployed, with organisations prioritising targeted investment in finance capabilities alongside existing systems.

This is particularly evident in financial services, where organisations are reassessing large-scale ERP transformation programmes and increasingly prioritising more targeted approaches to modernising finance.

2025 Achievements: Driving Momentum

Building on this progress, we have continued to strengthen the business and build momentum across product, go-to-market and partner execution. Key achievements include:

·    Pipeline value increased c.65% year-on-year, with expansion in later-stage opportunities improving visibility into FY26

·    Partner-led execution strengthened, with 83% of pipeline connected to partners and Fynapse representing the majority of FY26 opportunities

·    Growth driven by expansion and renewal across existing customers, including a large US telecommunications client and a global insurance group, alongside new wins in healthcare insurance, payments and managed services

·    Implementation timelines reduced significantly, with deployments increasingly delivered in weeks rather than months or years, accelerating time to value for customers

These developments reflect a clear improvement in pipeline quality, progression of opportunities and alignment with partners.

Accelerating Strategic Focus

As we progress, we are taking clear action to simplify and focus the business. We are prioritising Fynapse as our core growth engine and aligning our product portfolio accordingly. Mature and non-core products are being placed into maintenance, enabling us to concentrate resource and investment on areas that will drive long-term value. At the same time, we are maintaining a disciplined approach to the cost base, driving efficiencies across the organization. This reflects the scale of the opportunity ahead as AI reshapes the finance systems market. Maintaining a broad portfolio would dilute our ability to capture it.

By concentrating on Fynapse and the Finance ERP market, we are creating a clearer, more scalable and more efficient business.

Accelerating Fynapse: Strategic Review and Investment

Aptitude continues to operate with a strong focus on profitability and cash generation. This provides resilience in the current environment and flexibility in how we invest.

However, given the scale of the Fynapse opportunity, the progress we have made, and the strength of feedback from customers and partners, it is clear further investment is required to accelerate its development and commercialisation.

The Board has taken the decision to undertake a strategic review of the options available to Aptitude. In the current macroeconomic environment, the Board believe it is appropriate to consider the full range of options to ensure we identify the best path forward to support our strategy and long-term growth, whilst maximising value for shareholders, employees and other stakeholders. Further details are set out in a separate announcement released alongside the Group's FY25 results.

A High-Performance, AI-Enabled Organisation

We are building a high-performance organisation aligned around clear priorities, while increasingly leveraging AI to improve productivity, reduce manual effort and accelerate delivery across the business.

This will enable us to operate more efficiently and scale without proportionate increases in cost, while strengthening our ability to attract and retain high-quality talent aligned to an AI-led environment.

Outlook

Aptitude is entering a more focused and strategically aligned phase of its transformation. We have simplified our proposition, strengthened our positioning and improved the quality of our pipeline and partner engagement. The market is evolving in a direction that increasingly supports our strategy.

We remain mindful of ongoing macroeconomic and geopolitical conditions but continue to see underlying growth in demand for modern, AI-native finance architecture.

As we move into the next phase, we are undertaking a strategic review to assess the options available to further accelerate our strategy, with a particular focus on identifying the optimal path to scale Fynapse and maximise long-term value.

In 2026 and beyond, our priorities are clear:

·          Define the future corporate strategy for the Group

·          Scale Fynapse within the emerging Finance ERP market

·          Deepen partner-led execution

·          Maintain strong profitability and cash generation

·          Invest selectively to accelerate growth

Alex Curran

Chief Executive Officer                                                                                                                  

7 April 2026

Group Financial Performance

Revenue

Revenue for the year was £65.0 million (2024: £70.0 million). On a constant currency basis, revenue was approximately £65.0 million compared with £69.2 million in the prior year. The reduction primarily reflects lower levels of non-recurring implementation activity as the Group continues to transition towards a more partner-led delivery model, while recurring revenues remained broadly stable.

Recurring Revenues

Annual Recurring Revenue ('ARR') reduced by 1% to £49.8 million at 31 December 2025 (31 December 2024: £50.3 million, restated for the prevailing exchange rate at 31 December 2025), on a constant currency basis, as a gross ARR increase of 10% was offset by expected churn in legacy products.

ARR is the key financial metrics for the Group. Included within ARR are Aptitude's annual licence fees and maintenance for its on-premises clients, subscription fees for the Group's SaaS clients and revenues from its Solution Management Service offering ('Aptitude Assure'). Aptitude Assure contributed ARR at 31 December 2025 of £4.4 million (31 December 2024: £5.0 million).

