16 September 2026

APTITUDE SOFTWARE GROUP plc

(‘Aptitude Software’ or ‘the Group’)

 

Interim Results for the six months ended 30 June 2026

Continued Fynapse progress drives AI Autonomous Finance ARR growth

Aptitude (LSE:APTD), a market-leading provider of AI-native Finance ERP software, reports its unaudited results for the six months ended 30 June 2026 ('H1 2026').

Financial Highlights

Six months ended 30 June	H1 2026	H1 2025	% Change
Annual Recurring Revenue1 (‘ARR’) at 30 June	£49.9m	£50.8m2	(2%)
-          AI Autonomous Finance1 / 7	£20.1m	£17.9m2 / 8	12%
-          Other Software1	£25.9m	£27.8m2	(7%)
-          Assure1	£3.9m	£5.1m2	(23%)
Revenue
Total Revenue	£28.8m	£32.8m	(12%)
-          Recurring Revenue3	£25.4m	£26.8m	(5%)
-          Non-Recurring Revenue	£3.4m	£6.1m	(44%)
Recurring Revenue proportion	88.1%	81.5%	6.6ppts
Profit
Adjusted Operating Profit4	£5.1m	£4.9m	4%
Statutory Operating Profit	£1.2m	£2.0m	(40%)
Adjusted Operating Margin4	17.8%	14.9%	2.9ppts
Cash and Balance Sheet
Cash and Cash Equivalents	£21.1m	£23.7m	(11%)
Net Cash5	£15.7m	£17.1m	(8%)
Interim Ordinary Dividend per Share	1.8p	1.8p	-

        Strategic focus on Fynapse delivered 12% year-on-year AI Autonomous Finance ARR growth to £20.1 million.

        Within AI Autonomous Finance ARR, Fynapse contributed £4.9 million (30 June 2025: £2.6 million), representing 85% growth year-on-year. This Fynapse base provides a total of £14.2 million of future contracted revenues from 1 July 2026.

        During H1 2026, £5.8 million of the ARR base was renewed under multi-year contracts, delivering 6% net ARR growth and a total contract value of £19.2 million.

        Software ARR increased 1% year-on-year. Including Assure, total ARR of £49.9m was slightly lower than the prior year (30 June 2025: £50.8m), with a significant proportion of the reduction relating to Assure and aligned with the Group's strategic intent to reduce reliance on services.

        Recurring revenue accounted for 88.1% of the Group’s total revenue (H1 2025: 81.5%), increasing the Group’s proportion of predictable revenues and improving revenue visibility.

        Operating profit margin increased to 17.8% (H1 2025: 14.9%), driven by the continued delivery of cost efficiencies arising from the Group's ongoing transition to a SaaS business model.

        Operating profit remained resilient at £5.1 million (H1 2025: £4.9 million), despite a 12% (£4.0 million) decline in total revenue.

        Continued balance sheet strength, with cash of £21.1 million (30 June 2025: £23.7 million) and net cash of £15.7 million (30 June 2025: £17.1 million), after returning £5.4 million to shareholders through the share buyback programme for the 12 months to 30 June 2026, including £2.6 million in H1 2026.

Strategic and Operational Highlights:

        Strong Fynapse momentum – new enterprise wins in H1 with a total contract value of £5.2 million, including the largest Fynapse new logo win to date with a total contract value of £4.2 million.

        Continued market validation reflected in an expanding pipeline of Fynapse opportunities, showing the validity of its positioning as a Finance ERP solution, with organisations increasingly seeking a real-time, AI-ready data foundation that traditional ERP architecture is not able to provide.

        Continued investment in Account Management has strengthened coverage and engagement across the existing customer base leading to improved processes for renewal and churn management.

        Ongoing plan to migrate the best-in-class capabilities of ARRE, AREV and ALAE into Fynapse which will provide additional existing customers with a clear migration path to Fynapse.

        Substantial completion of the rationalisation of the Group’s product portfolio and organisational structure, concentrating investment on Fynapse and the Finance ERP opportunity.

        Continued improvement in overall product quality and greater use of AI tools internally have made the Group more effective and efficient without a corresponding increase in cost, supporting the transition to a more scalable, higher-margin, software-led business model.

        New business pipeline continued to strengthen during the period, with Fynapse representing 93% of total pipeline, up from 80% in July 2025.

        Overall pipeline value grew approximately 25% period-on-period, with later stage pipeline expanding further, improving visibility into FY26.

        Partner-influenced opportunities increased to 92% of the pipeline (July 2025: 70%), demonstrating continued execution of the Group's partner-first strategy.

        Net Retention Rate6 of 95% (30 June 2025: 101%), with this reduction driven by elevated levels of churn in H2 2025 and Q1 2026 concentrated across the legacy product portfolio. The Group has implemented improved renewal and churn management processes, which together with the ongoing migration of Aptitude’s legacy products to Fynapse, is expected to positively address this reduction in net retention rate.

        The current global macroeconomic and geopolitical environment has led to extended sales cycles.

Strategic Review & Formal Sale Process update

        The Board was pleased to receive a number of proposals from high-quality trade and private equity counterparties, including non-binding indicative proposals to acquire either the Company or to acquire eSuite and the IFRS Rules compliance engines.

        Following consideration of those proposals, the Board is continuing discussions with certain of the parties that submitted proposals to make a cash offer for the Company, with discussions with one such party being more advanced.

        The Board continues to evaluate strategic options in respect of eSuite and the IFRS Rules compliance engines, although it is not currently actively progressing the proposals received in respect to those businesses.

 

Further announcements will be made as appropriate.

 

Commenting on the results, Alex Curran, CEO, said:

"H1 2026 marked further progress in Aptitude's transformation, with our largest ever Fynapse win and a pipeline that has strengthened in both quality and quantity demonstrating that the market is responding to Fynapse. We substantially completed the rationalisation of our product lines and organisational structure during the period, and continued to improve how we operate internally, including through greater use of AI tools across the business, which has made us more effective and efficient. That gives us real confidence in the strategic direction we've set. We continue to progress discussions with certain parties and will update investors in due course."

