StatPro considers maiden dividend

StatPro considers maiden dividend

StatPro Group, the AIM-listed supplier of portfolio analytics software for fund managers, is considering the payment of a maiden dividend, five years after initially floating on the London Stock Exchange.

At today's AGM, StatPro chairman Carl Bacon, is reporting "satisfactory" trading for the first four months, with revenue 18% ahead of the comparable period last year. He says the company has now signed 19 contracts for its StatPro Risk Management solution, up from 15 at the start of the year, with the annualised value of new licences "significantly ahead" of last year.

He adds: "Our European markets remain the strongest source of new business with approximately 60% by value of new contracts from this region. New business has also been achieved in other markets albeit in the UK and the US the conversion of prospects to signed contracts remains slow."

He says the decision to pay a maiden dividiend is in anticipation of another year of strong operating cash generation.

Says Bacon: "A resolution to reduce the share premium account is being proposed at this AGM, and if approved, it is our intention to apply to the Court to reduce the company's share premium account and eliminate the deficit on the profit and loss account so as to enable the payment of dividends in the future."

StatPro floated on the London Stock Exchange in May 2000 and transferred its listing in June 2003 to AIM. The firm has grown its revenue from continuing operations from £1.8 million in 1999 to £9.1 million in 2004.

Shares in the vendor edged up 2.8% to 53.5 pence on this morning's news.

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