14 March 2018
StatPro Group plc
Revolution sales and Delta acquisition drive strong growth
StatPro Group plc, (“StatPro”, “the Group”, AIM:SOG), the AIM listed provider of cloud-based portfolio analysis and asset pricing services for the global asset management industry, today announces its unaudited preliminary results for the year ended 31 December 2017.
|2017||2016||Change||Constant currency (1)|
|Revenue||£49.34 m||£37.55 m||+31%||+26%|
|Annualised Recurring Revenue (2)||£53.04 m||£39.27 m||+35%||+39%|
|Adjusted EBITDA (3)||£6.95 m||£5.10 m||+36%||+ 24%|
|Loss before tax||£(3.36) m||£(10.12) m||n/a||n/a|
|Adjusted earnings per share (3)||5.9p||3.4p||74%|
|Loss per share – basic||(3.6)p||(15.5)p||n/a|
|Dividend per share – total for year||2.9p||2.9p||–|
- Group revenue increased by 31% to £49.34 million (2016: £37.55 million), 2% organic growth
- Group Annualised Recurring Revenue (“ARR”) (2) increased by 35% to £53.04 million (2016: £39.27 million)
- StatPro Revolution ARR increased organically by 13%
- Adjusted EBITDA (3) increased 36% to £6.95 million (2016: £5.10 million)
- Adjusted profit before taxation increased 29% to £3.45 million (2016: £2.68 million), before acquisition, restructuring costs and other adjusting items of £6.80 million (2016: £12.80 million)
- Adjusted earnings per share up 74% to 5.9p (2016: 3.4p)
- Full year dividend maintained at 2.9 pence per share
- Net cash inflow from operating activities increased 43% to £10.68 million (2016: £7.45 million)
- Delta made positive adjusted EBITDA contribution
- Notably high value of new contracts, – new ARR (excluding conversions) of £4.79 million (2016: £4.39 million)
- Group to be structured into three divisions in 2019:
- Revolution – Analytics division, comprising Revolution, Seven, Delta and Alpha
- Source: StatPro – data division
- Infovest – integration and data management division, comprising Infovest and StatPro Portfolio Management (“SPM”)
(1) At constant currency based on restating the prior year at the closing or average currency rate.(2) Annualised Recurring Revenue is the annual value of revenue contractually committed at year end. (3) Adjusted EBITDA and adjusted earnings per share are EBITDA and earnings per share after adjustment for amortisation of acquired intangible assets, goodwill impairment, acquisition and restructuring costs, fair value movement in non-controlling interest put option, movements in contingent consideration and share based payments (notes 5, 6 and 8).
Justin Wheatley, Chief Executive of StatPro, commented:
“The transformative acquisition of Delta in May 2017 was the defining point of the year – expanding our portfolio analytics capabilities as well as driving adjusted EBITDA and recurring revenue growth.
“The integration of Delta’s capabilities into our flagship Revolution platform is on course. Once completed, we will be able to provide the only cloud-based, multi-tenant portfolio analytics solution with a broad range of functions across performance, risk and regulation.
“Our improving cloud technology platform will be key to further organic growth in 2018 – offering fund administration clients significant improvements in efficiency and capabilities.
“We ended 2017 strongly and expect to continue to see further organic revenue and profit growth in 2018. We have started the current financial year in line with our expectations.”
– Ends –
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 (MAR).
|StatPro Group plc|
|Justin Wheatley, Chief Executive||+44 (0) 20 8410 9876|
|Andrew Fabian, Finance Director|
|Panmure Gordon – Nomad and Broker|
|Corporate Finance – Freddy Crossley / Fabien Holler||+44 (0) 20 7886 2500|
|Corporate Broking – Tom Salvesen / James Stearns|
|Adrian Duffield / Chris Birt||+44 (0) 20 7457 2020|
A briefing for analysts on the results will be held at 10.30am today at the offices of Instinctif Partners, 65 Gresham Street, London, EC2V 7NQ
StatPro is a global provider of award winning portfolio analytics solutions for the investment community. The Group’s cloud-based platform provides vital analysis of portfolio performance, attribution, risk and compliance. This multi-asset class analytics platform helps StatPro’s clients increase assets under management, improve client service, meet tough regulations and reduce costs.
The Group’s integrated and global data coverage includes over 3.2 million securities such as equities, bonds, mutual funds, FX rates, futures, options, OTCs, sector classifications and much else besides. StatPro also covers most families of benchmarks including MSCI, FTSE, Russell, NASDAQ and the open source Freedom Index.
The Group has operations in Europe, North America, South Africa, and Australia, with hundreds of clients in 39 countries around the world.
StatPro has grown its Annualised Recurring Revenue from less than £1 million in 1999 to around £53 million at the end of December 2017. Over 80% of recurring revenues are generated outside the UK. StatPro Group plc shares are listed on AIM.
To view the full preliminary results, click here.