For immediate release
18 January 2007
STATPRO GROUP PLC
(“StatPro” or the “Group”)
Year end trading update
Notice of results
StatPro Group plc, the AIM listed provider of portfolio analytics and data solutions for the global asset management industry, today announces a trading update for its financial year ended 31 December 2006.
- Trading in line with expectations
- New business signed in 2006 significantly ahead of 2005
- Initial cost cutting and integration of FRI in line with plan
- First cross-sell of a StatPro system to a client of FRI
Year end trading update
Further to the trading update announced on 27 September 2006 at the time of the acquisition of FRI Corporation (‘FRI’), the Board is pleased to report that the Group has continued to perform well in the last quarter of 2006. New business signed in 2006 was around 50% higher than that achieved in 2005, and new professional services revenue signed in 2006 was also ahead of that achieved in 2005, in line with expectations. Furthermore, the Group’s net debt as at 31 December 2006 was better than expectations as a result of continued strong cash generation and a significant portion of the Group’s debt being denominated in Canadian dollars.
Integration of FRI
The Group’s executive team has devoted significant management time and effort since the acquisition of FRI on implementing the first steps to integrate FRI with StatPro. As part of our plans to increase the underlying profitability of the Group’s growing North American operations the Canadian business has been integrated with the existing US business under the overall management of the Group’s North American CEO. As a result, we have eliminated some management and operational roles in order to reduce operational costs. We also plan to relocate to lower cost premises during 2007.
These restructuring plans will result in an operating exceptional charge in the financial year ended 31 December 2006 in line with our plans to derive operational synergies, as outlined at the time of the acquisition.
The Group now has its largest ever range of products including provision of data. We are delighted to report that we have achieved our first cross-sell of a StatPro system to a client of FRI. We are also making progress on integrating our products so that we can offer an integrated data solution within our existing StatPro suite of products.
The Board also announces that as of 17 January 2007 Dominic Wheatley has resigned from the Board. Dominic has been a non-executive director of StatPro since 1999 and has helped guide the Company through its major transition from an unquoted loss-making business to a successful profitable dividend paying AIM listed Company. The business has been transformed over the past eight years and has grown both organically and by acquisition. The Board would like to express its deep gratitude to Dominic for his contribution, advice and support and wishes him well in his other business ventures.
Notice of results
The Company expects to report its preliminary results for the year ended 31 December 2006 on Monday, 12 March 2007.
Commenting Justin Wheatley, Chief Executive of StatPro Group, said: ‘We have had a strong year continuing our excellent track record of growth. The initial phase of the integration of our North American businesses is progressing to plan and we are delighted to achieve our first cross sell ahead of expectation.’
– 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||020 7360 4900|
Notes to Editors:
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 £10.8 million in 2005.