StatPro on track as new product gains traction

StatPro Group, a provider of portfolio analytics and data solutions for the global asset management industry, saw its profit before tax decline by a fifth in the six months to the end of June following an exceptional charge as part of its restructuring during the period.

By MoneyWeek

published 1 August 2012

in Features

Revenues grew 3.0% during the period, from £15.61m to £16.08m, while adjusted earnings before interest, tax, depreciation and amortisation leapt 24% from £2.89m to £3.58m

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At constant currency rates, profit before tax would have been higher by around £0.16m.

Sales for StatPro Seven remained steady in the first half of 2012, with renewal levels at 94%, and further sales are expected in the second half of the year.

Justin Wheatley, Chief Executive of StatPro said: "We have taken further strides forward in the execution of our strategy. Sales of StatPro Revolution have been strong and we enter the second half of 2012 with good momentum.

"When the full range of StatPro Revolution Plus modules have been developed, fully replacing StatPro Seven, it will form, together with StatPro Revolution, a single integrated solution to manage the computation of performance and distribution of portfolio analysis and compliance on any scale to any type of asset manager."

Net debt was reduced from £5.15m to £3.92m year-on-year, while the interim dividend was increased from 0.75p to 0.8p.

The firm added: "We believe we are unique in this vision and remain confident that our investment in new cloud technology will ensure that StatPro has a bright future. Current business levels are satisfactory and we believe that we will meet market expectations for the full year.

"We have made good progress on building our customer base for StatPro Revolution, with client numbers increasing to 111 (2011: 16) and recurring revenue of £1.02m (2011: £0.16m) as at end June 2012."

The share price rose 2.18% to 91.50p by 11:06.

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