http://www.advancedcomputersoftware.com/


Advanced Computer Software Group plc (Advanced) is the leading supplier of software and IT services to the health, care and commercial sectors with a primary focus on delivering high quality products and services to enable first class delivery of care in the community. Advanced's portfolio for the health and care sector includes IT management and analytics systems for out-of-hospital applications covering urgent and unplanned care, district nursing, hospices, residential care homes, telehealth, end-of-life and long-term-condition management; as well as mobile information systems for community carers.

Advanced additionally delivers back-office systems for NHS trusts, local authorities and care providers and is further strengthening its position in the health checks and pharmacy services markets. Working with partners in the NHS, local government and the private sector, Advanced delivers IT in support of safe and efficient care delivery and greater information for both the commissioner and care provider. The company's unique proposition is the breadth of integrated health and care solutions from patient-facing IT systems through to back-end operational systems and services.

Advanced is also a leading supplier of software and IT services to the commercial sector, which represents 35% of the company's revenues. As the commercial sector typically delivers faster lead times than the health and care sector, this part of the business underpins growth whilst providing opportunities for cross-marketing of products and IT services.











Investment in Avia Health Informatics PLC
RNS
RNS Number : 4406L
Advanced Computer Software Grp PLC
04 September 2012



4 September 2012



Advanced Computer Software Group plc



Investment in Avia Health Informatics PLC



Advanced Computer Software Group plc (AIM: ASW, "Advanced", or "the Group"), a leading provider of healthcare and business management software and services, has invested £350,000 in the AIM listed Avia Health Informatics PLC ("Avia") in the form of a convertible loan note with a term of three years.



The loan note, which attracts zero interest, is secured by a fixed and floating charge over the Company's assets and gives Advanced the right to nominate a non-executive director to the Avia board.



The loan will convert, at the discretion of ACS, into 29.9 per cent. of the Company's issued ordinary share capital immediately following the issue of the new Avia ordinary shares of 0.5p each ("the Loan Conversion Shares") to be issued pursuant to the loan conversion.



Vin Murria, Chief Executive, commented:



"Avia is primarily engaged in developing, building and maintaining the Pathfinder RF and Odyssey clinical decision support systems used by over 100 NHS customers and is a long term partner of Advanced Health & Care.



"This strategic investment will further expand and support Advanced's penetration of the NHS to provide better care for more patients."

Acquisition


http://www.moneyam.com/action/news/showArticle?id=4444127

Half Year Trading update




Financial



The Group expects to report first half results from continued operations with revenues up 20% (10% organically*) to no less than £56.7m (2011: £47.3m**), and adjusted EBITDA*** up 10% (8% organically*) to no less than £13.2m (2011: £12.0m**).



Adjusted EBITDA*** margin is expected to be 23% following the acquisition in April 2012 of Fabric Technologies ("Fabric") for £4.6m and subsequent restructuring.



At the period end the Group had net cash of £1.5m (29 February 2012: net debt £1.1m). Cash conversionϯ continues to be strong at over 100%.



Operational highlights



Advanced Health & Care anticipates organic revenue growth of 18% from continued expansion of its core patient care management software. Strong progress was made in building partnerships with NHS 111 providers and Advanced is now the preferred supplier to more than 70% of the NHS 111 market. Growth in mobile solutions continues to accelerate, and the Group's target of 26,000 users of iNurse and iCare products by the year-end looks solidly achievable.



Advanced Business Solutions expects organic revenue growth of 5%, with continued demand from the public sector for shared services, procurement, budgeting and forecasting solutions, as local authorities and other organisations invest in technology in order to reduce costs. The division's large customer base continues to be a fertile source of opportunity for Advanced 365's cloud-based offerings.



Advanced 365 expects organic revenue growth of 21%, excluding the results of Fabric. The integration of Fabric, which provides managed services and unified communications to mid-market customers in banking and other professional services sectors, and the transition to higher margin lines from lower margin hardware sales, is expected to be fully completed by the year-end. Cross selling, in conjunction with Advanced Business Solutions, continues to be important for this division which signed a number of multi-year contracts during the period.



http://www.moneyam.com/action/news/showArticle?id=4445841

http://www.moneyam.com/action/news/showArticle?id=4450411

:-))

Advanced Computer buys Computer Software for £110mln in cash
Friday, March 08, 2013

http://www.proactiveinvestors.co.uk/companies/stocktube/1793/advanced-computer-buys-computer-software-for-110mln-in-cash--1793.html

Finally gone long........

A buy in this weeks Shares mag - seem to think the shares could reach 120p before the year end.

The Innovation & Growth Investor Evenings offer a fantastic opportunity not only to hear about the latest plans from some of the most exciting listed and innovation-led companies, but also to put your questions to the people that matter. What is more, there is a free drinks and canapés reception where you can mingle with industry leaders and your fellow investors. Make sure you don't miss this unique opportunity to get the answers you need from the people that make the market.

Each evening conference is tailor-made for private investors who are actively looking for new investment ideas and opportunities. It is for those who already have investments, or are looking for exposure in companies that potentially offer strong growth potential.

Attendance is FREE, but places are strictly limited, so register now!

REGISTER NOW

Supported by:

Date: Monday 17th June 2013

Venue: Novotel Tower Bridge, 10 Pepys Street, London EC3N 2NR

Evening timings:

18:00 - 18:30 Registration and coffee
18:30 - 20:30 Presentations
20:30 - 21:30 Drinks reception and canapés



Companies presenting include:(more to be announced)


Advanced Computer Software (ASW)

AIM-listed Advanced Computer Software Group plc (ASW) is a leading provider of patient management software solutions for the healthcare sector and back office solutions and services for organisations in both the public and private sectors. The Group has grown from a start-up to employing approximately 1,900 staff serving 20,000 customers across the UK, USA and Ireland. Following the acquisition of Computer Software Holdings in March 2013, the enlarged Group is expected to deliver pro forma revenue of £193.2m for 2013, of which £160m is recurring (contracted and repeating) and adjusted EBITDA of £42.3m.

The Group’s objective is to maximise growth in shareholder value by delivering innovative, cost effective software and services to satisfied customers. Opportunities for growth include exploring new markets for core products, cross selling and expanding the portfolio of products and services through selected acquisitions.

Speaker: Vin Murria, Chief Executive Officer.

Corero Network Security (CNS)

Corero Network Security plc’s mission is to be a leading network security systems company delivering solutions to address the challenges organizations face in protecting their IT systems and networks and on-line assets from the threats of cyber crime.
Corero Network Security plc’s strategy is to acquire IT network security businesses or assets to develop a comprehensive suite of IT and network security products, encompassing hardware, software and subscription based services, to address the network security challenges encountered by mid-market and enterprise organisations as well as telecommunication service providers.

In March 2011, Corero Network Security plc acquired Top Layer which now trades as Corero Network Security.

In addition, to Corero Network Security plc’s security focused business, Corero Business Systems serves the business and education sector in the UK by delivering powerful, dynamic modular accounting and business management software and services.

Speakers: Andrew Miller – COO, Corero Group

Ashley Stephenson – CEO, Corero Network Security division


Inland Homes (INL)

Inland Homes is a dynamic developer of urban regeneration projects around southern England. Predominantly specialising in brownfield developments, our highly experienced team can provide solutions to a variety of difficult and sensitive land situations.
Inland Homes successfully navigates the complex planning system, applying meticulous attention to detail throughout the design process whilst utilising our close working relationships with local authorities. Our ability to identify and control sites has resulted in our track record in the development of brownfield opportunities to be second to none.