 

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

Throughout this announcement:

1 Annual Recurring Revenue (‘ARR’) is the value of Aptitude Software’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 notice has been received. Included in ARR are recurring revenues from the Group’s solution management services (Assure).

2 Constant currency is calculated by comparing the H1 2026 results with H1 2025 results retranslated at the rates of exchange prevailing during H1 2026. Items within the Financial Highlights table indicated by this superscript reference are calculated on a constant currency basis.

3 Recurring Revenue includes revenues from the Group’s solution management services

4 Adjusted Operating Profit, Adjusted Operating Margin and Adjusted Basic Earnings per Share exclude non-underlying operating items, unless stated to the contrary. Further detail in respect of the non-underlying operating items can be found within Note 5.

5 Net Cash represents cash and cash equivalents less a bank loan

6 Net retention rate (“NRR”) is measured by the total value of on-going ARR at the period-end from clients in place twelve months earlier as a percentage of the opening ARR from those clients on a constant currency basis. Software net retention rate is calculated on the same basis but excluding Assure ARR.

7 AI Autonomous Finance is a consolidated view of both Fynapse and Aptitude Accounting Hub (“AAH”)

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

8 Includes £0.3m of AI Autonomous Finance ARR from one customer that was previously misclassified

About Aptitude Software

Aptitude Software is the only Finance ERP that combines AI-native architecture with over 40 years of experience serving the world's most complex and progressive organisations. Its Finance ERP, Fynapse, replaces fragmented finance systems with a single, real-time foundation that gives finance teams live, accurate and fully traceable financial data. This reduces cost and complexity, improves decision-making, enables the adoption of AI in finance, and scales with the business.

 

Overview

Aptitude delivered accelerating ARR growth for AI Autonomous Finance in H1 2026, up 12% to £20.1 million, of which Fynapse delivered £4.9 million, representing 85% year-on-year growth. This was coupled with improved profitability as a result of the Group's re-organisation and its ongoing pivot to a higher-margin, software-led and partner-led model.

At Group level, this growth was offset, as expected, by churn within the Group's legacy portfolio. The Group's Finance ERP strategy directly addresses this, supporting the onboarding of a number of legacy products onto Fynapse and providing existing clients with a clear upgrade path to reduce churn over time, with a number of these opportunities progressing into pipeline during the period.

The Group concentrated investment behind Fynapse and the Finance ERP opportunity and secured its largest new Fynapse logo win to date in the period, while continuing to strengthen its partner-led go-to-market model, with partner-influenced pipeline reaching 92% of total pipeline at period end, up from 70% a year earlier. The period also saw the substantial completion of the Group's product and organisational rationalisation, first set out at the full year results in April 2026, leaving the business well positioned behind its strategic priority.

Finance ERP market opportunity

As anticipated, the finance systems market continues to move driven by advances in AI and growing demand for real-time financial insight. Operational ERP HR, procurement, and supply chain remained in place, while a distinct category continued to emerge alongside it: Finance ERP, a modular, finance-focused layer enabling real-time, governed financial data and supporting AI-driven decision-making. Fynapse positions Aptitude to capitalise on this opportunity.

Traditional ERP platforms continue to be built around batch processing, periodic reporting and retrospective analysis, difficult to adapt to an AI-enabled model without fundamental re-architecture. Newer, AI-native entrants typically lack the scale, control and regulatory credibility required by enterprise organisations, credibility built over years of operating inside complex, regulated finance functions, which is not something a new funding round can shortcut. This is where Aptitude's own heritage is important: over 40 years spent building subledger, accounting hub and financial control systems for some of the world's most regulated organisations. Fynapse enables Aptitude to compete differently because it:

• Provides CFOs with a platform to shift from reactive close cycles to real-time finance
• Delivers transformation in months, not years, with less disruption and lower cost than traditional ERP programmes
• Works alongside existing systems (ERP, data lakes, operational platforms) to unify data, embed intelligence and automate key finance owned and controlled processes
• Delivers real-time finance data, automation, continuous close, and predictive insight, making it a natural AI enabler, not a threat

Underpinning this positioning is an important point about AI itself. AI in finance is not held back by the models, but by the architecture underneath them. Legacy ERPs run on batch, aggregated data that is delayed and stripped of transaction-level detail, making it difficult for AI to produce trustworthy, auditable outputs. By capturing every transaction as a live, governed event, Fynapse provides the real-time, finance-grade data foundation that AI in finance depends on to be accurate, explainable and trusted.

This shift is also helping Fynapse compete and deliver against mid-market providers as an alternative for rapidly scaling businesses, continuing to extend the Group's reach beyond its traditional Tier 1 opportunities. This reflected the broader direction of the market, and Aptitude's expanded reach within it.

New Business progress

Progress behind Fynapse continued to build following its 2024 relaunch. The Group secured three new enterprise wins in H1 2026 across financial services, telecommunications and insurance.

• Fynapse delivered a record net new logo win during the period with the signing of a US$5.54 million (£4.2 million) three-year contract with a leading Canadian financial services group. The solution will support both the Group's existing finance operations and the launch of its newly regulated banking subsidiary and was secured with a Big Four advisory partner.
• The Group also secured two further Fynapse customer wins during the period, with a combined contract value of approximately £1.0 million: a leading UK telecommunications provider serving more than 5.5 million customers, and a global insurance brokerage and financial services firm generating over US$5 billion in annual revenue.

Pipeline quality continued to improve, with Fynapse now representing 93% of total pipeline (July 2025: 80%) and the later-stage pipeline expanding further, improving visibility into FY26 and FY27. Overall pipeline value grew approximately 25% period-on-period.

Partner-influenced opportunities increased to 92% of pipeline (July 2025: 70%), demonstrating continued execution of the Group's partner-first strategy.

