StatPro Group PLC – Final Results

For immediate release
14 March 2012

STATPRO GROUP PLC

(“StatPro” or the “Group”)

Preliminary Results for the Year ended 31 December 2011

StatPro Group plc (AIM:SOG), the AIM listed provider of portfolio analytics and data solutions for the global asset management industry, today announces its unaudited preliminary results for the year ended 31 December 2011.

 

  Year ended Year ended Change
31 December 31 December
2011 2010
Revenue £31.72 million £33.13 million (4)%
Profit before tax £3.86 million £5.62 million (31)%
Adjusted EBITDA* £6.12 million £8.45 million (28)%
Annualised recurring contract revenue (constant currency) ** £29.41 million £28.35 million +4%
Earnings per share – basic 4.8p 6.8p (29)%
                               – adjusted* 5.7p 8.2p (30)%
Dividend per share – total  for year 2.6p 2.4p +8%

 

Financial Highlights:

  • Annualised recurring contract revenue up 4% to £29.41 million (2010: £28.35 million **)
  • Maintained high renewal rate on recurring contracts at 92% (2010: 92%)
  • Annualised recurring contract revenue for StatPro Revolution of £0.47 million (2010: nil)
  • Adjusted EBITDA* reduced by 28% to £6.12 million (2010: £8.45 million) in year of increased investment in cloud technology solution
  • Cash flow from operating activities (before exceptional items) of £10.37 million (2010: £10.66 million)
  • Net debt reduced to £3.40 million (2010: £5.52 million) and represents 0.56 times adjusted EBITDA (2010: 0.65)
  • Total dividend increased by 8% to 2.6p (2010: 2.4p)

Operational Highlights:

  • Results reflect transition from traditional software to cloud based software business
  • Good progress in transfer of StatPro Seven clients into StatPro hosted environment with 42% by value now hosted (2010: 30%)
  • StatPro Revolution achieved sales in all key markets (US, UK and Europe, South Africa, Australia and Asia) and into diverse market segments in its launch year – now has over 60 customers
  • 7 custodian banks and fund administrators now acting as resellers for StatPro Revolution, augmenting StatPro direct sales team
  • Re-orientation of the business in January 2012 to focus sales fully on cloud technology, following early success with the StatPro Revolution service
  • Next StatPro Seven upgrade will be StatPro Revolution Plus – first module due for release in 2013

* Adjusted EBITDA and adjusted earnings per share are EBITDA and earnings per share after adjustment for amortisation of acquired intangibles, share based payments and exceptional items (notes 5 and 7)

** Annualised recurring contract revenue is revenue contractually committed at year end.  Comparative is at constant currency.

Justin Wheatley, Chief Executive, commented:

“The transition from traditional software to cloud based software requires investment but also offers considerable opportunity for growth and profits. With nearly £30 million of contracted annual recurring revenue and high levels of cash generation we enjoy a strong financial platform on which to build. We believe that our early investment in cloud technology has given us a clear technology advantage in our market and we believe we will benefit strongly from this position over the coming years.

“We have achieved our key objective for 2011 with the successful commercial launch of StatPro Revolution and with over 60 clients already signed up and many more in the pipeline, the potential is evident and our focus in 2012 will be entirely on StatPro Revolution. The unique nature of the service and strong uptake to date, mean that despite the ongoing financial and economic crisis, we look forward to 2012 with great confidence.”

– Ends –

For further information, please contact:

StatPro Group plc

Justin Wheatley, Chief Executive 020 8410 9876
Andrew Fabian, Finance Director

Cenkos Securities

Stephen Keys 020 7397 8926
Adrian Hargrave 020 7379 8922
Julian Morse (Sales) 020 7397 1931

Newgate Threadneedle

Caroline Evans-Jones/ Hilary Millar 020 7653 9850

A briefing for analysts on the results will be held at 9.30am today at the offices of Newgate Threadneedle, 3rd Floor, Aldermary House, 10-15 Queen Street, London, EC4N 1TX

About StatPro

StatPro is a global provider of portfolio analytics for the investment community. Our cloud based services provide vital analysis of portfolio performance, attribution and risk for hundreds of fund managers, RIAs, CEOs, heads of risk, sales directors, marketing managers and authorised corporate directors.  They are now using our cloud services and software products to perform sophisticated analysis, reporting and distribution every day.

With 18 years of experience and expertise, we believe analytics should be sophisticated yet simple and useful as well as secure. StatPro data coverage includes global equities, global bonds, global mutual funds, most families of benchmarks, FX rates, sector classifications and much else besides.

StatPro has operations in Europe, North America, South Africa, Asia and Australia and more than 300 clients in 25 countries around the world.

StatPro has grown its recurring revenue from less than £1 million in 1999 to £29 million at end December 2011 and currently enjoys a renewal rate of approximately 92%. 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 recurring revenues being generated outside the UK.

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