Speaker: Stephen Wicks, Chief Executive Officer


REGISTER NOW

On Monday, Advanced Computer Software Group PLC (ASW:LSE) closed at 97.00, 3.00% below its 52-week high of 100.00, set on Mar 08, 2013.

As of Jun 14, 2013, the investment analyst covering Advanced Computer Software PLC advises investors to purchase equity in the company. This has been the consensus forecast since the sentiment of investment analysts improved on Oct 03, 2012. The previous consensus forecast advised that Advanced Computer Software PLC would outperform the market.

Full year results

Financial highlights



· Strong revenue growth of 23%, to £120.9m (2012: £98.2m) with organic growth* of 9%



o Health & Care up 13%

o Business Solutions up 6%

o 365 Managed Services up 9%



· Adjusted EBITDA** up 12% to £27.0m (2012: £24.1m)



· Pre-tax profit up 42% to £9.2m (2012: £6.4m)



· Adjusted pre-tax profit** up 14% to £24.1m (2012:£21.2m)



· Adjusted EPS† up 12% to 5.6p (2012: 5.0p)



· Maiden dividend of 0.4p per share



· Cash conversion‡ of 108% (2012: 105%), cash generated from operations £26.7m (2012: £24.1m)



· Net cash of £30.9m (2012: net debt £1.1m)



· Excellent revenue visibility:



o Recurring revenue 57% (2012: 57%) with approximately a further 25% of repeating revenue

o Future contracted revenue increased by £79.1m to £189.1m (2012: £110.0m) following the acquisition of CSH



Operational highlights



· Three strategic acquisitions completed



· Major supplier of software and services to approximately 85% of providers to new NHS 111 service



· Mobile licence sales growth maintained - now over 25,000 signed



· Key contract wins for Advanced 365 contributing to a steady rise in revenue under contract



· Key acquisition post year end - Computer Software Holdings in March 2013 for £107.0m providing business solutions to SMEs, the not for profit sector and the legal profession





* Calculated on a like-for-like basis

** Before acquisition costs, share based payments and amortisation of acquired intangible assets

† Before acquisition costs, share based payments, amortisation of acquired intangible assets and tax adjustments

‡ Cash generated from continuing operating activities as a percentage of adjusted EBITA




http://www.moneyam.com/action/news/showArticle?id=4619467

Advanced Computer pays maiden dividend as revenues climb
By Philip Whiterow June 25 2013, 10:53am Business has continued to be strong in the current year, ACS added.Business has continued to be strong in the current year, ACS added.

-- Adds broker comments --

Healthcare and business software specialist Advanced Computer Software (LON:ASW) is to pay its maiden dividend as revenues and profits soared over the past twelve months.

Revenues jumped by almost a quarter to the year to February, driven by acquisitions and a 9% rise in organic growth as demand for IT surged from community hospitals and trusts, the finance operations of the NHS and in managed services.

Business has continued to be strong in the current year, ACS added, underpinned by strong recurring revenue and low customer churn.

Recurring revenues accounted for 57% of the £121mln total in the year just ended.

Pre-tax profits for the year jumped by 42% to £9.2mln, with underlying earnings (EBITDA) 12% higher at £27mln. There is a 0.4p final dividend.

The results included three purchases last year but not March’s £107mln acquisition of Computer Software Holdings, the company's largest deal to date, though future contracted revenue has risen to £189mln as a result of that deal.

Of the contracted revenue, £21.2m is in Health & Care, £119.1m in Business Solutions and £48.0m in 365 Managed Services. Some 73% of the total will be recognised in fiscal year (FY) 14 and the balance from FY15 onwards, the company said.

Advanced added there were “numerous opportunities” to grow organically in mobile solutions, community healthcare, shared services and cloud enablement as well looking for more acquisitions.

Vin Murria, chief executive, said: "These strong results have been driven by the continued rising demand for IT solutions and managed services which enable a wide range of private and public organisations, including both the health and charity sectors, to achieve cost savings and optimise their performance.

"The first quarter of the current year has started well, and having made great progress in the last financial year, we now have a very strong platform enabling us to further develop and rapidly grow the group."

Broker Canaccord Genuity said the fast-growing software firm had made “steady progress” during the year, with revenues slightly ahead of the market consensus forecast.

“The group is clearly continuing to make progress in each of its three main divisions, although the margin fall in managed services is more pronounced than we had expected,” the broker said.

The managed services margin fell from 20% to 15% due to the introduction of lower margin third party infrastructure revenue that came with last year’s acquisition of unified communications provider, Fabric Technologies.

Broker Northland Capital Partners says the company had made Advanced Computer Software has made major strides in the past five years to become a well-diversified software and services provider with large levels of recurring revenues and good cash conversion, and sees scope for organic growth.

“The premise of much of its products is cost reduction and hence although it is targeting sectors where spending remains tight (e.g. NHS), the RoI [return on investment] case is winning through. Progress has been reflected in the share price performance and the rating of 16.9x FY14 earnings is slightly elevated but not stretched,” Northland’s David Johnson argues.

N+1 Singer, one of Advanced Computer’s house brokers, says the company’s track record supports a premium rating.
“Advanced Computer Software delivered another robust set of full year results, posting organic growth across all three divisions and displaying strong cash generation,” the City firm said.

“The strengthened management team should help the group continue to execute on its market opportunities, which have been enhanced by the recent CSH acquisition. With high levels of recurring revenues and nearly £190m of future contracted revenue, there is solid underpinning to our forecasts. We look forward to another year of delivery,” it concluded.

A buy in this weeks shares mag. One of eight aim names to hit the target.

A PE ratio of 15 for 2014 and an enterprise value (EV) multiple around nine times EBITDA both look good value in light of the growth and cashflow prospects, not to mention the CEO's impressive track record. (Vin Murria)

Investment summary: Scaling up


http://www.edisoninvestmentresearch.com/researchreports/acs040713qv.pdf

Directors Dealings

RNS


RNS Number : 1598J

Advanced Computer Software Grp PLC

11 July 2013




11 July 2013



Advanced Computer Software Group plc



Director dealings



Advanced Computer Software Group plc (AIM: ASW, "Advanced" or "the Group"), a leading provider of software and IT services to the healthcare and commercial sectors, advises that Vin Murria, Chief Executive Officer, has exercised a put option over 2,000 shares from her total holding of 4,545 shares in the Management Participation Scheme ("MPS"). The MPS was approved by shareholders on 26 August 2008 and the scheme terminates on 29 August 2013.



Ms Murria's exercise of 2,000 MPS shares will convert to 12,689,503 ordinary shares of 10p each in the Group. Following this conversion, Ms Murria will be interested in 49,240,370 Ordinary Shares, representing 11.13% per cent. of the issued share capital of Advanced.



Ms Murria has also requested that 645 MPS shares be transferred to a family member (falling outside the definition of family as defined by the AIM Rules). Following the exercise of the put option and the transfer, Ms Murria will retain an interest in 1,900 MPS shares.

Advanced Computer Software: No need to call 111
By John Harrington August 05 2013, 1:49pm Despite results at the end of June that were ahead of market expectations and an upbeat statement around current trading, ASW’s share price has fallen by more than 10% over the past two weeks.Despite results at the end of June that were ahead of market expectations and an upbeat statement around current trading, ASW’s share price has fallen by more than 10% over the past two weeks.

Well-publicised problems with the NHS 111 service may unjustifiably be weighing on the share price of Advanced Computer Software (LON:ASW), broker Arden Partners reckons.

Advanced Computer’s share price has fallen by more than 10% over the last two weeks, and the company’s broker, Arden, thinks this is most likely due to the news that NHS Direct is seeking to withdraw from its contract to run part of the NHS 111 non-emergency helpline.

