For immediate release
20 May 2009
STATPRO GROUP PLC
(“StatPro” or the “Group”)
AGM Statement and Trading Update
At its Annual General Meeting to be held later today, Carl Bacon, Chairman of StatPro Group plc (AIM:SOG), the provider of portfolio analytics and data solutions for the global asset management industry, will make the following statement on the Group’s continuing progress in the year ending 31 December 2009:
“Trading for the first four months of 2009 is slightly ahead of the Directors’ expectations and significantly ahead of the same period in 2008, reflecting recent new contract wins as well as the positive impact of the restructuring achieved in 2008 and the benefits of our recurring revenue business model. The refinancing announced in February 2009 and the continued operating cash generation has led to a further strengthening of the balance sheet.
“A key focus of our client base continues to be on cost saving initiatives, for which our products and services are well suited, offering tangible savings for our clients whilst enabling them to improve the quality of services they provide to their clients. It is important for asset managers to re-establish confidence with their clients following several months of market turbulence. The use of our products assists them in achieving this through providing greater transparency, enhanced risk management processes and exemplary compliance with the many governance rules.
“Looking ahead to the rest of the year, we have a strong pipeline of new sales and feel confident that we can continue to grow at our current rate. The action we took last year to reorganise our business has already yielded considerable benefits and we are increasing our capacity to sell in both North America and Europe. We are therefore confident of a successful year ahead.”
For further information, please contact:
|StatPro Group plc||www.statpro.com|
|Justin Wheatley, Chief Executive||020 8410 9876|
|Andrew Fabian, Finance Director|
|Jon Fitzpatrick / Ken Fleming||0131 220 6939|
|Julian Morse||020 7397 1931|
|Tom Moriarty / Caroline Evans-Jones||020 7651 8688|
StatPro is a leading provider of portfolio analytics and data solutions for the global asset management industry. The Company sells its suite of products on a rental basis to investment management companies to analyse portfolio performance, attribution, risk and GIPS® compliance. StatPro also provides the market data and valuation feeds including a new Complex Asset Pricing service.
StatPro has grown its recurring revenue from less than GBP1 million in 1999 to GBP28.4 million at end December 2008 and currently enjoys a 94% renewal rate. StatPro floated on the London Stock Exchange in May 2000 and transferred its listing in June 2003 to AIM. The Company has operations in Europe, North America, South Africa and Australia, with approximately 80% of revenues being generated outside the UK.