For release at 07.00 a.m. Wednesday, 06 August 2014
STATPRO GROUP PLC (“StatPro” or the “Group”)
Interim results for the six months ended 30 June 2014
StatPro Group plc (AIM: SOG), the AIM listed provider of portfolio analysis and asset pricing services for the global asset management industry, announces its interim results for the six months ended 30 June 2014.
|Six months ended 30 June 2014||Six months ended 30 June 2013||Change||Constant currency|
|Revenue||£15.71 million||£16.53 million||-5%||+4%|
|Profit before tax||£1.08 million||£1.89 million||-43%||-28%|
|Adjusted profit before tax*||£1.26 million||£2.56 million||-51%||-40%|
|Adjusted EBITDA*||£2.03 million||£3.24 million||-37%||-27%|
|Adjusted operating profit margin*||8.9%||16.2%|
|Annualised recurring contract value**||£28.40 million||£30.33 million||-6%||+2%|
|Earnings per share – basic||1.0p||1.9p||-47%|
|Interim dividend per share||0.85p||0.85p||–|
- Annualised recurring revenue contract value for StatPro Revolution up 85% to £3.98 million (2013: £2.15 million**)
- StatPro Revolution related recurring revenue*** increased to £9.91 million and 40% of total software revenue (2013: £5.78 million** and 24%)
- Adjusted EBITDA* reduced to £2.03 million (2013: £3.24 million) mainly due to increased expenditure on sales people, marketing activities, and development as part of cloud transition
- Net cancellation rate for StatPro Seven 1% (2013: 3%)
- Net cash of £3.18 million (2013: £2.84 million)
- StatPro Revolution client numbers increased to 322 at 30 June 2014 (2013: 220)
- StatPro R+, the cloud replacement for StatPro Seven, on track for full launch in 2015
- New premium StatPro Revolution module launched
- Partnership with NASDAQ indexes signed in July 2014
- Continued growth of the sales pipeline
* Adjusted profit before tax, adjusted earnings per share, adjusted operating profit and adjusted EBITDA are profit before tax, earnings per share, operating profit and EBITDA after adjustment for amortisation of acquired intangible assets, share based payments and exceptional items (notes 2, 4 and 5).
** At constant currency.
*** Defined as the total recurring revenue from clients whose subscription includes StatPro Revolution.
Commenting on the results, Justin Wheatley, Chief Executive of StatPro said: “Sales of StatPro Revolution have grown strongly every year since launch three years ago and the service has been improving constantly. 40% of our total annualised software revenue now comes from clients who have adopted elements of our new cloud technology, demonstrating our progression to the cloud, and importantly revenue from the areas of the business in which we are investing, being StatPro Revolution, Data and Risk, grew solidly in the period.
“The combination of an improving product and the increased capacity of our sales team will bolster further growth. Our technology lead over our competitors is significant and this is the strategic key to our success. We look forward to the rest of 2014.”
– Ends –
For further information, please contact:
StatPro Group plc
|Justin Wheatley, Chief Executive||020 8410 9876|
|Andrew Fabian, Finance Director|
|Stephen Keys / Dr Christopher Golden
Julian Morse (Sales)
|020 7397 8900|
|Caroline Evans-Jones/ Hilary Millar||020 7653 9850|
A briefing for analysts will be held at 9.30am today, 06 August 2014 at the offices of
Newgate Threadneedle, Sky Light City Tower, 50 Basinghall Street, London, EC2V 5DE
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. Hundreds of investment professionals use our cloud services directly or through a fund administrator/partner to perform sophisticated analysis, reporting and distribution every day.
With 20 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 grown its recurring revenue from less than £1 million in 1999 to around £28 million at 30 June 2014. StatPro floated on the main market of the London Stock Exchange in May 2000 and transferred its listing to AIM in June 2003. The Group has operations in Europe, North America, South Africa, Asia and Australia and approximately 500 clients in 36 countries around the world. Approximately 80% of recurring revenues are generated outside the UK.