ASW is the supplier to a number of 111 providers, including NHS Direct, for integrated call handling and its Adastra Out Of Hours software, Arden notes.

“NHS Direct’s problems in implementing the 111 service are publicly documented around its ability to provide trained call handlers – ASW’s software is proven and working well. Therefore, there is no question of a call on the revenue ASW has received to date for software licence and implementation work,” Arden explains.

“Any current uncertainty over future revenue is limited to a total of £1m per annum maintenance and managed services from 111 providers, of which we estimate half to be from NHS Direct. In the context of our £196m forecast for full year revenue from ASW, this is inconsequential,” the broker maintains.

“In addition, the 111 contracts are multi-year, and any impact at all would be unlikely before FY 2015. Finally, we understand that NHS Direct is in discussions with other providers who are users of ASW’s software, to take over their 111 contracts. Such a move would protect ASW’s maintenance stream,” the broker said.

In summary, then, the broker thinks the impact of NHS Direct’s travails is most likely to be zero or, at worst, 0.25% of Advanced Computer’s projected fiscal 2015 revenue.

On that basis, the broker argues, a 10% fall in the share price is an over-reaction and represents a buying opportunity.

Arden has a target price of 121p for Advanced Computer’s shares. Shares were up 2.5% at 82p in lunch-time trading.

10 AIM stocks for your ISA


Advanced Computer Software

"Advanced Computer Software (ASW) reported strong results in June and declared a maiden dividend. The company has continued its acquisition policy and recently bought rival software firm CSH, greatly expanding its client base in the legal service and not-for-profit sectors."



http://www.iii.co.uk/articles/107927/10-aim-stocks-your-isa

Half year trading update

RNS


RNS Number : 1255O

Advanced Computer Software Grp PLC

17 September 2013






17 September 2013



Advanced Computer Software Group plc



Half year trading update



Advanced Computer Software Group plc (AIM: ASW, "Advanced" or "the Group"), a leading provider of healthcare and business management software and IT services, publishes a trading update for the half year ended 31 August 2013.



Financial highlights



The Group expects to report first half results in line with management expectations with revenues up 74% to no less than £99.0m (2012: £56.8m) and adjusted EBITDA* up 67% to no less than £22.0m (2012: £13.2m).



The Group had net debt of £50.9m (28 February 2013: net cash £30.9m) on 31 August 2013, following the introduction of a new banking facility of £105m in March 2013 to fund the acquisition of Computer Software Holdings Limited ('CSH').



Operational highlights



Advanced Business Solutions, the Group's largest division, has continued to achieve above-market organic growth with continued demand from the public and private sectors for shared services, procurement, budgeting and forecasting solutions. The division's large customer base continues to offer opportunities for the cross-selling of Advanced 365's cloud-based services. The integration of the CSH acquisition is progressing well with performance in line with the Board's expectations.



Advanced Health & Care has continued to show strong organic growth with excellent progress in all areas. Advanced's systems now support 85% of the providers to the new NHS 111 market, over 90% of the unscheduled and urgent care sector, a growing and significant number of mobile solutions and is seeing significant opportunities in the emerging community care market.



Advanced 365 Managed Services has achieved strong growth in its recurring managed services revenues and has substantially reduced its exposure to lower-margin hardware sales. Cross-selling, in conjunction with Advanced Business Solutions, remains a significant differentiator.



Vin Murria, Chief Executive, said:



"We have seen excellent growth in the first half year and are in a good position to maintain progress, to deliver full year results in line with Board expectations."



"A wide range of further growth opportunities exists for our products and services in both the public and private sectors, particularly in healthcare. The use of technology as an enabler of efficiency savings remains key across all sectors."



"Following the acquisition of CSH, we have a very strong platform to develop and grow the whole Group, organically and by acquisitions."



The Group expects to publish its interim results in the week commencing Monday 28 October 2013.



* Adjusted EBITDA is defined as profit before interest, taxation, depreciation, amortisation of acquired intangibles, exceptional items and share-based payments

Advanced Computer grows in all areas
By Philip Whiterow September 17 2013, 2:59pm




Advanced Computer now has a very strong presence in NHS 111.Advanced Computer now has a very strong presence in NHS 111.

The well-documented problems of NHS 111, the NHS’s non-emergency telephone service, have provided a boost to software provider Advanced Computer Software (LON:ASW).

Advance Computer provides 85% of the software in the 46 regional areas that comprise the NHS 111 service, but it is not a service provider and does not operate any call handlers.

Vin Murria, Advanced Computer’s chief executive, said that NHS 111’s problems have led to more work as service providers take on more licences and need more training, implementation and other services.

Advanced Computer now has a very strong presence in NHS 111, but is also seeing good opportunities elsewhere in healthcare as the national programme for IT comes to an end, she added.

This is particularly true in the emerging community care market, which Murria believes will be worth £400-500 mln over the next three to six years.

Overall, first half sales surged ahead as strong demand continued from both the public and private sectors.

A first contribution from March acquisition Computer Software boosted the figures, but Business Solutions, the group's largest division, had also seen above-market organic growth, said Murria.

Health & Care also saw excellent progress in all areas, said the firm..

Revenues in the half year to August were up by 74% to £99mln (2012: £56.8mln) while underlying profits increased by 67% to £22mln (2012: £13.2mln).

Net debt was £50.9mln at the end of August compared to net cash £30.9mln in February.

Murria said the business remains very cash generative and the strategy will remain to look for sensible strategic acquisitions to support its organic growth plus the occasional bolt-on deal.

If there ever comes a situation where it can’t find those acquisitions, Advanced might consider a special dividend at an appropriate time, she added.

Broker Northland said the acquisition-based strategy has always risks, but the management team has a proven track record of acquiring, integrating but also disposing of businesses.

Shares rose to 0.86p to 84.6p.

LISTEN: Advanced Computer Software Group (ASW) - Acquisition of Avia Health Informatics business

Click hetre

I'm in!... looking for the 1.50p target over the next 3-6months (IMHO)

Shares today - A PE of 18 would put it inline with the sector and implies an 111p share price over the next six months. There is still 30% upside as the re-rating story continues.

Advanced Computer Software is a cash machine
By John Harrington October 14 2013, 9:21am Powerful cash generation has always been an attractive feature of the business, with operating cash conversion historically in excess of 100%, the broker notes.Powerful cash generation has always been an attractive feature of the business, with operating cash conversion historically in excess of 100%, the broker notes.

Panmure Gordon has initiated coverage on fast-growing Advanced Computer Software (LON:ASW) with a ‘buy’ recommendation and 110p price target.

The broker calculates that since the acquisition of CSH – a company senior management knows well – back in March, around 83% of group revenues are recurring and repeated, and some 63% are contracted an recurring. That makes the company a safe cash-generation play, with the money chucked off able to finance further acquisitions or available to crank up the recently introduced dividend pay-out.

“Multiple growth opportunities within healthcare, business solutions and managed services should continue to drive above-market growth. This will enable ACS to keep spinning out impressive amounts of cash, which will either fund the pursuit of additional growth opportunities or potentially turn this into the kind of ‘returns’ stock UK investors so highly value,” said the Panmure team.

“Although investors currently have an appetite for blue-sky growth, ACS’s track record, growth potential and ability to generate cash should not be ignored. A FY 2014 EV/EBITDA [enterprise value/underlying earnings] multiple of 10.3x represent a slight premium to peers, but is worth paying for a business that offers the security of scale and strong market positioning,” Panmure Gordon concludes.

Shares in Advanced Computer Software rose 1.5% to 84.75p in early trading.

Advanced Computer Software's cash machine in full flow
By John Harrington October 30 2013, 2:00pm “We never buy businesses just to milk them,” CEO Vin Murria declared.“We never buy businesses just to milk them,” CEO Vin Murria declared.