Performance Across the Existing Client Base

Aptitude's established portfolio of over 100 high-value enterprise clients continued to support performance and provide a clear path to scale Fynapse adoption. During H1 2026:

• Notable renewals included a five-year Aptitude Accounting Hub renewal with a global payments technology company offering prepaid cards and transaction processing; and a three-year AREV renewal with a global enterprise software company.
• An expanded AREV commitment from a global public safety technology company, reflecting increased platform usage.
• A Top 10 US health insurer went live on Fynapse five months from project commencement, approximately 80% faster than alternative proposals of around two years, deployed as the accounting and control layer across the client's finance architecture and processing over 40 million journal lines per day, supporting the integration of an acquired book of business following a significant acquisition by the client.

These renewals, expansion and go-lives are reflective of continued investment in Account Management during the period, which strengthened coverage and engagement across the existing client base. Alongside this, continued investment behind Fynapse as a Finance ERP improved the Group's ability to move more clients from its legacy products onto the platform, with a number of client upgrade opportunities progressing into pipeline during the period.

Partner first

Partners continued to play an integral role in both selling and implementing Aptitude's software during H1 2026. The Group's largest Fynapse opportunity to date was sourced through a Big Four advisory partner, reflecting the continued level of engagement and support from partners behind Aptitude's Finance ERP strategy. Partner-influenced opportunities increased to 92% of the pipeline during H1 2026, up from 70% in July 2025.

The Group also continued to expand its technology partnerships with key software vendors during the period, as part of its Finance ERP strategy. The Group expects to continue building on this progress.

Organisational Transformation

The Group substantially completed the rationalisation of its wider product lines and team structures during H1 2026, concentrating on investment in Fynapse and the Finance ERP opportunity, in line with the plan set out at the full year results. This continued the Group's shift from a bespoke, services-led software model to an AI-native technology organisation with scalable delivery, a leaner cost base and sharper commercial focus, including the exit from predominantly direct services in March 2025, replaced by a partner implementation model.

Alongside this structural simplification, continued improvement in overall product quality and greater use of AI tools internally have enabled the Group to become more effective and efficient across a number of functions.  Within Product and Engineering, AI tools have supported faster prototyping and development of the Group's products, with AI tools also used across services projects to reduce the time required for product and upgrade deployments of Fynapse compared with 2025. Within Sales, AI-enabled tools have supported improved focus and pipeline qualification. The Group has also continued to use AI tools to provide interactive support to its clients.

People and Leadership

The Group continued to invest in organisational design, talent and governance during H1 2026, ensuring Aptitude remains aligned to deliver its Fynapse and Finance ERP strategy at scale.

• Headcount at 30 June 2026 was 234 (30 June 2025: 345), reflecting the Group's continued shift to a leaner, product-led model and Finance ERP strategy.
• Talent development, succession planning and performance management continued to be embedded through the Group's Objectives & Key Results and leadership frameworks.

On 11 August 2026, the Board also announced the appointment of Kenneth Paqvalén as Chief Financial Officer and Executive Director, with effect from 21 September 2026, following a comprehensive search process. Kenneth brings more than 20 years' experience scaling international technology and software businesses through high-growth phases, funding rounds and M&A, including CFO roles at Napier AI, R3 and Matillion. The appointment follows the departure of Mike Johns, who stepped down as CFO in February 2025.

Strategic Review and Formal Sale Process

On 8 April 2026, the board of directors (the “Board”) of Aptitude announced it had launched a review of its strategic options (the “Strategic Review”), including the launch of a formal sale process.

Pursuant to the Strategic Review, the Board has considered a range of possible options, including:

• raising additional equity capital from the Group’s existing shareholders or new investors;
• a sale of the Company’s eSuite and IFRS Rules compliance engines, in order to crystallise value and use the proceeds to fund further development and commercialisation of the Group’s Fynapse solution;
• utilising the Company’s current net cash resources to fund further Fynapse development;
• a merger with a well-capitalised counterparty supportive of further investment in the Fynapse growth opportunity;
• a sale of the Company; and
• the continued review of the Group’s strategy, cost base and allocation of cash resources, including moving non-core portfolio components of the Group into maintenance, enabling a reallocation of investment towards higher growth contributors, alongside improving margins.

As a result of the Strategic Review, the Group has already substantially completed the rationalisation of the Group’s product portfolio and organisational structure, concentrating investment on Fynapse and the Finance ERP opportunity.

The Strategic Review has further reinforced the Board’s excitement regarding the Finance ERP market opportunity for Aptitude, and its view that realising the Finance ERP opportunity at scale, transitioning the Group from steady to higher growth, and maintaining Fynapse’s advantage in a fast-moving and increasingly competitive market, requires accelerated investment to support the evolution of the proposition and strengthen its capabilities, so as not to fall behind the pace of the market, which could limit any material share price accretion in the short to medium term.

Support from the Group’s larger shareholders and new investors for an equity capital raise has not been forthcoming.

The Board was pleased to receive a number of proposals from high-quality trade and private equity counterparties, including non-binding indicative proposals to acquire either the Company or to acquire eSuite and the IFRS Rules compliance engines.

Following consideration of those proposals, the Board is continuing discussions with certain of the parties that submitted proposals to make a cash offer for the Company, with discussions with one such party being more advanced.

The Board continues to evaluate strategic options in respect of eSuite and the IFRS Rules compliance engines, although it is not currently actively progressing the proposals received regarding such disposals as part of its Strategic Review.

Further announcements will be made as appropriate.

Outlook

The Group continues to progress its strategic focus on Fynapse and its go-to-market strategy as set out at the FY25 results, whilst undertaking its Strategic Review and Formal Sale Process as announced on 8 April 2026.

The Group remains focussed on capturing the significant market opportunity open to Fynapse through accelerating its new logo win rate as it converts the strong pipeline built over recent periods, upgrading existing clients onto Fynapse, and monetising both to full revenue over time.

