StatPro Group plc (AIM: SOG), the AIM listed provider of portfolio analytics and data solutions for the global asset management industry, announces its interim results for the six months ended 30 June 2012.
· Annualised recurring revenue contract value** up 7% to £30.21 million (2011: £28.17 million) with renewal rate of 94% (2011: 93%)
· Annualised recurring revenue contract value** for StatPro Revolution up more than six-fold to £1.02 million (2011: £0.16 million)
· Recurring revenue in the period was 94% of total revenue (2011: 94%)
· Exceptional charge of £0.95 million (2011: nil) following restructuring in H1 2012
· Adjusted EBITDA* increased by 24% to £3.58 million (2011: £2.89 million)
· Net debt reduced to £3.92 million (2011: £5.15 million)
· Interim dividend increased by 7% to 0.80p (2011: 0.75p)
· Good progress on StatPro Revolution, our innovative cloud-based portfolio analysis platform launched in 2011
· Sales of StatPro Revolution have reached 111 clients, including 10 fund administrators
· Continued growth of the sales pipeline
· Percentage of analytics clients on hosted StatPro Seven platform increased to 46% (2011: 34%)
* 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 intangibles, share based payments and exceptional items (notes 2, 4 and 5)
** at constant currency
Commenting on the results, Justin Wheatley, Chief Executive of StatPro said: "We have taken further strides forward in the execution of our strategy. Sales of StatPro Revolution have been strong and we enter the second half of 2012 with good momentum. When the full range of StatPro Revolution Plus modules have been developed, fully replacing StatPro Seven, it will form, together with StatPro Revolution, a single integrated solution to manage the computation of performance and distribution of portfolio analysis and compliance on any scale to any type of asset manager. We believe we are unique are unique in this vision and remain confident that our investment in new cloud technology will ensure that StatPro has a bright future. Current business levels are satisfactory and we believe that we will meet market expectations for the full year."