Publication of Admission Document & Trading Update

Advancedadvt Limited

08 January 2024

 

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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE EU REGULATION 596/2014 AS INCORPORATED INTO UK DOMESTIC LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR").

8 January 2024

AdvancedAdvT Limited

Publication of Admission Document and Trading Update

AdvancedAdvT Limited (LSE: ADVT, "AdvT", the "Company"), the international software solutions provider for the business solutions, healthcare compliance, and human capital management sectors, will today publish its Admission Document in relation to the admission of its Ordinary Shares to trading on AIM ("Admission"). Admission is expected to take place and dealings in the Ordinary Shares to commence on AIM at 8.00 am on Wednesday 10 January 2024.

Vin Murria, AdvancedAdvT's Executive Chairperson, said

"Our strategy is centred around backing sectors characterised by long term AI, digital transformation, data analytics and business intelligence trends, that are in early stages of adoption and set to transform the workplace for professionals over the next few decades.

"We aim to build a lasting and thriving business by deploying capital on both M&A and within the platform businesses. We are actively pursuing opportunities where a blend of management expertise, enhanced operational performance, increased investment capital, and a targeted approach to acquisitions can enable growth and value creation for stakeholders.

"We are already making good progress with the recently acquired platform businesses and with some £97.9 million of cash and assets and our experienced management team, are well positioned to exploit the numerous opportunities in the rapidly growing and evolving AI and digitally led landscape."

Update on Current Trading and Prospects

The Admission Document includes, inter alia, the following update on current trading and prospects.

Four of the businesses acquired from Capita plc (the "Acquired Companies") operate across two fundamental business transformational areas: business solutions and healthcare compliance, and human capital management.

Through these core specialisms, AdvT delivers innovative software solutions and a platform for businesses and organisations to enable artificial intelligence, digital transformation, data analytics and business intelligence.

In the short period since the acquisitions of the Acquired Companies, AdvT has undertaken a comprehensive assessment of each of the businesses and their market opportunities. Avenues for deploying financial and operational resources and investments to enhance the organic growth of AdvT have been identified.

As previously announced, the Company has conditionally agreed to the disposal of Synaptic, for a cash enterprise value of £3.5 million, the fifth businesses acquired from Capita. The disposal is subject to FCA approval.

The business solutions and healthcare compliance segments, IBSS and CHKS, have strategically realigned to place a heightened emphasis on the customer and their evolving needs and to deliver value-driven software and digital solutions. This pivot has helped secure a multitude of new compliance clients while performing consistently with the management's projections.

Within the human capital management operations, Retain and WFM, AdvT successfully onboarded several new customers onto its SaaS platform. Additionally, the Company has already begun investing in new product offerings and roadmap features and functionality.

As anticipated, AdvT is observing positive digitalisation trends across both business solutions and healthcare compliance operations. The recently launched automated clinical coding solution has been adopted by the first customer, with a pipeline of further opportunities being built. Moreover, there's an increasing demand for the digital services and solutions, out of the Ireland-based operations.

Similarly, the human capital management operations are experiencing positive digitalisation trends. New and existing clients are embracing the cloud-based resourcing SaaS platform, enabling simplification and best practise processes, alongside the uptake of AI functionality in the Company's resources suitability engine introduced in the latest releases.

AdvT has begun investing in system enhancements to bolster its growth strategy and is currently advancing well-defined plans and executing actions to transition these services and systems onto its new platforms.

M&A is a core part of AdvT's strategy and there has been a notable increase in inbound opportunities. The Board will continue to evaluate these against its acquisition criteria.

Overall, AdvT's performance for the six months ended 31 December 2023 aligned with the Board's expectations.

As of 31 December 2023, AdvT held £97.9 million in cash and assets, excluding the proceeds from the disposal of Synaptic.

Reporting

AdvT expects to report its results for the six months to 31 December 2023 in March 2024.

AdvT will change its financial year end from 30 June to 28 February (or 29 February, if applicable) and will report its audited results for the eight months to 29 February 2024 in early Summer 2024.

Admission Document

AdvT's AIM Admission Document will be available on the Company's website at www.advancedadvt.com.

Singer Capital Markets Advisory LLP will be appointed Nominated Adviser to the Company upon Admission.

Unless otherwise indicated, capitalised terms in this Announcement have the meaning given to them in the Admission Document.

Enquiries:

AdvancedAdvT Limited
Vin Murria, Chairperson Gavin Hugill, Chief Financial Officer	c/o Meare Consulting
Singer Capital Markets (Nominated Adviser and Broker)	Tel: [phone]
Philip Davies / Asha Chotai / Sam Butcher
KK Advisory (Investor Relations)	Tel: [phone]
Kam Bansil

Meare Consulting
Adrian Duffield	Tel: [phone]

Note to Editors

AdvancedAdvT Limited (AdvT) provides software solutions and platforms across two business transformational areas: business solutions & healthcare compliance, and human capital management.

The Group's operations are IBSS (financial management software), CHKS (AI based healthcare intelligence compliance and accreditation software), Retain (global resource planning and talent management software) and WFM (workforce management software provider).

AdvT is an agent for change. The Group enables the delivery of Artificial Intelligence ("AI"), data analytics and business intelligence, all of which are key future drivers for growth in these sectors where long term digitisation trends are set to transform the workplace for professionals. 

AdvT is developing both organically and through acquisitions, by expanding its presence across adjacent markets, geographical boundaries and digital sectors.

 

END