The current global macroeconomic environment, including geopolitical uncertainty, has extended sales cycles. Despite this, the Board is encouraged by the strong ARR growth exhibited by Fynapse and remains excited by the Finance ERP market opportunity over the medium to long-term.

 

 

Financial Performance

The Group delivered a resilient financial performance in the first half of 2026, increasing operating profit margin to 17.8% (H1 2025: 14.9%) through the continued delivery of cost efficiencies arising from its transition to a SaaS business model. As a result, operating profit increased to £5.1 million (H1 2025: £4.9 million).

The Group’s robust balance sheet, high levels of recurring revenue and strong cash generation, continue to provide the Group with considerable financial strength with which to execute on its growth strategy.

Revenue

Total revenue for the six months ended 30 June 2026 was £28.8 million (H1 2025: £32.8 million).

Recurring Revenues

Recurring revenues recognised in the six months ended 30 June 2026 decreased by 5% to £25.4 million (H1 2025: £26.8 million) due to a combination of negative foreign exchange movements and the impact of elevated levels of churn in H2 2025 and Q1 2026. The recent successes in driving multi-year renewals helps in mitigating this risk going forward.

Recurring revenues now represent 88.1% of overall revenue (H1 2025: 81.5%). It is a key part of the Group’s strategy to increase this percentage as we continue the transition to a partner-led implementation model. The increase in this metric illustrates a strengthening in the quality of our revenue and this is delivering a growth in operating margin. 

Aptitude’s ARR at 30 June 2026 totalled £49.9 million (31 December 2025: £50.2 million, 30 June 2025: £50.8 million both on a constant currency basis2) representing an overall year-on-year reduction of 2%. Included within ARR is the value of the Group’s recurring solution management services contracts (‘Assure’) of £3.9 million (31 December 2025: £4.4 million, 30 June 2025: £5.1 million both on a constant currency basis2).

The net retention rate6 in the 12 months to 30 June 2026 was 95% (H1 2025: 101%). This reduction in net retention rate6 has been driven by elevated levels of churn in H2 2025 and Q1 2026 across the legacy product portfolio.

Non-Recurring Revenue

Non-recurring implementation services revenue totalled £3.4 million for the six months ended 30 June 2026 (H1 2025: £6.1 million). The planned reduction in implementation services revenues reflects the Group’s shift to a partner-led implementation model as well as the reduced services footprint that comes with Fynapse.

Research and Development Expenditure

Total research and development expenditure in the six months ended 30 June 2026 reduced to £6.5 million (H1 2025: £6.7 million). This slight cost reduction is due to the impact of the continued reorganisation to a SaaS business model, where cost efficiencies have been made while maintaining the effectiveness of the function and continuing to ensure that strategic product development is accelerated. The reduction in costs associated with the re-organisation performed in H1 2026 is not materially reflected in the H1 2026 cost due to the fact these changes were made towards the end of the half. The full year effect of the cost reduction from this will be seen in future periods.

The Board has continued to determine that none of the internal research and development costs incurred during the first half of the year meet the criteria for capitalisation. Consequently, these have been expensed as incurred through the income statement.

Operating Profit and Margins

Adjusted operating profit for the six months ended 30 June 2026 increased to £5.1 million (H1 2025: £4.9 million). Adjusted operating margin increased to 17.8% (H1 2025: 14.9%), reflecting the continued benefits of the Group's transition to a SaaS business model, including improved revenue mix and the delivery of ongoing cost efficiencies. Statutory operating profit was £1.2 million (H1 2025: £2.0 million), reflecting an increase in non-underlying items, principally reorganisation costs and legal fees incurred in connection with the Board's Strategic Review.

Foreign Exchange

With 54% (H1 2025: 53%) of the Group’s revenues being generated from North American clients, the majority of which are invoiced in US Dollars, the financial results are impacted by changes in the US dollar exchange rate. Aptitude Software’s H1 2025 revenue and Adjusted Operating Profit would have been reported at £32.4 million and £4.5 million respectively on a constant currency basis (compared to actual result of £32.8 million and £4.9 million). Constant currency is calculated by comparing the 2025 results with 2026 results retranslated at the rates of exchange prevailing during 2026.

Non-Underlying Items

Non-underlying items of £3.9 million (H1 2025: £2.9 million) comprised amortisation of acquired intangibles of £1.7 million (H1 2025: £1.7 million), reorganisation costs of £1.7 million (H1 2025: £1.2 million) and Strategic Review costs of £0.5 million (H1 2025: £nil), together with share repurchase costs of £0.03 million (H1 2025: £0.02 million).

The increase in non-underlying items compared with the prior period principally reflects the continued implementation of the Group's reorganisation programme, together with legal fees incurred in connection with the Board's Strategic Review. These Strategic Review costs relate to the evaluation of strategic options and have been classified as non-underlying as they are non-recurring in nature and do not reflect the Group's underlying trading performance.

Taxation

The total tax charge of £0.2 million (H1 2025: £0.4 million) represents 25% of the Group’s profit before tax (H1 2025: 21%).

Statutory Results

The Group reported a profit for the period attributable to equity shareholders of £0.6 million (H1 2025: £1.4 million).

Earnings per Share

Adjusted Basic Earnings per Share reduced to 6.5 pence (H1 2025: 6.6 pence) while Basic Earnings per Share decreased to 1.1 pence (H1 2025: 2.5 pence) as a result of the H1 2026 reorganisation costs within non-underlying items.

Dividend

An interim dividend of 1.8 pence per share is declared (2025: 1.8 pence). The interim dividend will be payable on 16 October 2026 to shareholders on the register at the close of business on 25 September 2026.

Balance Sheet

The Group continues to have a strong balance sheet with net assets at 30 June 2026 of £50.4 million (H1 2025: £54.9 million), including cash of £21.1 million (H1 2025: £23.7 million) and net cash of £15.7 million (H1 2025: £17.1 million). The reduction in net assets reflects the continued amortisation of intangible assets, together with shareholder returns through dividends and the share buyback programme, which was suspended at the time the Strategic Review was announced.

