(Alliance News) - Aptitude Software Group PLC on Thursday said it is on track to meet its annual profit expectations and announced its Chief Executive Officer Jeremy Suddards will step down.

Shares in Aptitude fell by 18% at 278.65 pence each in London on Thursday morning.

The London-based subscription management and finance digitalization company said it expects modest revenue and profit progress in the first half of the year, reporting an annual recurring revenue growth of 3% at constant currency to GBP49.8 million from GBP48.1 million a year prior.

Aptitude attributed this to "higher levels of churn experienced in 2022 as certain clients or spend as a result of wider economic uncertainty and high inflation".

The company also said on Thursday its CEO Jeremy Suddards will be stepping down immediately after three years in the role, and will be replaced by the current regional CEO for North America, Alex Currant, until a permanent replacement is hired.

By Sabrina Penty, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.