Highlights

· Trading in the year in line with market expectations

· StatPro Revolution annualised recurring revenue increased by 114% to £3.2 million at 31 December 2013 (2012: £1.5 million*), ahead of expectations

· StatPro Revolution related recurring revenue** increased to £9.2 million at 31 December 2013 (2012: £3.9 million*), representing approximately 36% of total software recurring revenue (2012: 16%*)

· StatPro Revolution now has 34 fund administrator partners (2012: 21), a key strategic target market

· Group had net cash of approximately £4.0 million at 31 December 2013 (2012: £3.7 million)

* at constant currency

** defined as the total recurring revenue from clients whose subscription includes StatPro Revolution.

StatPro Revolution

Annualised recurring revenue for StatPro Revolution increased by 114% during the year to £3.2 million at 31 December 2013 (2012: £1.5 million), ahead of market expectations.

StatPro Revolution client numbers increased by 65% to 257 at the end of December 2013 (1) (2012: 156) and the average contract value increased by 31% (2012: 7%) as clients added further portfolios to the service. All StatPro Revolution clients have the potential to add more portfolios as they increase their use of the service. More clients of StatPro Seven are also adopting StatPro Revolution, contributing to an increase by over 130% in StatPro Revolution related revenue to £9.2 million (December 2012: £3.9 million), further demonstrating that our clients support our cloud transition strategy.

Key new features added to StatPro Revolution in 2013 were the new Risk Limits Monitoring Module aiding compliance with the UCITS (Undertakings for Collective Investments in Transferable Securities) regulations and enhanced sharing capabilities. These new features have helped drive new business as they provide compelling entry points for customers who are seeking means of complying with increasing regulation. In Q1 2014, we will en4, we will enhance this compliance feature enabling users to comply with the AIFMD (Alternative Investment Fund Managers Directive) in time for the enforcement of these regulations in July 2014.

StatPro now provides StatPro Revolution to 34 fund administrator partners around the world (December 2012: 21). Fund administrators represent a key market for StatPro as they can act as distributors of the StatPro Revolution service.

(1) In the Q3 2013 trading update, we reported that there were 251 client contracts for StatPro Revolution. Following a review of the contracts database, it was noted that 11 contracts, with total annualised revenue of £13,000, were in fact non-performing at that date. This had no material impact on the recurring revenue as at end September 2013, which was correctly reported as approximately £2.8 million.

StatPro Seven and StatPro R+

In 2012 we stopped actively marketing StatPro Seven with additional revenue coming only from fee increases and client repurchases. As a result, StatPro Seven and Data annualised recurring revenue reduced by 5% during 2013 (2012: 0%), in line with market expectations.

The development of StatPro R+, the replacement for StatPro Seven, is progressing well, with the first beta version released in July 2013 and the second beta version released in November 2013. We now have seven clients supplying data for tests, which will continue throughout 2014.

Outlook & Notice of Results

Our sales pipeline continues to grow and we look forward to building upon this success and momentum. During the last year 13 trainees graduated from our new sales training programme bringing our sales force to 33 people. We plan to increase our investment in the sales and client services teams in 2014 to take advantage of what we believe to be a global market opportunity.

The Board will provide an update on the outlook for trading in 2014 with the Company's preliminary results on Wednesday, 12 March 2014.

Justin Wheatley, Chief Executive, commented: "The unique value proposition of StatPro Revolution is its ability to share vital portfolio analysis for no additional charge. This is helping our clients sell more and give their clients a better service, all for less money. Whilst the asset management industry is generally quite conservative, it is clear that many companies are getting the message that StatPro Revolution really is a revolution. We look forward to 2014."