Recurring revenue up, but ebitda down at StatPro
12 March 2014 | 872 views | 0
StatPro Group plc, (AIM:SOG), the AIM listed provider of cloud-based portfolio analysis and asset pricing services for the global asset management industry, today announces its unaudited preliminary results for the year ended 31 December 2013.
· StatPro Revolution annualised recurring revenue increased by 114% to £3.20 million at 31 December 2013 (2012: £1.49 million**), ahead of expectations
· StatPro Revolution related recurring revenue*** increased to £9.19 million at 31 December 2013 (2012: £3.92 million**), representing 37% of total software recurring revenue (2012: 16%**)
· StatPro Revolution now has 34 fund administrator partners (2012: 21), a key strategic target market
· Adjusted EBITDA lower at £5.46 million (2012: £6.73 million), mainly due to increased spending on StatPro Revolution
· Increase in Group net cash to £4.00 million at 31 December 2013 (2012: £3.67 million)
· Release of key new features for StatPro Revolution in 2013, including the UCITS module and enhanced sharing
· Good progress on StatPro R+ development, with beta launches during 2013
* Adjusted EBITDA and adjusted earnings per share are EBITDA and earnings per share after adjustment for amortisation of acquired intangible assets, share based payments and exceptional items (notes 5 and 7)
** Annualised recurring contract revenue is the annual value of revenue contractually committed at year end. Comparative is at constant currency.
*** defined as the total recurring revenue from clients whose subscription includes StatPro Revolution
Justin Wheatley, Chief Executive, commented:
"This has been a year of considerable progress for the Group as StatPro Revolution begins to gain traction in terms of clients, users and revenue. We see evidence of escalating momentum and, as the word spreads throughout the market, the pipeline of new business opportunities continues to grow. It has been our view from early on that the productivity gains possible through new cloud technology will cause significant change in our market. The significant investments we have made in recent years mean we are well positioned to take advantage of this shift and with a clear roadmap and growing r roadmap and growing momentum we look forward to 2014 and beyond."