According to chief executive Vin Murria, Advanced Computer Software's (LON:ASW) Business Solutions division provides the fuel that keeps the firm motoring.

Speaking to Proactive Investors after the company’s half-year results were announced, Murria said: “It achieved 7% annual [organic] growth, which is double the market average, but more importantly, it is a fantastic engine for everything else, because it throws off masses of cash, huge amounts of recurring revenue, and it supports the growth of the Managed Services area.”

Cross-selling is the name of the game, and Advanced Computer (ASW) is not behind the door when it comes to encouraging its Business Services customers – who typically take accounting, payroll, personnel and document management solutions from ASW – to entrust its information technology systems to ASW's 365 Managed Services division, whether it be ‘in the cloud’ or on the customer’s premises.

“If you own the IP [intellectual property] that the customer runs, and they’re on your hosting structure, they never go away,” Murria said.

There is, perhaps, a bit of hyperbole in that statement, but as any office worker who has had to get to grips with a new system (“Computer says no …”) knows, migrating from one information technology (IT) platform to another is a massive pain.

Managed Services on their own can become a commoditised play, Murria asserts, with customers able to shop around at the end of a five-year contract for a cheaper deal, but the ASW model locks the company in more securely, paving the way to selling them incremental services.

For ASW, cash is definitely king, but virtually all of it gets ploughed back into the business (the company introduced a maiden dividend in its last full-year results), whether through strategic acquisitions or investment in the existing business units.

The recent acquisition of Computer Software Holdings (CSH) is a case in point. The previous owners focused on the cash and the underlying earnings, or EBITDA.

“That’s great, except we’re not just interested in that; we’re interested in growing the business as well,” Murria explains.

So, while the company has made the usual cost savings that you might expect when integrating an acquisition – human resource and payroll functions, for instance – the money gets ploughed back into areas that will grow the top line, such as sales & marketing and research & development.

“We never buy businesses just to milk them,” Murria declared.

The City certainly seems on board with the group’s strategy.

N+1 Singer said the interim results came in ahead of its expectations. Revenues of £99.1mln were ahead of the broker’s forecast of £96.5mln and the adjusted EBITDA of £22.9mln was £1.3mln higher than the City firm had been expecting.

“Cash generation was strong (£18.7mln from operations) with net debt at period end of £50.7mln vs. our expectations of £52.3mln,” the broker added.

N+1 Singer reckons “a strong track record of organic growth as well as identifying and integrating complementary acquisitions make current [share price] levels highly attractive. The group has a strong balance sheet and is highly cash generative which should allow it to continue pursuing its strategy for growth. Management continues to execute well and we believe there is room for further value creation.”

As joint-broker to ASW, N+1 Singer is not an entirely disinterested party, but Panmure Gordon has no affiliation to the company, and it rates the shares a ‘buy’ with a price target of 110p.

“We believe that there is plenty of growth for this business to pursue, with multiple growth opportunities – e.g. shared services deals, cross-selling and mobile solution sales - available to all three operating divisions. Add to this the reassurance of strong management, a high level of recurring revenues (65%) and prodigious cash generation and a FY 2014 enterprise value/EBITDA multiple of 10.7x looks appealing,” the broker said.

Shares in ASW currently trade at around 88p.

looking good today

Advanced Computer Software's Chief Executive Officer, VinMurria, is on the war path. After a big investor forced her into a sale of Computer Software Holding (CSH), her previous company at which she managed to engineer a growth spurt, she vowed never to make the same mistake. Now, as Chief of Advanced Computer Software, she has managed to purchase CSH, and ACS has been going from strength to strength. First half revenue growth was up 74 per cent to 99m pounds and pre-tax profits higher by seven per cent, and it wasn’t all down to non-organic growth. Cash generation remains significant – at £18.7m at the interim stage - and the company now has a war chest of £40m. The shares are trading at a modest 14 times projected earnings and could be due a re-rating. Take a punt, says The Times’ Tempus.

Advanced Computer's Murria picks up another gong

By Philip Whiterow

January 30 2014, 4:03pm
Advanced Computer, which specialises in business, back office and health software, has seen its value grow to more than £500mln over the past 12 months


Advanced Computer Software’s (LON:ASW) Vin Murria was named entrepreneur of the year in the 2014 Quoted Company Awards, topping a short list that included heads of some of AIM’s fastest growing tech companies.

Advanced Computer, which specialises in business, back office and health software, has seen its value grow to more than £500mln over the past 12 months, driven by a share price that has jumped 50% and acquisitions such as the purchase of CSH.

Murria, who joined the company in 2008, was chosen from a short list that included blur’s (LON:BLUR) Philip Letts; Blinkx’s (LON:BLNX) Suranga Chandratillake; William Hindmarch from Best of the Best (LON:BEST); Konstantinos Papadimitrakopoulos from Globo (LON:GBO) and Stephen Streater from Forbidden Techonologies (LON:FBT).

Other winners in the Grant Thornton sponsored event included Plus500 (LON:PLUS), which won IPO of the year, Ithaca Energy (LON:IAT) for deal of the year and finncap, which won broker of the year.

All looking good : 30% increase for me since bought in a few months ago

Acquisition of Compass Computer Consultants

RNS


RNS Number : 0689Z

Advanced Computer Software Grp PLC

03 February 2014




3 February 2014

Advanced Computer Software Group plc



Acquisition of education software provider Compass Computer Consultants for £15m



Advanced Computer Software Group plc (AIM: "ASW", "Advanced", or "the Group"), a leading provider of healthcare and business management software and services, has acquired Compass Computer Consultants Limited ("Compass"), one of the UK's leading market higher education software providers, for a total cash consideration of £14.5m net of £2.6m of cash and a freehold property left in the business.



Compass, based near Chester, provides business solutions for the education sector, including record management and customer relationship ("CRM") software, training and support to more than 80% of UK colleges and higher education establishments.



The business will be integrated into the Group's Business Solutions division, which already has 2,000 local authorities, academies, independent schools and further education providers including 57 universities and colleges using its back office solutions.



Both Compass and Advanced supply public sector customers. The Group has 80 local authority customers creating significant opportunities for the cross-selling of products and services.



In the year ended 31 July 2013, Compass had revenue of £5.7m and generated £3.3m EBITDA. It is expected to be immediately earnings enhancing.



Vin Murria, Chief Executive, commented:



"This earnings enhancing acquisition is complementary to the Group's existing education sector offering. It provides us with greater critical mass and a broader product range for the growing education market in the UK.



"Significantly, in line with previous acquisitions, Compass has high levels of long term recurring revenue and offers considerable opportunity for cross-selling Group products and services."

3 Feb N+1 Singer N/A Corporate
3 Feb Finncap 127.00 Corporate

Year-end trading update

RNS


RNS Number : 5133C

Advanced Computer Software Grp PLC

18 March 2014






18 March 2014



Advanced Computer Software Group plc



Year-end trading update



Advanced Computer Software Group plc (AIM: "ASW", "Advanced" or "the Group"), a leading provider of healthcare and business management software and IT services, publishes a year end trading update for the 12 months ended 28 February 2014.