Net Retention Rate in the year was 98% (2024: 99%), measured by the total value of on-going ARR at the year-end from clients in place at the start of the year as a percentage of the opening ARR from those clients on a constant currency basis. The Group continues to benefit from standard inflation-linked clauses in many of its contracts, although the level of indexation applied during the year was lower than in the prior period, reflecting the current lower inflation environment relative to the elevated levels experienced in recent years.

Recurring revenues recognised in the income statement under IFRS decreased by 1% to £54.0 million (2024: £54.4 million). Recurring revenue represented 83% of total Group revenue in 2025 (2024: 78%). Increasing the proportion of recurring revenues are a strategic priority for the Group, alongside driving growth in ARR, as this enhances the visibility and quality of revenue and supports the long-term expansion of operating margins.

Non-Recurring Revenue

Non-recurring revenue recognised in the year under IFRS 15 - Revenue from Contracts with Customers, comprising implementation services, configuration activities and non-recurring software licence fees, totalled £11.0 million for the year ended 31 December 2025 (2024: £15.6 million), representing a 29% decrease year on year. The reduction in non-recurring revenue is consistent with the Group's strategic shift towards higher levels of partner-led implementation activity and reflects shorter implementation cycles for Fynapse.

Foreign Exchange

With 54% (2024: 50%) of the Group's revenues generated from North American clients, the majority of which are invoiced in US dollars and translated into sterling for reporting purposes, the Group's reported financial results are exposed to movements in the US dollar exchange rate.

Research & Development Expenditure

Total expenditure on product management, research and development decreased by 25.4% to £13.2 million for the year ended 31 December 2025 (2024: £17.7 million). The reduction reflects a combination of organisational efficiencies following the restructuring of the Product and Technology functions during 2025 and a continued focus on prioritising investment in the Group's highest value product initiatives, including those supporting the AI Autonomous Finance strategy.

Research and development investment continues to be actively managed to ensure an appropriate balance between product innovation and overall return on investment across the Group's product portfolio. Research and development costs represented 20.3% of Group revenue in 2025 (2024: 25.3%).

The Board has determined that none of the internally generated research and development expenditure incurred during the year met the criteria for capitalisation under IAS 38 - Intangible Assets, and accordingly these costs have been expensed as incurred through the income statement.

Operating Profit and Margins

Adjusted Operating Profit for the year ended 31 December 2025 was £10.0 million (2024: £9.9 million), in line with expectations. Adjusted Operating Margin increased to 15.4% (2024: 14.1%), reflecting the Group's improving revenue mix and continued focus on disciplined cost management.

Statutory operating profit, reported under IFRS, was £4.8 million (2024: £5.7 million). Adjusted Operating Profit is presented before certain items which management considers non-underlying in nature in order to provide a clearer view of the Group's underlying operating performance. Adjusted Operating Profit is presented before certain items which management considers non-underlying in nature in order to provide a clearer view of the Group's underlying operating performance.

The improvement in adjusted operating margin was supported by the continued progress of Fynapse, whose cloud-native architecture is expected to further enhance the Group's margin profile and long-term profitability.

Non-Underlying Items

Non-underlying items for the year totalled £5.2 million (2024: £4.2 million), comprising primarily £1.8 million of costs associated with the restructuring of the Product and Technology functions (2024: £0.9 million), which relates to a specific programme and is not expected to recur on an ongoing basis and amortisation of acquired intangible assets of £3.4 million (2024: £3.4 million).

Taxation

The total tax charge before adjusting for the impact of non-underlying and other sundry items of £1.9 million (2024: £1.5 million) represents 19.7% of the Group's profit before tax (2024: 15.1%).

Statutory Results

The Group reported a profit for the year attributable to equity shareholders of £4.0 million (2024: £5.0 million).

Earnings per Share

Adjusted Basic Earnings per Share decreased by 3.6% to 13.4 pence (2024: 13.9 pence) and Basic Earnings per Share decreased 17.0% to 7.3 pence (2024: 8.8 pence).

Dividend

A final ordinary dividend of 3.60 pence per share is proposed (2024: 3.60 pence), making a total ordinary dividend of 5.40 pence per share for the year (2024: 5.40 pence).

