StatPro full year pre-tax profit soars

Statpro says turnover for the year ending 31 December 2007 rose 65% to £24.07 million, from £14.60 million in 2006. On an adjusted basis, pre-tax profit rose to £5.03 million from £2.79 million in 2006.

Commenting on the results, Justin Wheatley, chief executive, StatPro, echoed other vendors in saying that the credit crisis has not yet impacted business or banks' IT spending.

"To date there is little evidence that the problems of the credit markets are spilling over into our markets," says Wheatley. "If they do then we are confident that we are well placed to take appropriate action."

The surge in profit comes after the UK firm completed the integration of Canadian portfolio management technology vendor FRI after paying £25 million for the firm at the end of 2006.

StatPro says this integration has resulted in "a substantial improvement in the performance of our North American operations in the second half of the year".

In addition, the vendor says Montreal-based Initram Data - a supplier of Canadian bond prices acquired in July 2007 for £1.41 million - has also now been fully integrated with its business.

Last month StatPro added Performa Consultants UK, a provider of compliance software to asset managers, to its list of acquisitions in a cash and stock deal worth around £7 million. Performa has 25 client contracts with recurring annualised revenue of £2.1 million.

Looking ahead, Wheatley says the company started 2008 in a very strong position and in the event that market conditions "remain benign", he expects a good year ahead.

"We have a healthy new business pipeline and with the benefits of the recent acquisition of Performa to come, we now have over £22 million of recurring annualised revenue."

StatPro's stock was up two pence, or 2.3%, to 86.5 pence in afternoon trading.

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