Statpro profits and turnover on the rise

Statpro profits and turnover on the rise

Statpro, an AIM-listed supplier of portfolio analytics software for fund managers, is reporting a strong first half of the year, with pre-tax profit rising 48% for the six months ending 30 June 2006.

The group says pre-tax profit increased to £0.82m, compared to £0.55m a year earlier, while turnover was up 26% to £6.33m, from £5.02m last year.

Commenting on the results, Justin Wheatley, chief executive of StatPro says regulation, both existing and new, continues to drive the company's growth: "Regulation in the sector, in particular as a result of Sarbanes-Oxley and Ucits III, is continuing to drive growth, with continued demand for our risk product and other analytics reporting."

Wheatley says second half prospects are "very positive" based on the current pipeline of business.

Statpro says sales have been strong in all regions and across all products, with around two thirds of new business being contracted with new clients.

"There is strong demand for our risk and fixed income products and generally the outlook is positive for all our products in all our territories," he adds.

Wheatley says the group's medium term goal is to achieve at least 20% net operating margins. In the first of 2006, operating margin increased to 12% from 11% a year earlier.

The group proposed a dividend per share of 0.3p, compared to nil in the same period last year.

Looking forward, StatPro says it will focus on developing technology acquired with recent company purchases. In the first half the company bought Alphai, an Australian supplier of performance measurement software to asset managers. Statpro says it will use the acquired technology as the basis of its new ASP offering. The vendor also bought out South African compliance software vendor Kizen in May this year.

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