Balance Sheet

The Group continues to have a strong balance sheet with net assets at 31 December 2025 of £54.2 million (2024: £57.9 million). Cash at 31 December 2025 was £29.6 million (31 December 2024: £30.4 million) and net funds of £21.2 million (31 December 2024: £20.3 million). The Group continued to fund both the ordinary dividend of £3.0 million (2024: £3.1 million) and the share buyback programme of £5.1 million (2024: £4.0 million) in the year, providing enhanced returns to shareholders.

Trade receivables (net) at 31 December 2025 decreased to £6.6 million (2024: £12.1 million) of which £3.7 million (2024: £6.8 million) were overdue for payment at the end of the year. Of these overdue balances £3.2 million has been collected at 13th March 2026. DSO (debtor days) decreased to 34 at 31 December 2025 (2024: 55) as a result of improved collections at year-end combined with a detailed focus on a small number of long-running disputes being settled prior to 31 December 2025. Deferred income at 31 December 2025 decreased to £28.2 million (2024: £32.2 million), reflecting the recognition of revenue from prior‑year invoicing outpacing new billings during the year.

Alex Curran

Chief Executive Officer

7 April 2026

consolidated income statement

for the year ended 31 December 2025

			Year ended 31 Dec 2025			Year ended 31 Dec 2024
		Note	Before non-underlying items	Non- underlying items	Total	Before non-underlying items	Non- underlying items	Total
Continuing operations			£'000	£'000	£'000	£'000	£'000	£'000
Revenue		1	64,954	-	64,954	70,044	-	70,044
Operating costs		2	(54,922)	(5,226)	(60,148)	(60,126)	(4,243)	(64,369)
Operating profit			10,032	(5,226)	4,806	9,918	(4,243)	5,675
Finance income			146	-	146	368	-	368
Finance costs			(312)	-	(312)	(450)	-	(450)
Net finance costs			(166)	-	(166)	(82)	-	(82)
Profit before income tax			9,866	(5,226)	4,640	9,836	(4,243)	5,593
Income tax expense		3	(1,948)	1,332	(616)	(1,484)	871	(613)
Profit for the period			7,918	(3,894)	4,024	8,352	(3,372)	4,980
Earnings per share
Basic		4			7.3 p			8.8p
Diluted		4			7.1 p			8.6p

group statement of comprehensive income

for the year ended 31 December 2025

	Year ended 31 Dec 2025	Year ended 31 Dec 2024
	£'000	£'000
Profit for the year	4,024	4,980
Other comprehensive income/(expense)
Items that will or may be reclassified to profit or loss:
Cash flow hedges reclassified to income statement	(847)	(713)
(Loss)/gain on effective cash flow hedges	830	(254)
Deferred tax on cash flow hedges	(70)	242
Currency translation difference	(197)	(247)
Other comprehensive expense for the year, net of tax	(284)	(972)
Total comprehensive income for the year	3,740	4,008

Group Balance Sheet

for the year ended 31 December 2025

		As at	As at
		31 Dec 2025	31 Dec 2024
	Note	£'000	£'000
ASSETS
Non-current assets
Property, plant and equipment including right-of-use assets	6	3,575	4,016
Goodwill	7	46,006	46,006
Intangible assets	8	11,965	15,412
Investment in subsidiaries		-	-
Other long-term assets		530	730
Deferred tax assets		852	1,250
		62,928	67,414
Current assets
Trade and other receivables	9	11,140	14,861
Financial assets - derivative financial instruments		272	387
Current income tax assets		2,486	1,721
Cash and cash equivalents		29,558	30,400
		43,456	47,369
Total assets		106,384	114,783
LIABILITIES
Current liabilities
Financial liabilities
- borrowings	10	(1,250)	(7,180)
- derivative financial instruments		-	(214)
Trade and other payables	11	(9,735)	(8,397)
Contract liabilities / deferred revenue		(28,227)	(32,225)
Capital lease obligations	12	(543)	(527)
Current income tax liabilities		(3,064)	(1,802)
Provisions	13	-	(25)
		(42,819)	(50,370)
Net current (liabilities)/assets		637	(3,001)
Non-current liabilities
Financial liabilities - borrowings	10	(4,690)	-
Lease liabilities	12	(1,854)	(2,416)
Provisions	13	(377)	(358)
Deferred tax liabilities		(2,432)	(3,722)
		(9,353)	(6,496)
NET ASSETS		54,212	57,917

