For immediate release
16 May 2007
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 for the first four months of 2007 is in line with expectations and is ahead of the same period in 2006, reflecting the benefit of recent acquisitions. However, the strength of sterling, in particular against the US dollar, should it remain at its current level, is expected to continue to affect our reported results.
Our overall sales pipeline continues to expand as new opportunities arise for our enlarged product suite. Pleasingly the average prospect case size is increasing, although with increasing size and complexity comes a lengthening of the sales process.
We are pleased with the three acquisitions completed in 2006 which are beginning to yield benefits. In particular, recurring revenue from StatPro Portfolio Compliance (acquired from Kizen) has almost doubled since its acquisition in May 2006 and we have achieved our first sales in the Australian market as well as identifying further opportunities in this market following the Alphai acquisition in April 2006.
We continue to make good progress with our plans for the North American operations following the acquisition of FRI in October 2006, where our focus has been on servicing existing clients and developing new data product offerings. We have achieved further cross selling successes and we are still on course to launch our first integrated products in the fourth quarter of 2007. Overall, the Board remains confident of the Group achieving another year of good progress.’
– Ends –
For further information, please contact:
StatPro Group plc
|Justin Wheatley, Chief Executive||020 8410 9876|
|Andrew Fabian, Finance Director|
Arbuthnot Securities Limited
|Tom Griffiths/Neil Kirkton||020 7012 2000|
|Reg Hoare/Miranda Good||020 7360 4900|
Notes to Editors:
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 revenue from continuing operations from £1.8 million in 1999 to £14.6 million in 2006.