StatPro reports H1 profit jump; buys Canada's Initram Data

StatPro reports H1 profit jump; buys Canada's Initram Data

AIM-listed StatPro Group, a provider of performance measurement software for asset managers, is reporting a doubling of pre-tax profit for the first half of the year. The London-based vendor also says it has acquired Montreal-based Initram Data for a total cash consideration of £1.41 million.

The UK firm is reporting a pretax profit of £1.86 million for the six months ended 30 June 2007, compared to £0.82 million last year. Turnover increased to £11.32 million from £6.33 million in the first half of 2006.

StatPro says sales of its existing product set have remained strong in Europe, UK, North America and South Africa.

The group says its recently acquired Canadian unit FRI is now fully integrated with its business and it is set to release products integrated with FRI analytics software in September. StatPro says demand for these products is likely to be strong as many asset managers look to replace legacy systems implemented in the late 1990s.

Following on from the FRI acquisition, StatPro has acquired Montreal-based Initram Data - a competitor of FRI that also produces Canadian bond prices - for a total of £1.41 million. StatPro says £0.99 million of the purchase price will be payable on signature, with the balance paid over a two year period.

StatPro CEO Justin Wheatley says the Initram unit will be merged with the FRI business: "The consolidation of the two business units will enable us to benefit from greater scale and also allow us to expand into other data services more easily. The Initram team brings a number of important data clients and we are confident that we will be able to offer these clients additional services from our much broader coverage of data."

StatPro shares were up 3.50 pence to 104.50 pence in mid-day trading.

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