Group Balance Sheet

for the year ended 31 December 2025

		As at	As at
		31 Dec 2025	31 Dec 2024
		£'000	£'000
SHAREHOLDERS' EQUITY
Share capital	14	4,115	4,204
Share premium account		11,959	11,959
Capital redemption reserve		12,461	12,372
Other reserves		30,951	34,325
Treasury shares reserve	15	(1,613)	(3,812)
Accumulated losses		(2,356)	(23)
Foreign currency translation reserve		(1,305)	(1,108)
TOTAL EQUITY		54,212	57,917

group statement of changes in shareholders' equity

for the year ended 31 December 2025

	Share capital	Share premium	Accumulated losses	Foreign currency translation reserve	Capital redemption reserve	Other reserves	Treasury shares reserves	Total equity
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Group
Balance at 1 January 2025	4,204	11,959	(23)	(1,108)	12,372	34,325	(3,812)	57,917
Profit for the year	-	-	4,024	-	-	-	-	4,024
Cash flow hedges reclassified to income statement	-	-	-	-	-	(847)	-	(847)
Loss on effective cash flow hedges	-	-	-	-	-	830	-	830
Deferred tax on cash flow hedges	-	-	-	-	-	(70)		(70)
Exchange rate adjustments	-	-	-	(197)	-	-	-	(197)
Total comprehensive income for the year	-	-	4,024	(197)	-	(87)	-	3,740
Share options - value of employee service	-	-	379	-	-	-	-	379
Transfer on exercise of options	-	-	(10)	-	-	1	9	-
Purchase of own shares	-	-	-	-	-	-	(5,051)	(5,051)
Deferred tax on share options	-	-	226	-	-	-	-	226
Dividends to equity holders of the company	-	-	(2,999)	-	-	-	-	(2,999)
Total Contributions by and distributions to owners of the company recognised directly in equity	-	-	(2,404)	-	-	1	(5,042)	(7,445)
Transfers to EBT	-	-	-	-	-	(3,288)	3,288	-
Cancellation of shares	(89)	-	(3,953)	-	89	-	3,953	-
Balance at 31 December 2025	4,115	11,959	(2,356)	(1,305)	12,461	30,951	(1,613)	54,212

group cash flow statement

for the year ended 31 December 2025

		Year ended		Year ended
	Note		31 Dec 2025		31 Dec 2024
		£'000		£'000
Cash flows from operating activities
Cash generated from operations	16	10,895		8,852
Interest paid		(135)		(226)
Income tax paid		(680)		(1,854)
Net cash flows generated from operating activities		10,080		6,772
Cash flows from investing activities
Purchase of property, plant and equipment, excluding right-of-use assets		(736)		(481)
Interest received		146		368
Purchase of intangible assets				(1,120)
Net cash used in investing activities		(590)		(1,233)
Cash flows from financing activities
Dividends paid to company shareholders	5	(2,999)		(3,081)
Purchase of own shares		(5,051)		(4,058)
Proceeds from new borrowings		5,940		-
Repayment of loans		(7,128)		(1,250)
Repayment of capital lease obligations		(625)		(592)
Net cash generated used in financing activities		(9,863)		(8,981)
Net (decrease)/increase in cash and cash equivalents		(373)		(3,442)
Cash, cash equivalents and bank overdrafts at the beginning of year		30,400		34,085
Exchange rate gains/losses on cash and cash equivalents		(469)		(243)
Cash and cash equivalents		29,558		30,400

Notes to the Audited preliminary results for the year ended 31 December 2025

1.        Segmental analysis

Business segments

The Board has determined the operating segments based on the reports it receives from management to make strategic decisions.

The reports from management consist of one segment, the Aptitude business. Therefore, the only business segment for both periods was Aptitude and therefore no segmental analysis is provided for this or the corresponding period.

The principal activity of the Group throughout 2024 and 2025 was the provision of business-critical software and services.

Geographical analysis

The Group has two geographical segments for reporting purposes, the United Kingdom and the Rest of the World.

The following table provides an analysis of the Group's sales by origin and by destination.