The Group has continued to perform strongly across all divisions:



· Full year revenue expected to be up 67%, to no less than £202.0m (2013: £120.9m)

· Adjusted EBITDA* up 67%, to no less than £45.0m (2013: £27.0m)

· Strong cash conversion** maintained at more than 100% (2013: 108%)

· Year-end net debt was £49.5m (2013: net cash £30.9m), following the introduction of a new banking facility of £105m in March 2013 to fund the acquisition of:

o Computer Software Holdings (CSH) in March 2013 for £107.0m, providing accounting, HR and business management software to SMEs, law firms and the not for profit sector; and

o Compass Computer Consultants in January 2014 for £14.5m, a market leading provider of higher education software



· Separately today, the Group has also announced that it has been awarded preferred supplier status by Oxford Health NHS Foundation Trust in respect of a multi-year contract to supply a single integrated health record solution, across all the Trust's clinical pathways including mental health, child, community and specialised services



Vin Murria, Chief Executive, commented:



"This has been a strong year, with transformational acquisitions completed and integrating well. We have also continued to deliver strong organic revenue and EBITDA growth underpinned by excellent cash generation.



"The ongoing demand for efficient software and mobile solutions means that we continue to see a wide range of opportunities for further growth, both through strategic acquisitions, organic growth and cross selling."



* Adjusted EBITDA is defined as profit before interest, taxation, depreciation, amortisation of acquired intangibles, acquisition costs and share based payments

** Cash generated from continuing operating activities as a percentage of adjusted EBITA



Operating highlights



Advanced Business Solutions (ABS)



ABS continues to achieve above market organic growth with strong demand for the division's products from both the public and private sector. CSH, acquired in March 2013, is expected to return to growth in the new financial year following the completion of its integration, and the division's enlarged customer base continues to offer good opportunities for the cross-selling of Advanced 365's cloud-based services.



Advanced Health & Care (AHC)



AHC continues to deliver strong organic growth with particularly good results from the NHS 111 market and mobile solutions. Excellent progress has also been achieved in the community care and mental health sector - markets which offer significant opportunities for future growth.



Advanced 365 Managed Services (365)



365 won its largest ever contract in the second half of the year which has contributed to a material increase in recurring managed service revenues. New customers Essex County Council, Supergroup and Norwich and Norfolk University Hospital, highlight that the division continues to differentiate itself from its competitors by successfully combining the Group's managed services capability with market leading products from the wider Group portfolio.



The Group expects to publish its full year results for the year ended 28 February 2014 in the week commencing 2 June 2014.

UPDATE - Advanced Computer confident of more contract wins

By John Harrington and

March 18 2014, 12:20pm
Computer Software Holdings also contributed following its acquisition for £107mln in March.
Computer Software Holdings also contributed following its acquisition for £107mln in March.


---ADDS BROKER COMMENT, CFO COMMENT AND SHARE PRICE---

Advanced Computer Software (LON:ASW) has reported another strong annual performance with both revenues and underlying profits two-thirds higher.

The healthcare and business software specialist expects revenues to climb by 67% to at least £202mln with underlying profit [EBITDA] to be no less than £45mln (£27mln) in the year to February. Consensus forecasts were for around £199mln of revenue and about £44mln of profit.

All of the group’s three legs performed well, said the company, but its work on the NHS 111 emergency service saw particularly good results, while managed services arm 365 won its largest ever contract in the second half of the year.

Computer Software Holdings (CSH) also contributed following its acquisition for £107mln in March and now is expected to grow again this year, having had a flat performance last year.

“We spent most of the last financial year integrating the [csh] business, putting in more sales and marketing resource, putting in development resource to bring some of the products up to speed, and doing a lot of integrations of our processes and back office,” chief financial officer Guy Millward told Proactive Investors.

“All of that’s complete now, and we are already seeing green shoots as regards sales growth,” Millward revealed.

Advanced Computer also announced the award of its third contract in the community and mental health area. It has been named by the Oxford Health NHS Trust as preferred supplier for a health records system that will include all of its mental, child, community and specialist services. A further 68 NHS contracts in community and mental health are expected to be renewed between 2014 and 2016.

Millward said Advanced Computer expects to be involved in most of those contract bids. “We’ve always said that of the 68 contracts that are up in the next two or three years that we would expect to win between 10 and 15 of them,” Millward said, adding that with the third contract in this space in the bag, the company only needs to land another seven to meet its target.

Asked about the company’s win rate in tendering for such bids, Millward explained that it is a case of “horses for courses”, with the company generally winning the contracts that favour its product set.

Vin Murria, chief executive, said: "This has been a strong year, with transformational acquisitions completed and integrating well.

“We have also continued to deliver strong organic revenue and EBITDA growth underpinned by excellent cash generation.

"The ongoing demand for efficient software and mobile solutions means that we continue to see a wide range of opportunities for further growth, both through strategic acquisitions, organic growth and cross selling."

Year-end net debt was £49.5mlm (2013: net cash £30.9m), reflecting the Computer Software purchase.

Panmure Gordon said the headline numbers were “comfortably in line with expectations” but has left its current year and 2015 forecasts unchanged, sorely tempted though it was to increase them. The broker is holding fire on upping its estimates until it gets some “further granularity” on the contribution from CSH, but it believes earnings risk is firmly on the upside.

“Overall, another strong year and further testament to management’s ability to blend organic and acquisitive growth in the delivery of consistently healthy margins and strong cash conversion,” was Panmure Gordon’s verdict as it reiterated its ‘buy’ recommendation and 139p price target.

Shares in Advanced Computer currently trade at 120p, up 2.6%.

Q&A: Advanced Computer Software in good health

By Charlotte Kan

March 27 2014, 10:40am
The healthcare division saw good growth in things like the NHS 111 service



Advanced Computer Software (LON:ASW) revealed in its year end trading update that it expects both full-year revenue and adjusted underlying earnings (EBITDA) to be up 67% as it continues to perform strongly across all divisions.
Charlotte Kan (CK) recently spoke to Guy Millward (GW), chief financial officer, about the results and the group’s latest contract win.

CK: First of all, congratulations, this was a strong set of figures. Where did demand come from and what did you do right?

GM: Thank you very much for that. It came, really, across all our businesses. We’ve seen good growth in business solutions, from selling things like collaborative planning, forecasting tools; from selling our managed services into our existing customer base and from our healthcare division, which saw good growth in things like the NHS 111 service. As you’ve seen, we’ve another contract announcement we’ve done today in the community sector, with a new product set we’ve got there in an area which is going to show a lot of growth going forward in the NHS in the next two or three years.

CK: I was actually going to ask you, will the company enjoy similar growth next year? Where will it come from in 2014?

GM: We’re expecting to see growth both organically and from the acquisitions that we’ve done in the year in very similar areas. We did two sizeable acquisitions in the year; CSH, which was done at the start of the last financial year, provides accounting, HR [human resources] and business management software to SMEs [small/medium enterprises], law firms and the not-for-profit sector. That business is now fully integrated and we expect to see growth coming from the investment we’ve made in sales and marketing in that area.

We did an investment in a company in higher education software, a company called Compass Computer Consultants, a couple of months ago. That’s an already growing business that’s likely to bring growth to the advanced group over the next 12 months. Then we are going to see continued organic growth from our existing businesses, pretty much along the lines as I explained before.

CK: Further to that contract win. It’s your third win in the NHS community and mental health space. You’ve said about 68 NHS contracts are expected to be renewed between this year and 2016. Will you be competing for all of those? If it’s not too commercially sensitive, can you tell us, roughly, what your success rate is when tendering for these contracts?

GM: Yes, sure. We expect to be involved in most of the bids, probably not all of them, it will depend exactly on the requirements of each individual customer. We’ve always said that, of the 68 contracts that are up in the next two or three years that we would expect to win between 10 and 15 of them. This, as you rightly said, is our third one, so, if you like, we’ve seven to nine to go, to achieve that target.

As for win rates, it's still very early days. We have to say that we’ve won the contracts that we expected to win, so those that favoured our product set, if you like. The number that we’ve said, between 10 and 15 to win, should be achievable out of the 68 that are there with our product set as it stands at the moment.