Trade and other receivables increased to £14.8 million at 30 June 2026 (H1 2025: £13.5 million). Within this balance, trade receivables increased to £11.1 million (H1 2025: £9.8 million), primarily due to the timing of issuing and collecting certain annual software invoices. Deferred income increased to £26.9 million at 30 June 2026 (H1 2025: £26.5 million).

The Group’s cash flow remains seasonal due to the timing of invoicing and collection of recurring revenue, together with the weighting of certain payments in the first half of the year, including bonus payments. Net cash used in operating activities in the first half of the year was £2.7 million (H1 2025: £1.0 million outflow). Cash used in operations was £2.3 million (H1 2025: £0.6 million outflow), principally reflecting working capital movements in the period, including an increase in receivables and a reduction in payables.

The Group continued to provide returns to shareholders during the period, with £2.6 million returned through the purchase of own shares and £1.9 million paid in dividends.

Statement on Principal Risks and Uncertainties

Pursuant to the requirements of the Disclosure and Transparency Rules the Group provides the following information on its principal risks and uncertainties.  The Group considers strategic, operational and financial risks and identifies actions to mitigate those risks.  These risk profiles are updated at least annually.  The principal risks and uncertainties detailed within the Group’s 2025 Annual Report remain applicable for the first six months of the financial year.  The Group’s 2025 Annual Report is available from the Aptitude Software website: www.aptitudesoftware.com/investor-relations/

Related party transactions during the period are disclosed in Note 19.

 

CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT

For the six months ended 30 June 2026

 

		Unaudited six months ended 30 Jun 2026						Unaudited six months ended 30 Jun 2025						Audited year ended 31 Dec 2025
	Note	Before non-underlying items		Non- underlying items		Total		Before non-underlying items		Non- underlying items		Total		Before non-underlying items		Non- underlying items		Total
		£000		£000		£000		£000		£000		£000		£000		£000		£000
Revenue	4	28,805		-		28,805		32,825		-		32,825		64,954		-		64,954
Operating costs	5	(23,685)		(3,942)		(27,627)		(27,924)		(2,897)		(30,821)		(54,922)		(5,226)		(60,148)
Operating profit		5,120		(3,942)		1,178		4,901		(2,897)		2,004		10,032		(5,226)		4,806
Finance income		70		-		70		87		-		87		146		-		146
Finance costs		(408)		-		(408)		(283)		-		(283)		(312)		-		(312)
Profit before income tax		4,782		(3,942)		840		4,705		(2,897)		1,808		9,866		(5,226)		4,640
Income tax expense	6	(1,195)		985		(210)		(993)		612		(381)		(1,948)		1,332		(616)
Profit for the period		3,587		(2,957)		630		3,712		(2,285)		1,427		7,918		(3,894)		4,024
Earnings per share
Basic	7	6.5p				1.1p		6.6p				2.5p		13.4p				7.3p
Diluted	7	6.4p				1.1p		6.5p				2.5p		13.0p				7.1p

       

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME

For the six months ended 30 June 2026

 

		Unaudited six months ended 30 Jun 2026		Unaudited six months ended 30 Jun 2025		Audited year ended 31 Dec 2025
		£000		£000		£000
Profit for the period		630		1,427		4,024
Other comprehensive (expense)/income
Items that will or may be reclassified to profit or loss:
Cash flow hedges reclassified to income statement		(93)		(63)		(847)
Gain/(loss) on effective cash flow hedges		(91)		508		830
Deferred tax on cash flow hedges		46		(112)		(70)
Currency translation difference		107		(676)		(197)
Other comprehensive (expense) for the period, net of tax		(31)		(343)		(284)
Total comprehensive income for the period		599		1,084		3,740

 

CONDENSED CONSOLIDATED INTERIM BALANCE SHEET For the six months ended 30 June 2026		Unaudited as at 30 Jun 2026		Unaudited as at 30 Jun 2025		Audited as at 31 Dec 2025
	Note	£000		£000		£000
ASSETS
Non-current assets
Property, plant and equipment including right-of-use assets	10	3,205		3,628		3,575
Goodwill		46,006		46,006		46,006
Intangible assets	11	10,135		13,581		11,965
Other long-term assets		540		737		530
Deferred tax assets		869		1,250		852
		60,755		65,202		62,928
Current assets
Trade and other receivables	12	14,844		13,469		11,140
Financial assets - derivative financial instruments	3	135		489		272
Current income tax assets		-		-		2,486
Cash and cash equivalents		21,080		23,686		29,558
		36,059		37,644		43,456
Total assets		96,814		102,846		106,384
LIABILITIES
Current liabilities
Financial liabilities
- borrowings	14	(1,250)		(6,559)		(1,250)
- derivative financial instruments	3	(46)		(18)		-
Trade and other payables	13	(8,481)		(7,675)		(9,735)
Deferred income	13 (a)	(26,937)		(26,527)		(28,227)
Lease liabilities	15	(645)		(529)		(543)
Current income tax liabilities		(397)		(317)		(3,064)
		(37,756)		(41,625)		(42,819)
Net current (liabilities)/assets		(1,697)		(3,981)		637
Non-current liabilities
Financial liabilities - borrowings	14	(4,080)		-		(4,690)
Lease liabilities	15	(1,598)		(2,127)		(1,854)
Provisions	16	(563)		(369)		(377)
Deferred tax liabilities		(2,387)		(3,834)		(2,432)
		(8,628)		(6,330)		(9,353)
NET ASSETS		50,430		54,891		54,212
SHAREHOLDERS' EQUITY
Share capital	17	4,051		4,204		4,115
Share premium account	17	11,959		11,959		11,959
Capital redemption reserve		12,525		12,372		12,461
Other reserves		30,813		34,659		30,951
Treasury shares reserve	18	(1,850)		(6,057)		(1,613)
Accumulated losses		(5,870)		(462)		(2,356)
Foreign currency translation reserve		(1,198)		(1,784)		(1,305)
TOTAL EQUITY		50,430		54,891		54,212