	Sales revenue by origin			Sales revenue by destination
	Year ended 31 Dec 2025		Year ended 31 Dec 2024	Year ended 31 Dec 2025		Year ended 31 Dec 2024
		£'000	£'000	£'000	£'000
United Kingdom		32,578	38,430	10,586	12,220
Rest of World		32,376	31,614	54,368	57,824
		64,954	70,044	64,954	70,044

2.       Non-underlying items

	Year ended 31 Dec 2025	Year ended 31 Dec 2024
	£'000	£'000
Amortisation of intangibles	3,447	3,381
Reorganisation costs	1,779	862
	5,226	4,243

3.       Income tax expense

Analysis of charge in the year	Year ended 31 Dec 2025	Year ended 31 Dec 2024
	£'000	£'000
Current tax:
- tax charge on underlying items	(1,763)	(1,562)
- tax credit on non-underlying items	445	-
- adjustment to tax in respect of prior periods on underlying items	105	192
Total current tax	(1,213)	(1,370)
Deferred tax
- tax charge on underlying items	(189)	(114)
- tax credit on non-underlying items	887	871
- adjustment to tax in respect of prior periods on underlying items	(101)	-
Total deferred tax	597	757
Income tax expense	(616)	(613)

The total tax charge on underlying items of £2.0 million (2024: £1.5 million) comprises current tax of £1.7 million (2024: £1.4 million) and deferred tax of £0.3 million (2024: £0.1 million), including prior year adjustments

In addition to the amounts recognised in profit or loss, deferred tax of £NIL million (2024: £0.2 million) has been recognised in other comprehensive income and £0.2 million (2024: £0.1 million) directly in equity.

UK corporation tax is calculated at 25% (2024: 25%) of the estimated assessable profit for the year. Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions.

The tax for the year is lower than (2024: lower than) the standard rate of corporation tax in the UK of 25% (2024: 25%). The differences are explained below:

Analysis of charge in the year		Year ended 31 Dec 2025		Year ended 31 Dec 2024
	£'000		£'000
Profit before tax		4,640		5,593
Tax at the United Kingdom corporation tax rate of 25% (2024: 25.0%): Effects of:		(1,160)		(1,398)
Adjustment to tax in respect of prior periods		4		192
Adjustment in respect of foreign tax rates		364		67
Expenses not deductible for tax purposes		(290)		(69)
Other		5		190
Research and development tax relief		(26)		124
Recognition of tax losses not previously recognised		487		300
Change in future tax rates		-		(19)
Total taxation		(616)		(613)

United Kingdom corporation tax is calculated at 25% (2024: 25%) of the estimated assessable profit for the year. Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions.

4.       Earnings per share

To provide an indication of the underlying operating performance per share, the adjusted profit after tax figure shown below excludes non-underlying items and has a tax charge using the effective rate of 24.7% (2024: 20.01%).

				Year ended 31 Dec 2025	Year ended 31 Dec 2024
				£'000	£'000
Profit before tax and non-underlying items				9,866	9,836
Tax charge at a rate of 24.7% (2024: 20.1%)				(2,439)	(1,976)
				7,427	7,860
Tax adjustments in respect of prior years				4	192
Non-underlying items net of tax				(3,894)	(3,372)
Recognition of tax losses				487	300
Profit on ordinary activities after tax				4,024	4,980
				2025 Number (thousands)	2024 Number (thousands)
Weighted average number of shares				55,360	56,837
Effect of dilutive share options				1,541	1,010
				56,901	57,847
	2025 Basic EPS pence	2025 Diluted EPS pence	2024 Basic EPS pence		2024 Diluted EPS pence
Earnings per share	7.3	7.1	8.8		8.6
Non-underlying items net of tax	7.0	6.8	5.9		5.8
Prior years' tax charge/(credit)	(0.0)	(0.0)	(0.3)		(0.3)
Recognition of tax losses	(0.9)	(0.9)	(0.5)		(0.5)
Adjusted earnings per share	13.4	13.0	13.9		13.6

Adjusted earnings per share are calculated using adjusted profit after tax.

5.       Dividends

	2025 pence per share	2024 pence per share	2025 £'000		2024 £'000
Dividend paid
Interim dividend	1.8	1.8	997		1,024
Final dividend (prior year)	3.6	3.6	2,002		2,057
	5.4	5.4	2,999		3,081
Proposed but not recognised as a liability
Final dividend (current year)	3.6	3.6	1,996		2,006

The proposed final dividend was approved by the Board on 7 April 2026 but was not included as a liability as at 31 December 2025, in accordance with IAS 10 'Events after the Balance Sheet date'. If approved by the shareholders at the Annual General Meeting this final dividend will be payable on 12 June 2026 to shareholders on the register at the close of business on 22 May 2026. The final dividend will be subject to changes for the value of the buyback completed when payable.