CK: You said in your statement that your March acquisition, Computer Software Holdings, is expected to return to growth this year. What happened last year?

GM: The business was, as we said from the outset, flat year-on-year, so the revenues didn’t go down, but they didn’t go up a great deal either. We spent most of the last financial year integrating the business, putting in more sales and marketing resource, putting in development resource to bring some of the products up to speed and doing a lot of integrating of our processes in back office.

All of that’s complete now and we’re already seeing green shoots as regards sales growth coming into the new financial year. We’d expect to see that add to the organic growth that you’re going to see from the whole group over the next twelve months.

CK: One more question, Guy, please. What can investors expect on the acquisition front in 2014?

GM: I think it’s fair to say, we’ve said in the conference call with the analysts this morning that we intend to carry on doing investments, sensible bolt-ons to our existing product sets in all the areas that we cover, and some bigger ones if they’re available to us. So, more activity is what you can expect. More along the lines of exactly what you’ve seen from us before. We tend to buy things that look like ourselves.

That’s good recurring revenues, good profitability, strong cash generation and areas that we should be able to grow organically over the next few years for us.

UPDATE - Advanced Computer named preferred supplier by more NHS Trusts

By Philip Whiterow

April 08 2014, 11:34am
Some 68 NHS contracts are expected to be renewed between 2014 and 2016 as the NPfIT programme comes to an end.


Advanced Computer Software (LON:ASW) has been awarded preferred software supplier status by two more NHS trusts for their mental and community health services.

The two trusts were coming off the National Programme for IT (NPfIT). Some 68 NHS contracts are expected to be renewed between 2014 and 2016 as the NPfIT programme comes to an end.

Last month, Adanced Computer was granted preferred supplier status for Oxford Health Foundation Trust to add to a growing customer list in the mental and community health sector that includes South London and Maudesley, Calderstones Partnership and Cheshire and Wirral.

Vin Murria, Advanced Computer’s chief executive, said: "These awards strengthen Advanced's growing presence in the NHS community and mental health space and position the group well for the future.“

Broker N+1 added these awards strengthen the group’s presence in the NHS community and mental health space and should position it well for further contract awards.

Advanced Computer has a strong track record of delivery and N+1 said there remain significant prospects for further value creation both through organic progress, as demonstrated by today’s update, and through acquisitions.

The broker forecasts underying profits to rise 58% to £36.1mln in the year to February just ended, to be followed by a jump to £39.4mln in 2015.

Final results Wed 4 June

Final Results

RNS


RNS Number : 7698I

Advanced Computer Software Grp PLC

04 June 2014






4 June 2014



Advanced Computer Software Group plc



Significant revenue growth drives EBITDA up 68%



Advanced Computer Software Group plc (AIM: "ASW", "Advanced", or "the Group"), a leading provider of software and IT services to the UK health, care and business sectors, publishes its audited full year results for the year ended 28 February 2014.



Financial highlights



§ Revenue up 68% at £203.2m (2013: £120.9m), 7% organic growth*

§ Recurring revenue up from 57% to 64% of total revenue

§ SaaS/Subscription revenue of £40.9m (2013: £27.5m), 32% of recurring revenue

§ Adjusted EBITDA** up 68% at £45.3m (2013: £27.0m), 10% organic

§ Adjusted EPS** up 18% to 6.6p (2013: 5.6p)

§ Cash conversion strong at 105% (2013: 108%)

§ Dividend up 10% to 0.44p (2013: 0.40p)

§ Double digit order book growth to £209m

§ Compound annual growth over the last five years: revenue 46%, adjusted EBITDA 45%, cash generation 53%



Operational highlights



§ Health & Care: strong organic revenue growth (13%) driven by NHS 111 and Mobile

§ Business Solutions: above-market organic revenue growth (6%)† with growing demand for SaaS/subscription and BI solutions

§ Managed Services: strong growth (15%) in recurring revenues with the division's largest ever contract signed

§ Strategic acquisition of Computer Software Holdings (CSH) Limitedfor £107m on 7 March 2013, fully integrated and performing as expected



* Excluding CSH, 5% organic including CSH

** Adjusted for one-off acquisition and restructuring costs, share based payments and amortisation of acquired intangibles

† Excluding CSH



Vin Murria, Chief Executive, commented:



"We have had another strong year - our fifth - with EBITDA up 68% and earnings per share up 18%. We have now delivered a five year compound annual growth rate of 46% on revenues, 45% on EBITDA and 53% on cash generation.



"Over the last five years, we have built a business which is now the second largest UK-based software and IT services provider to the UK market; with more than 2,000 employees serving 20,000 customers across both private and public markets."



"We have started the current year in line with our expectations. With double digit growth in the order book to £209m, a growing recurring revenue stream, and more customers taking our Software as a Service, we have excellent forward visibility and are increasingly confident about another strong year."

Advanced Computer Software: Panmure Gordon ups target price from 139p to 155p and stays with its buy recommendation.

----------------------------------------------------------------------------------------------

INTERVIEW: Advanced Computer Software's annual revenues surge 68%

Wed, 04 June 2014



Advanced Computer Software (ACS), the software and IT group, raised its dividend by 10% after reporting strong full-year growth with annual revenues and operating profits up by over two thirds.

The AIM company, which provides services to the UK health, care and business sectors, said revenues surged by 68% to £203.2m in the year to February 28th, helped by more customers taking its Software as a Service (SaaS).

The contribution from recurring revenue rose to 64%, from 57% previously, "giving excellent revenue visibility", the company said.

In an interview with ShareCast, Chief Executive Officer Vin Murria said that the percentage of recurring revenue is expected to grow incrementally to reflect a "growing trend towards subscription revenues".

Results were also boosted by the £107m purchase of Computer Software Holdings (CSH) last March. While CSH revenue was flat year-on-year as expected, the business helped ACS's Business Solutions division lift sales by 128% to £136.4m.

The acquisition of CSH, which Murria assured was a well-known business to ACS before the acquisition, is now fully integrated. Murria explained that revenues were kept stable as ACS invested in the business, and the company was already beginning to see signs of growth.

Excluding CSH, organic group revenues were 7% higher than the previous year.

Adjusted earnings before interest, tax, depreciation and amortisation increased by 68% to £45.3m. Meanwhile, the board recommended a dividend of 0.44p per share, up 10% on last year.

ACS, which has over 2,000 employees, is now the second-largest UK-based software and IT services provider to the UK market. Murria said the company, which is in its fifth year, has grown revenues and operating profits at compound annual growth rates in excess of 45% since its creation with cash generation growing by 53%.

"We have started the current year in line with our expectations," Murria said.

"With double-digit growth in the order book to £209m, a growing recurring revenue stream, and more customers taking our SaaS, we have excellent forward visibility and are increasingly confident about another strong year."

The stock was 2.4% higher at 125.19p by 09:21.

Broker Panmure Gordon, which raised its target price for the shares from 139p to 155p on Wednesday and kept a 'buy' rating, said: "Investors unnerved by the recent performance of the technology sector are likely to find comfort in Advanced’s track record of delivery, earnings visibility and strong cash generation."

6 Jun Finncap 150.00 Corporate

Company Q&A: Advanced Computer Software continues its winning ways

By Sarah Lowther

June 09 2014, 4:20pm
Vin Murria, chief executive of Advanced Computer Software
Vin Murria, chief executive of Advanced Computer Software


Advanced Computer Software (LON:ASW) recently unveiled another year of strong growth. Chief executive, Vin Murria, spoke to Proactive Investors’ Sarah Lowther about what is pushing revenue growth higher,

Vin: We’ve had a great set of results for the fifth year running, and actually what is driving the growth is exactly what we’ve always done, and that is a combination of organic growth and acquisitive growth, where it’s both synergistic and accretive.

