For immediate release
21 May 2008
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, the AIM listed provider of portfolio analytics and data solutions for the global asset management industry, will make the following statement on the Group’s continuing progress:
- Trading is in line with market expectations and significantly ahead of the first four months of 2007
- Integration of Performa Consultants UK Limited (‘Performa’) acquired on 20 February 2008 successfully completed
- Complex Asset Pricing service launched as planned in April 2008
- Significant new contract signed with Johannesburg Stock Exchange
- Overall sales pipeline growing and further cross selling of products achieved
‘Trading for the first four months of 2008 is in line with the market’s expectations and is significantly ahead of the same period in 2007, reflecting the benefits of our recurring revenue business model and new contract wins achieved in 2007 and in the first four months of 2008.
The integration of Performa, which was acquired on 20 February 2008, has been successfully completed, with trading to date in line with expectations. The Performa employees and operations have been combined with our existing operations in the UK resulting in some efficiency gains. We have also completed the plan for integrating our composite products and the respective development teams. As previously stated, the Board is expecting the acquisition of Performa to be earnings enhancing in 2008.
As planned, we launched our Complex Asset Pricing service in April 2008 and the level of enquiries to date has been encouraging.
We have transferred the development and support of the Johannesburg Stock Exchange (‘JSE’) systems project from Canada to South Africa and have also extended our agreement with the JSE for a substantial commitment over a five year period to provide maintenance and support services.
Our overall sales pipeline continues to expand as new opportunities arise for our enlarged product suite, and the level of cross-selling has also increased, despite the uncertain economic environment. The volatility in the financial markets combined with regulatory initiatives is leading to increased demand for better information and systems regarding performance and risk.
Overall, the Board remains confident that the Group will have another good year.
For further information, please contact:
StatPro Group plc
|Justin Wheatley, Chief Executive||020 8410 9876|
|Andrew Fabian, Finance Director|
Arbuthnot Securities Limited
|Tom Griffiths/Alasdair Younie||020 7012 2000|
|Reg Hoare/Tania Wild/Will Henderson||020 7360 4900|
Notes to Editor: StatPro Group plc is a leading provider of portfolio analytics and data solutions for the global asset management industry. StatPro floated on the London Stock Exchange in May 2000 and transferred its listing in June 2003 to AIM. StatPro has grown its recurring revenue from less than £1 million in 1999 to over £22 million by end February 2008.