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY

For the six months ended 30 June 2026

 

	Attributable to owners of the Parent
	Share capital	Share premium	Accumulated losses	Foreign currency translation reserve	Capital redemption reserve	Other reserves	Treasury shares reserves	Total Equity
Group	£000	£000	£000	£000	£000	£000	£000	£000
Balance at 1 January 2026	4,115	11,959	(2,356)	(1,305)	12,461	30,951	(1,613)	54,212
Profit for the period	-	-	630	-	-	-	-	630
Cash flow hedges reclassified to income statement	-	-	-	-	-	(93)	-	(93)
Gain on effective cash flow hedges	-	-	-	-	-	(91)	-	(91)
Deferred tax on cash flow hedges	-	-	-	-	-	46	-	46
Exchange rate adjustments	-	-	-	107	-	-	-	107
Total comprehensive income for the year	-	-	630	107	-	(138)	-	599
Purchase of own shares	-	-	-	-	-	-	(2,623)	(2,623)
Share options - value of employee service	-	-	170	-	-	-	-	170
Dividends to equity holders of the company	-	-	(1,927)	-	-	-	-	(1,927)
Total contributions by and distribution to owners	-	-	(1,757)		-	-	(2,623)	(4,380)
Cancellation of shares	(64)	-	(2,387)	-	64	-	2,387	-
Balance at 30 June 2026 (unaudited)	4,051	11,959	(5,870)	(1,198)	12,525	30,813	(1,850)	50,430

 

 

	Share capital	Share premium	Accumulated losses	Foreign currency translation reserve	Capital redemption reserve	Other reserves	Treasury shares reserves	Total Equity
Group	£000	£000	£000	£000	£000	£000	£000	£000
Balance at 1 January 2025	4,204	11,959	(23)	(1,108)	12,372	34,325	(3,812)	57,917
Profit for the period	-	-	1,427	-	-	-	-	1,427
Cash flow hedges reclassified to income statement	-	-	-	-	-	(63)	-	(63)
Gain on effective cash flow hedges	-	-	-	-	-	508	-	508
Deferred tax on cash flow hedges	-	-	-	-	-	(112)	-	(112)
Exchange rate adjustments	-	-	-	(676)	-	-	-	(676)
Total comprehensive income for the year	-	-	1,427	(676)	-	333	-	1,084
Purchase of own shares	-	-	-	-	-	-	(2,254)	(2,254)
Transfer on exercise of options	-	-	(4)	-	-	1	9	6
Share options - value of employee service	-	-	140	-	-	-	-	140
Dividends to equity holders of the company	-	-	(2,002)	-	-	-	-	(2,002)
Total contributions by and distribution to owners	-	-	(1,866)	-	-	1	(2,245)	(4,110)
Balance at 30 June 2025 (unaudited)	4,204	11,959	(462)	(1,784)	12,372	34,659	(6,057)	54,891

 

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

For the six months ended 30 June 2026

 

		Unaudited six months ended 30 Jun 2026		Unaudited six months ended 30 Jun 2025		Audited year ended 31 Dec 2025
	Note	£000		£000		£000
Cash flows from operating activities
Cash (used in)/generated from operations	8	(2,288)		(572)		10,895
Interest paid		(389)		(136)		(135)
Income tax (paid)		-		(284)		(680)
Net cash flows (used in)/generated from operating activities		(2,677)		(992)		10,080
Cash flows from investing activities
Purchase of property, plant and equipment, excluding right-of-use assets	10	(313)		(196)		(736)
Interest received		70		87		146
Net cash (used in)/generated from investing activities		(243)		(109)		(590)
Cash flows from financing activities
Purchase of own shares		(2,623)		(2,266)		(5,051)
Dividends paid to company's shareholders	9	(1,927)		(2,002)		(2,999)
Proceeds from new borrowings		-		-		5,940
Repayments of loan		(625)		(625)		(7,128)
Repayment of capital lease obligations		(308)		(308)		(625)
Net cash generated (used in) financing activities		(5,483)		(5,201)		(9,863)
Net (decrease) in cash and cash equivalents		(8,403)		(6,302)		(373)
Cash, cash equivalents and bank overdrafts at beginning of period		29,558		30,400		30,400
Exchange rate (losses) on cash and cash equivalents		(75)		(412)		(469)
Cash and cash equivalents at end of period		21,080		23,686		29,558

 

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

ACCOUNTING POLICIES

The accounting policies adopted are consistent with those of the previous financial statements, except as described below.

Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual profits.

New and amended standards and interpretations need to be adopted in the first interim financial statements issued after their effective date. There are no new IFRSs or IFRICs that are effective for the first time for this interim period that would be expected to have a material impact on the financial statements.

1.          General information

Aptitude Software Group plc (the ‘Company’) and its subsidiaries (together, the ‘Group’) is a specialist provider of AI Autonomous Finance solutions.

The Company is a public limited company incorporated and domiciled in England and Wales with a primary listing on the London Stock Exchange. The address of its registered office is 8th Floor, 138 Cheapside, London EC2V 6BJ.

These condensed consolidated interim financial statements were approved for issue on 15 September 2026.

These condensed consolidated interim financial statements do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2025 were approved by the Board of directors on 7 April 2026 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under section 498 of the Companies Act 2006.

2.          Basis of preparation

These condensed consolidated interim financial statements for the six months ended 30 June 2026 have not been audited or reviewed by the auditors. The interims have been prepared in accordance with the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority and with IAS 34, 'Interim financial reporting'. These condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2025, which have been prepared in accordance with UK adopted international accounting standards and company law.

3.          Estimates

The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates. In preparing these condensed consolidated interim financial statements, the significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended 31 December 2025, with the exception of changes in estimates that are required in determining the provision for income taxes.