For those of you who don’t know us, we’re focused very much in the healthcare and the business applications arena, so in healthcare we service large chunks of the primary care market, out-of-hours walk-in centres, polyclinics, care homes, hospices, 85% of the 111 market and so on, and also big chunks of community.

Equally, in the business solutions piece, we do the accounting and the HR for large corporates, from NHS trusts, local authorities, all the way through to banks and the Co-op, etc.

Sarah: You have three divisions; which one has the most potential in terms of revenue and in terms of the projects, the milestones?

Vin: Actually, they’re all doing extremely well. If I break through what the group has done over this year, it’s just worthwhile highlighting those numbers.

Our revenues are up 68% this year to £203 million; our EBITDA is up 68% to £45.3mln. Organic growth was 7%; adjusted EBITDA was up 68%, as I mentioned, to £45.3mln, which was 10% organic growth, and our dividend is up 10%.

More interestingly, if we look at our growth over the last five years, what we’ve seen is compound annual growth rate for revenues and EBITDA of 45% upwards and for cash generation of 53%. Most importantly, our earnings per share compound annual growth over the last five years has been 31%. I have to say, that’s an excellent track record by anyone’s measure.
Interestingly enough, we’ve now been established as the second largest UK-based software and services company, behind Sage – we’re told anyway; that’s what we’re told we are.

In terms of standout performance within the divisions, health and care grew very strongly at 13% organically, really focusing around the community market and the NHS 111 and mobile solutions. The business solutions marketplace, alongside managed services, grew at double the market average, really driving our strong cash focus and indeed our cash generation.

One of the key drivers in business solutions is our customers’ willingness to take their applications with us to the public or the private cloud. In that sense, we saw our managed services businesses’ recurring revenues grow by 15% in the year.

Sarah: How comfortable are you sitting in second position? How likely is it that you will overtake Sage?

Vin: It’d be a challenge to take Sage in terms of its global presence, but certainly in terms of its UK presence we’ll continue to do the very best we can. They’re a great company, so I’m not… There’s no competition; it was just a statement that came out recently we thought was quite interesting.

Sarah: To wrap up how we started, you talked about organic growth and about you being acquisitive; is this the same strategy…? Will you be applying the same strategy going forward, any acquisitions on the horizon?

Vin: We always do what we’ve always done; that is a combination of both organic growth and acquisitive growth in the nature that we’ve done, so for the past five years we know very much for the next five years.

Our growth going forward is supported by what we’ve done today. I don’t know if you know that, in the sense of our order book now, that was up double digits this year to £209 million; that very much underpins our success for the future years.

Our recurring revenue, including sales into the user base, is 85% of our overall revenue, which again underpins our future growth, and our ability to cross-sell our software is a great way to go forward. Our focus going forward for the next five years will be to do very, very much exactly what we’ve done in the last five years.

Sarah: You mentioned the next five years, but in one sentence what about the current year? How is that progressing?

Vin: Exactly as we were expecting to, so strong visibility, confident for another strong year, and underpinned by the high levels of recurring revenues, 105% cash conversion. Of course, to prove that we’ve actually just increased our dividend by 10% as well.

Advanced Computer Software's capital reduction rubber-stamped

By John Harrington

August 21 2014, 7:56am
Advanced Computer Software's capital reduction rubber-stamped

Advanced Computer Software (LON:ASW) said the High Court has rubber stamped a move to increase the company’s distributable reserves.

The information technology services provider is one of the small band of AIM-listed stocks paying a dividend, and the decision by the Chancery Division of the High Court to confirm the reduction of the company’s share premium account will give it more flexibility in terms of returning capital to shareholders.

A share premium account is a non-distributable capital reserve and the Companies Act restricts a company’s ability to use any amount credited to that reserve; a company is generally precluded from the payment of dividends or buying back its shares in the absence of sufficient distributable reserves, so the transfer of funds from the share premium account to distributable reserves substantially increases flexibility.

In Advanced Computer’s case, the company had around £80.7mln in its share premium account back in mid-June; this has been reduced to nil and thus the accumulated profit and loss account has been boosted by an influx of £80.7mln, or thereabouts.

Advanced Computer said that, following the capital reduction, the total number of ordinary shares in issue as at 21 August 2014 was 478,938,496.

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Half year trading update

RNS


RNS Number : 7402R

Advanced Computer Software Grp PLC

16 September 2014






16 September 2014



Advanced Computer Software Group plc



Half year trading update



Advanced Computer Software Group plc (AIM: ASW, "Advanced" or "the Group"), a leading provider of healthcare and business management software and IT services, publishes a trading update for the half year ended 31 August 2014.



Financial highlights



The Group expects to report first half results in line with the management's expectations. Revenues will be up 9% to no less than £108.1m (2013: £99.1m) and adjusted EBITDA* up 14% to no less than £25.3m (2013: £22.2m). Cash conversion remains consistently strong at 100%.



At the period end, the Group had net debt of £37.9m (28 February 2014: £49.4m).



Operational highlights



Advanced Business Solutions had a busy period with the successful integration of Computer Software Holdings, the Group's largest acquisition, now completed. There are now clear signs that this business is returning to sustainable growth. The division also completed the implementation of the largest contract in the Group's history for Northern Ireland Department of Health, Social Services and Public Safety. Underlying growth continues, driven by the on-going demand from the public and private sectors for shared services, procurement, budgeting and forecasting solutions.



Advanced Health & Care has continued to show excellent progress in the rapidly evolving, post National Programme for IT, community care and mental health care sectors, where Advanced's systems are now preferred or implemented in ten community and mental health NHS Trusts. The Group has also maintained its position as the number one provider to the urgent and unscheduled healthcare sector, including NHS 111, as well as to the homecare, residential care and hospice sectors. This division is also deploying a significant and growing number of innovative and class-leading solutions for mobile point-of-care delivery.



Advanced 365 Managed Services has once again shown its historically strong growth profile for recurring managed services revenues, whilst continuing to reduce its exposure to lower-margin services and hardware sales. Cross-selling cloud-based services, in conjunction with Advanced Business Solutions, remains a significant differentiator.



Vin Murria, Chief Executive, said:



"We continued to see good growth in the first half year and are well positioned to maintain our progress, and deliver full year results in line with our expectations.



"A wide range of further growth opportunities exist for our products and services in both the public and private sectors, particularly in healthcare - where the use of technology as an enabler of efficiency savings remains key.



"Following the integration of CSH, we now have a very strong platform for long term sustainable growth, both organically and through acquisitions."



The Group expects to publish its interim results in the week commencing Monday 3 November 2014.



*Adjusted EBITDA is defined as profit before interest, taxation, depreciation, amortisation of acquired intangibles, exceptional items and share-based payments

16 Sep Liberum Capital 141.00 Buy
16 Sep Panmure Gordon 155.00 Buy
16 Sep N+1 Singer N/A Corporate
16 Sep finnCap 150.00 Corporate

Interim results Tues 4 Nov

30 Oct Panmure Gordon 155.00 Buy

Half Yearly Report

RNS


RNS Number : 0486W

Advanced Computer Software Grp PLC

04 November 2014






4 November 2014



Advanced Computer Software Group plc



Profit up 63% with 100% cash conversion



Advanced Computer Software Group plc (AIM: "ASW", "Advanced", or "the Group"), a leading provider of healthcare and business management software and IT services, announces its unaudited half year results for the six months ended 31 August 2014.