6.       Property, plant and equipment including right-of-use assets

	Year ended 31 Dec 2025		Year ended 31 Dec 2024
	£'000		£'000
Opening net book value 1 January	4,016		4,484
Additions	736		879
Net disposals	(6)		(14)
Net exchange movements	37		(29)
Depreciation	(1,208)		(1,304)
	3,575		4,016

7.       Goodwill

	Year ended 31 Dec 2025	Year ended 31 Dec 2024
Cost	£'000	£'000
At 1 January	46,006	46,006
At 31 December	46,006	46,006
Net book amount	46,006	46,006

8.       Intangible assets

	Year ended 31 Dec 2025	Year ended 31 Dec 2024
	£'000	£'000
Opening net book value 1 January	15,412	17,739
Additions	-	1,120
Amortisation	(3,447)	(3,447)
	11,965	15,412

In the year, the Group purchased perpetual software licenses and determined a useful economic life of 10 years. The amortisation charge has been shown in underlying costs.

9.       Trade and other receivables

	Year ended 31 Dec 2025	Year ended 31 Dec 2024
	£'000	£'000
Trade receivables	6,897	13,197
Less: provision for impairment of receivables	(291)	(1,107)
Trade receivables - net	6,606	12,090
Amounts owed by group undertakings	-	-
Other receivables	398	216
Other tax and social security receivable	407	-
Prepayments	1,943	1,754
Accrued income	1,786	801
	11,140	14,861

Within the trade receivables balance of £6.9 million (2024: £13.2 million) there are balances totalling £3.7 million (2024: £6.8 million) which, at 31 December 2025, were overdue for payment. Of this balance 86% (2024: 55%) has been collected at 13th March 2026 (2024: 24 March 2025). DSO (debtor days) decreased to 34 at 31 December 2025 (2024: 55) as a result of improved collections at year-end combined with a detailed focus on a small number of long-running disputes being settled prior to 31 December 2025. Deferred income at 31 December 2025 decreased to £28.2 million (2024: £32.2 million), reflecting the recognition of revenue from prior‑year invoicing outpacing new billings during the year.

10.      Financial liabilities

	Year ended 31 Dec 2025	Year ended 31 Dec 2024
	£'000	£'000
Bank loan	5,940	7,180
The borrowings are repayable as follows:
Within one year	1,250	7,188
In the second year	1,250	-
In the third to fifth years inclusive	3,500	-
	6,000	7,188
Unamortised prepaid facility arrangement fees	(60)	(8)
At 31 December	5,940	7,180

On 14 October 2025, the Group refinanced its existing borrowings with Bank of Ireland. The previous loan, with an outstanding principal balance of £7.1 million, was fully repaid on that date.

Concurrently, the Group entered into a new loan agreement with HSBC UK for a principal amount of £6.0 million. The refinancing completed during the year provides the Group with committed funding for a minimum period of three years from October 2025. Together with the Group's existing cash balances and forecast operating cash flows, the Directors believe the Group has sufficient liquidity and covenant headroom to meet its obligations as they fall due over the forecast period. The facility agreement also provides extension options which, if exercised, would extend the maturity beyond the initial three-year term. The new facility has a contractual term of three years, with an option to extend for a further one year, subject to lender approval. The loan bears interest at SONIA plus a 1.40% margin.

In addition, the Group has a £5.0 million Revolving Credit Facility ("RCF") with HSBC UK, which bears interest at SONIA plus a 1.50% margin on any amounts drawn. An uncommitted accordion option of up to £5.0 million was also available. A 35% charge is applied to the undrawn portion of the RCF, resulting in an undrawn fee calculated of 0.525%.

The term loan is repayable in quarterly instalments of £0.3 million, with the remaining balance repayable at maturity. The revolving credit facility is repayable at maturity, unless repaid earlier.