 

FAIR VALUE ESTIMATION

Financial instruments not measured at fair value

Financial instruments not measured at fair value includes cash and cash equivalents, trade and other receivables, trade and other payables, and loans and borrowings. However, due to their short-term nature and ability to be liquidated at short notice their carrying value approximates to their fair value.

Financial instruments measured at fair value

The fair value hierarchy of the financial instruments measured at fair value is provided below.

	Level 2 inputs
	Unaudited as at 30 Jun 2026		Unaudited as at 30 Jun 2025		Audited 31 Dec 2025
	£'000		£'000		£'000
Financial assets
Derivative financial assets (designated hedge instruments)	135		489		272
	135		489		272
Financial liabilities
Derivative financial liabilities (designated hedge instruments)	46		18		-
	46		18		-

The derivative financial assets and liabilities have been valued using the market approach and are considered to be Level 2 inputs. There were no changes to the valuation techniques used in the year. There were no transfers between levels during the year.

4.          Segmental information

Business segments

The only business segment during both periods presented was Aptitude and therefore no segmental analysis is required.

Geographical segments

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
	Unaudited six months ended 30 Jun 2026		Unaudited six months ended 30 Jun 2025		Audited 31 Dec 2025		Unaudited six months ended 30 Jun 2026		Unaudited six months ended 30 Jun 2025		Audited 31 Dec 2025
	£'000		£'000		£'000		£'000		£'000		£'000
Continuing operations
United Kingdom	14,671		16,836		32,578		4,787		5,488		10,586
Rest of World	14,134		15,989		32,376		24,018		27,337		54,368
Total	28,805		32,825		64,954		28,805		32,825		64,954

 

 

The Group derives revenue from the transfer of goods and services in the following major categories and geographical regions, these being the United Kingdom (‘UK’) and Rest of the World (‘RoW’):

 

Unaudited six months ended 30 June 2026

Recurring revenue

Non-recurring revenue

UK

RoW

Total

UK

RoW

Total

Total

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Revenue from external clients

4,251

21,119

25,370

536

2,899

3,435

28,805

Unaudited six months ended 30 June 2025

Recurring revenue

Non-recurring revenue

UK

RoW

Total

UK

RoW

Total

Total

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Revenue from external clients

4,406

22,357

26,763

1,082

4,980

6,062

32,825

All of the revenue displayed in the above table is recognised over time in line with the Group’s accounting policy detailed on pages 88 to 91 of the Aptitude Software Group plc 2025 Annual Report and has been generated from contracts with clients.

The following is an analysis of the carrying amount of non-current assets (excluding deferred tax assets), and additions to property, plant and equipment and intangible assets (excluding right-of-use asset additions resulting from property lease agreements), analysed by the geographical area in which the assets are located.

		Carrying amount of non-current assets						Capital expenditure
		Unaudited six months ended 30 Jun 2026		Unaudited six months ended 30 Jun 2025		Audited 31 Dec 2025		Unaudited six months ended 30 Jun 2026		Unaudited six months ended 30 Jun 2025		Audited 31 Dec 2025
		£'000		£'000		£'000		£'000		£'000		£'000
Continuing operations
United Kingdom		47,164		50,391		48,910		124		68		297
Rest of World		12,722		13,561		13,166		189		128		439
Total		59,886		63,952		62,076		313		196		736

The Company’s business is to invest in its subsidiaries and, therefore, it operates in a single segment.

5.          Non-underlying items

	Unaudited six months ended 30 Jun 2026		Unaudited six months ended 30 Jun 2025		Audited year ended 31 Dec 2025
	£'000		£'000		£'000
Amortisation of acquired intangibles	1,690		1,690		3,447
Share repurchase costs	30		22
Reorganisation costs	1,684		1,185		1,779
Strategic Review costs	538		-		-
Total	3,942		2,897		5,226

6.          Income tax expense

Income tax expense is recognised based on management's estimate of the weighted average income tax rate expected for the full financial year of 25% (the estimated tax rate for the six months ended 30 June 2024 was 21%).

7.          Earnings per share

	Unaudited six months ended 30 Jun 2026		Unaudited six months ended 30 Jun 2025		Audited year ended 31 Dec 2025
Earnings per share	pence		pence		pence
Basic	1.1		2.5		7.3
Diluted	1.1		2.5		7.1

 

	Unaudited six months ended 30 Jun 2026		Unaudited six months ended 30 Jun 2025		Audited year ended 31 Dec 2025
Adjusted earnings per share	pence		pence		pence
Basic	6.5		6.6		13.4
Diluted	6.4		6.5		13.0

To provide an indication of the underlying operating performance the adjusted earnings per share calculation above excludes non-underlying items and has a tax charge based on the effective rate.

	Unaudited six months ended 30 Jun 2026		Unaudited six months ended 30 Jun 2025		Audited year ended 31 Dec 2025
	pence		pence		pence
Basic earnings per share	1.1		2.5		7.30
Non-underlying items	5.4		4.1		7.00
Recognition of tax losses	-		-		(0.9)
Adjusted earnings per share	6.5		6.6		13.4

 

 

8.          Cash generated from operations

	Unaudited six months ended 30 Jun 2026		Unaudited six months ended 30 Jun 2025		Audited year ended 31 Dec 2025
	£'000		£'000		£'000
Profit before tax for the period	840		1,808		4,640
Adjusted for:
- Depreciation	647		583		1,208
- Amortisation	1,789		1,746		3,447
- Share-based payment expense	170		140		379
- Finance income	(70)		(87)		(146)
- Finance costs	408		283		312
Changes in working capital:
- Decrease/(increase) in receivables	(3,714)		1,386		3,721
- (Decrease)/increase in payables	(2,544)		(6,417)		(2,660)
- (Decrease)/increase in provisions	186		(14)		(6)
Cash (used in)/generated from operations	(2,288)		(572)		10,895

9.          Dividends

The interim dividend of 1.8 pence per share (2025: 1.8 pence per share) was approved by the Board on 15 September 2026. It is payable on 16 October 2026 to shareholders on the register at 25 September 2026. This interim dividend has not been included as a liability in this interim financial information. It will be recognised in shareholders’ equity in the year to 31 December 2026. A final dividend of £1,927,000 was paid in June 2026 and relates to the year ending 31 December 2025 (2025: final dividend £2,002,000).