Financial highlights

· Group revenue up 9% to £108.1m (H1 FY14: £99.1m)

· Adjusted EBITDA* up 14% to £25.3m (H1 FY14: £22.2m)

· Pre-tax profit up 63% to £7.8m (H1 FY14: £4.8m)

· EPS growth of 44% to 1.3p (H1 FY14: 0.9p) - adjusted EPS** rose 6% to 3.6p per share

· Cash generated from operating activities £23.7m - cash conversion 100%^

· Net debt of £37.9m, down from £49.4m at February 2014

· Contracted future revenue remains strong at £209.0m

· SaaS/Subscription revenue of £21.2m, 31% of recurring revenue

· Business optimisation action expected to deliver significant gains



*Adjusted for one-off acquisition and restructuring costs and share-based payments

** Adjusted for amortisation of acquired intangible assets, exceptional costs and share-based payments

^ Adjusted EBITDA less depreciation and exceptional costs



Divisional highlights



Health & Care

· Revenue up 10% to £17.1m (H1 FY14: £15.6m), 6% organic growth^^

· EBITDA up 4% to £5.3m (H1 FY14: £5.1m)

· Significant investment in the rapidly evolving community care and mental health market - now 13 NHS trusts with preferred or contracted status

· Strengthened position as number one provider to out of hours sector including NHS 111 and home and residential care markets with growing number of mobile solutions



Business Solutions

· Revenue up 8% to £72.5m (H1 FY14: £67.1m)

· EBITDA up 13% to £19.1m (H1 FY14: £16.9m)

· Implementation of largest ever contract successfully completed

· Successful integration of CSH - now returning to growth

· Underlying organic growth^^^ of 2%



365 Managed Services

· Revenue up 11%, all organic^^, to £18.5m (H1 FY14: £16.7m)

· EBITDA up 9% to £2.4m (H1 FY14: £2.2 m)

· Continued demand for cross selling cloud services

· Return of historically strong growth profile

^^ Organic growth is calculated on a like-for-like basis

^^^Underlying Organic growth is calculated as organic growth adjusted for the impact of completing a major contract in the prior period



Vin Murria, CEO, commented:



"We have delivered further strong performance as we start to benefit from last year's acquisition of CSH, as well as continuing to grow organically across the Group - particularly in our healthcare and cloud markets. In addition, Software as a Service (SaaS)/Subscription revenue now account for 31% of our recurring revenue.



"Our focus is now on optimising operating margins across the Group, which is expected to deliver significant gains. This, together with our strong balance sheet and excellent track record, positions us well for long term sustainable growth, and to take advantage of acquisition opportunities opening up in all of our markets.



"We are increasingly confident of delivering full year results in line with our expectations, based on our solid forward visibility and contracted revenues."

Advanced Computer Software interim profits rise 63%

Tue, 04 November 2014



Advanced Computer Software interim profits rise 63%

Advanced Computer Software group, the healthcare and business management software company, increased profits strongly for the first six months of the year after a successful period of acquisitions.
Profit before tax increased 63% to £7.8m on the same period last year, especially stimulated by a strong performance at its healthcare division.

Revenue rose 9.1% to £108.1m for the half-year to the end of August, while earning per share increased 44% to 1.3p.

The group made its largest transaction to date when it completed the acquisition of Computer Software Holdings (CSH) this year, which it said was returning to growth and starting to delivers its anticipated gains.

Chief executive Vin Murria said: "Our focus is now on optimising operating margins across the group, which is expected to deliver significant gains.

"We are increasingly confident of delivering full year results in line with our expectations, based on our solid forward visibility and contracted revenues."

FinnCap brokers said on Tuesday: "Interims to August are in line with the September trading update, marginally ahead of finnCap forecasts."

N+1 Singer analysts said the results brought "no big surprises", but showed "another period of good, profitable, cash generative growth".

5 Nov finnCap 150.00 Corporate
4 Nov Panmure Gordon 155.00 Buy
4 Nov finnCap 150.00 Corporate
4 Nov N+1 Singer N/A Corporate

Offer for Advanced Computer Software Group plc

http://www.moneyam.com/action/news/showArticle?id=4929402

ACS agrees to £725m offer from Vista

StockMarketWire.com

Advanced Computer Software Group's board has agreed a recommended cash offer from Air Bidco, an investment vehicle indirectly owned by the Vista Funds.

Under the terms of the acquisition, ACS shareholders will receive 140p per share - a 17% premium to last night's closing price.

The acquisition values the entire issued and to be issued ordinary share capital of ACS at approximately £725m on the basis of a fully-diluted share capital of 517,553,829 shares.

ACS chairman Michael Jackson said: "The offer from Vista recognises the outstanding contribution and value creation by the ACS management team over the past six years. At 15.8 times, the offer represents an attractive price - recognising the growth potential of the business whilst providing certainty in cash to ACS Shareholders. This is an excellent return for the long term supporters of the Wider ACS Group."



At 8:50am: (LON:ASW) Advanced Computer Software PLC share price was +18.13p at 137.88p



Story provided by StockMarketWire.com

BIG PICTURE: Advanced Computer's last big deal as a listed company

By John Harrington

November 25 2014, 2:42pm
'We have created a substantial and robust platform, which will benefit from the considerable financial strengths and expertise in the software technology sector of Vista Equity Partners,' Murria said in a stock exchange statement.
"We have created a substantial and robust platform, which will benefit from the considerable financial strengths and expertise in the software technology sector of Vista Equity Partners," Murria said in a stock exchange statement.


The growth story at Advanced Computer Software (LON:ASW) has caught the eye of private equity firm Vista Equity Partners, which is buying the company for £725mln.

The board of AIM-listed Advanced Computer (ACS) is recommending acceptance of the 140p a share offer, which is a 17% premium to the information technology company’s closing price on the day before the bid was announced.

The deal looks set to rob the junior market of one of its highest profile and most successful companies, not to mention one of its most dynamic chief executives in Vin Murria.

Murria took over the company on 23 July, 2008, at a time when it raised funds through a placing of shares at 17p each. The Vista take-out price is therefore a 724% improvement over a period of 76 months.

During that time, through a mixture of shrewd acquisitions and organic growth, revenue has grown from an annualised £12.6mln in the period to 28 February 2009 to £203mln in the year to end-February 2014.

Adjusted underlying earnings (EBITDA) last year were £45mln, up from an annualised £1.8mln five years earlier.

For the first six months of this financial year revenue was £108mln, up 9% year-on-year and adjusted EBITDA was £25mln, up 14%.

"We have created a substantial and robust platform, which will benefit from the considerable financial strengths and expertise in the software technology sector of Vista Equity Partners and support the wider ACS Group as it moves into the next stage of its growth," Murria said in a stock exchange statement.

Chairman Michael Jackson said the offer from Vista recognises the value created by the ACS management team over the past six years.

“At 15.8 times [earnings], the offer represents an attractive price - recognising the growth potential of the business whilst providing certainty in cash to ACS shareholders,” Jackson said.

Vista is a private equity firm focused solely on acquiring enterprise application software and software enabled companies. To date Vista has completed over 140 software and software-related transactions representing some US$32 billion in aggregate value, including 35 transactions in the last twelve months.

The consideration payable under the acquisition will be funded through a mixture of equity financing provided by funds run by Vista, plus debt funding from third party providers of debt finance.

ACS’s recent interim results revealed the cash generated from operating activities in the six months to the end of September was £23.7mln, giving plenty of scope for Vista to serve any debt it takes on to finance the deal.

At the end of September, ACS’s debt level was £37.9mln, down from £49.4mln six months earlier. At the time of the results, the rapidly dwindling level of debt prompted talk of more acquisition activity involving Advanced Computer, but few guessed that this time, the predator would become the prey