StatPro Group, the AIM listed provider of portfolio analytics and data solutions for the global asset management industry, today announces a half year trading update for the six months ended 30 June 2007.
- trading in first half in line with expectations and significantly ahead of H1 2006
- key acquisition integration projects successfully completed
- further cross-selling achieved and increase in contracted data revenue
- significant increase in professional services revenue
- new business pipeline at its highest ever level
Further to the trading update announced on 16 May 2007 at the time of the
Company's Annual General Meeting, the Board is pleased to report that trading for the first half of 2007 was in line with expectations and significantly ahead of the same period in 2006, despite the continued strength of sterling. This performance reflects the benefit of recent acquisitions and good organic revenue growth across the Group. We are also pleased to have closed a number of significant contracts in the first half.
Our overall sales pipeline has continued to expand as new opportunities arise for our enlarged product suite. The average prospect case size also continues to increase.
We have made considerable progress with our integration projects for the North American operations with several key integration projects successfully completed. These have resulted in:
- further cross-selling achieved;
- increased contracted data sales;
- significantly increased professional services revenue; and
- first integrated products offering on track for launch in the fourth quarter of 2007
The Board continues to look for opportunities to expand the business as a whole, whilst consolidating its strong market position as a supplier of portfolio analytics and data solutions to the global asset management industry.
We have continued to generate strong operating cash flows and as a result we have paid down £1.0 million of debt during the first six months of 2007.
Notice of results
The Company expects to report its interim results for the six months ended 30 June 2007 on Monday, 30 July 2007.
Commenting Justin Wheatley, Chief Executive of StatPro Group, said: "We have had an excellent first half continuing our strong track record of growth. This performance reflects StatPro's much improved and broadened product offering following recent acquisitions and investments and the strong competitive position we have established over the past few years.
"The integration of our North American operations has gone extremely well and we are now poised to benefit strongly from this investment. We therefore remain confident of the Group continuing to achieve strong growth in line with expectations for the year as a whole."