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

	Unaudited six months ended 30 Jun 2026		Unaudited six months ended 30 Jun 2025		Audited year ended 31 Dec 2025
	£'000		£'000		£'000
Opening net book amount 1 January	3,575		4,016		4,016
Additions	313		196		736
Disposals	(4)		-		(6)
Exchange movements	(32)		(1)		37
Depreciation	(647)		(583)		(1,208)
Closing net book amount 30 June (unaudited)	3,205		3,628		3,575

The Group has not placed any contracts for future capital expenditure which have not been provided for in the financial statements.

 

 

 

 

11.      Intangible assets

	Unaudited six months ended 30 Jun 2026		Unaudited six months ended 30 Jun 2025		Audited year ended 31 Dec 2025
	£'000		£'000		£'000
Opening net book amount 1 January	11,965		15,412		15,412
Exchange movements	(41)		(85)		-
Amortisation	(1,789)		(1,746)		(3,447)
Closing net book amount 30 June (unaudited)	10,135		13,581		11,965

12.      Trade and other receivables

	Unaudited six months ended 30 Jun 2026		Unaudited six months ended 30 Jun 2025		Audited year ended 31 Dec 2025
	£'000		£'000		£'000
Trade receivables – net	11,104		9,814		6,606
Other receivables	542		222		805
Prepayments	2,093		1,923		1,943
Accrued income	1,105		1,510		1,786
Closing net book amount 30 June (unaudited)	14,844		13,469		11,140

Within the trade receivables balance of £11,104,000 (30 June 2025: £9,814,000), there are balances totalling £3,620,000 (30 June 2025: £5,538,000) which, at 30 June 2026 were overdue for payment.

As of 31 August 2026, 69% was collected against the total receivables balance at 30 June 2026.

13.      Trade and other payables

	Unaudited six months ended 30 Jun 2026		Unaudited six months ended 30 Jun 2025		Audited year ended 31 Dec 2025
	£'000		£'000		£'000
Trade payables	1,141		119		1,099
Other tax and social security payable	1,316		614		898
Other payables	156		186		410
Accruals	5,868		6,756		7,328
Total	8,481		7,675		9,735

 

 

13(a)  Deferred income

	Unaudited six months ended 30 Jun 2026		Unaudited six months ended 30 Jun 2025		Audited year ended 31 Dec 2025
	£'000		£'000		£'000
Deferred income	26,937		26,527		28,227
	26,937		26,527		28,227

The increase in deferred income reflects new billings during the year being higher than the revenue recognised from prior year invoicing. The Group continues to maintain a strong base of recurring subscription revenue.

The deferred income balance has been shown as a separate line on the face of the Statement of Financial Position in 2026 to provide better clarity and transparency to the users (with the comparatives updated on a consistent basis).

14.      Financial Liabilities - Borrowings

	Unaudited six months ended 30 Jun 2026		Unaudited six months ended 30 Jun 2025		Audited year ended 31 Dec 2025
	£'000		£'000		£'000
Bank Loan	5,330		6,559		5,940
The borrowings are repayable as follows:
Within one year	1,250		6,562		1,250
In the second year	1,250		-		1,250
In two to five years	2,875				3,500
Gross borrowings	5,375		6,562		6,000
Unamortised prepaid facility arrangement fees	(45)		(3)		(60)
As at 30 June (unaudited)	5,330		6,559		5,940

In October 2025, the Group refinanced its borrowings, repaying a £7.1 million Bank of Ireland loan and replacing it with a new £6.0 million term loan and £5.0 million revolving credit facility (RCF), both with HSBC UK.

The term loan runs for three years from October 2025 (with a one-year extension option subject to lender approval) and carries interest at SONIA plus 1.40%. It is repayable in quarterly instalments of £0.3 million, with the balance due at maturity.

The RCF bears interest at SONIA plus 1.50% on drawn amounts, with an undrawn fee of 0.525% and an uncommitted accordion option of a further £5.0 million available. Both facilities are repayable at maturity unless repaid earlier.

The Directors consider that the Group's cash balances, operating cash flows and available facilities provide sufficient liquidity and covenant headroom to meet obligations as they fall due.

 

15.      Lease obligations

	Unaudited six months ended 30 Jun 2026		Unaudited six months ended 30 Jun 2025		Audited year ended 31 Dec 2025
	£'000		£'000		£'000
Within one year	719		618		622
Within two to five years	1,719		1,964		1,832
After five years	-		363		182
Total	2,438		2,945		2,636
Less: future finance charges	(195)		(289)		(239)
Present value of lease obligations	2,243		2,656		2,397
Less: Amount due within 12 months (current liabilities)	(645)		(529)		(543)
Non-current lease liabilities	1,598		2,127		1,854
Present value split:
Within one year	645		529		543
Within two to five years	1,598		1,804		1,681
After five years	-		323		173
Total present value	2,243		2,656		2,397

16.      Provisions

	Unaudited six months ended 30 Jun 2026		Unaudited six months ended 30 Jun 2025		Audited year ended 31 Dec 2025
	£'000		£'000		£'000
At 1 January	377		383		383
Charged to income statement	187		15		(6)
Utilised in the period	-		(25)		-
Foreign exchange	(1)		(4)		-
As at 30 June (unaudited)	563		369		377
Split: Current / Non-current
Current	-		-		-
Non-current	563		369		377
	563		369		377

£495,000 of the total provision at 30 June 2026 of £563,000 relates to the cost of dilapidations in respect of its occupied leasehold premises (30 June 2025: £289,000).