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."

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.