11.      Trade and other payables

	Year ended 31 Dec 2025	Year ended 31 Dec 2024
	£'000	£'000
Trade payables	1,099	405
Other tax and social security payable	898	929
Other payables	410	154
Accruals	7,328	6,909
Deferred income	28,227	32,225
	37,962	40,622

12.      Lease obligations

	Year ended 31 Dec 2025	Year ended 31 Dec 2024
	£'000	£'000
Amounts payable under capital lease agreements:
Within one year	622	633
Within two to five years	1,832	2,111
After five years	182	544
Total	2,636	3,288
Less: future finance charges	(239)	(345)
Present value of lease obligations	2,397	2,943
Less: Amount due for settlement within 12 months (shown under current liabilities)	(543)	(527)
	1,854	2,416

	Year ended 31 Dec 2025	Year ended 31 Dec 2024
	£'000	£'000
The present value of financial lease liabilities is split as follows:
Within one year	543	527
Within two to five years	1,681	1,890
After five years	173	526
	2,397	2,943

13.      Provisions

	Provisions
	31 Dec 2025	31 Dec 2024
	£'000	£'000
At 1 January	383	368
Charged/(released) to income statement	(6)	19
Foreign exchange movement	-	(4)
At 31 December	377	383

£0.3 million (2024: £0.3 million) of the total provision at 31 December 2025 of £0.4 million (2024: £0.4 million) relates to the cost of dilapidations in respect of its occupied leasehold premises.

All of the non-current provision is expected to unwind within 2 to 5 years (2024: 2 to 5 years).

14.      Share capital

	Number	£'000
Ordinary shares of 7 1/3p each
Issued and fully paid:
At 1 January 2025	57,337,611	4,204
Shares issued	6,707	-
Shares cancelled	(1,233,354)	(89)
At 31 December 2025	56,110,964	4,115

15.      Treasury shares reserve

	31 Dec 2025	31 Dec 2024
	£'000	£'000
At 1 January	(3,812)	-
Purchase of own shares	(5,051)	(4,014)
Transfer of exercise of options	9	202
Transfer to EBT	3,288	-
Cancellation of shares	3,953	-
At 31 December	(1,613)	(3,812)

1,648,025 shares were purchased by the Company in 2025 for a total cost of £5.1m (2024: 1,185,400 shares at a cost of £4.0m under the Company's share buyback programme). The EBT holds 1,000,558 (2024: 558) ordinary shares in the Company.

16.      Cash flows from operating activities

Reconciliation of profit before tax to net cash generated from operations:

	31 Dec 2025	31 Dec 2024
	£'000	£'000
Profit before tax for the year	4,640	5,593
Adjustments for:
Depreciation	1,208	1,304
Amortisation	3,447	3,447
Share-based payment expense	379	611
Finance income	(146)	(368)
Finance costs	312	450
Changes in working capital:
(Increase)/decrease in receivables	3,721	(2,049)
(Decrease)/increase in payables	(2,660)	(136)
(Decrease) in provision	(6)	-
Cash generated from operations	10,895	8,852

17.      Statement by the directors

The preliminary results for the year ended 31 December 2025 are prepared in accordance with UK adopted International Accounting Standards (IAS) and interpretations by the IFRS Interpretations Committee applicable to companies reporting under UK adopted IFRS. They do not include all the information required for full annual statements and should be read in conjunction with the 2025 Annual Report. The accounting policies adopted in this preliminary announcement are consistent with the Annual Report for the year ended 31 December 2025.

The comparative figures for the financial year 31 December 2024 have been extracted from the Group's statutory accounts for that financial year. The 2024 financial statements, which were prepared in accordance with UK adopted international accounting standards and company law, have been reported on by the Group's auditors and delivered to the registrar of companies.

The financial information set out in this preliminary announcement does not constitute the Company's statutory accounts for the years ended 31 December 2025 or 31 December 2024. The Annual Report for 2025 will be delivered to the Registrar of Companies in due course. The auditors' report on those accounts was unqualified and neither drew attention to any matters by way of emphasis nor contained a statement under either section 498(2) of Companies Act 2006 (accounting records or returns inadequate or accounts not agreeing with records and returns), or section 498(3) of Companies Act 2006 (failure to obtain necessary information and explanations).  The Board of Aptitude Software Group plc approved the release of this audited preliminary announcement on 7 April 2026.

The Annual Report for the year ended 31 December 2025 will be posted to shareholders in due course and will be delivered to the Registrar of Companies following the Annual General Meeting of the Company. The report will also be available on the investor relations page of our web site (www.aptitudesoftware.com). Further copies will be available on request and free of charge from the Company Secretary at 8th Floor, 138 Cheapside, London, EC2V 6BJ.

 

END