StatPro Group plc, the AIM listed provider of portfolio analytics and data solutions for the global asset management industry, today announces a trading update for the nine months ended 30 September 2007.
- trading is in line with expectations and significantly ahead of comparable period in 2006
- organic revenue growth is 19% per annum (21% at constant exchange rates)
- acquisition of Initram completed in July 2007 now fully integrated
- new business pipeline remains strong
Further to the interim results announced on 30 July 2007, the Board is pleased to report that trading for the first nine months of 2007 is in line with expectations and significantly ahead of the same period in 2006. This performance reflects the benefit of acquisitions in 2006 and 2007 and strong organic revenue growth across the Group.
As previously announced, StatPro acquired Initram Data Inc, a small competitor based in Montreal, that also produces Canadian bond prices, in July 2007. The Initram business is now fully integrated with StatPro's existing data business based in Montreal. With the important data clients acquired, the expertise of the Initram team and the increased scale, StatPro is able to offer clients additional services from a much broader coverage of data.
The Board is continuing to invest in its product development, in particular to develop integrated data and analytics products. StatPro Data Direct, an 'on demand' market data service, will be launched at our forthcoming user convention in the US later this month. This service will offer valuation prices for global equity and bond markets as well as derivatives and other complex assets.
Our sales pipeline has continued to expand as new opportunities arise for our enlarged product suite. The Board expects that StatPro should benefit from the recent events in the financial markets, in particular the credit markets, as this should drive demand for independent evaluated prices of complex assets together with analysis of the associated risks.
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.
Commenting Justin Wheatley, Chief Executive of StatPro Group, said: "StatPro's market position is now very strong. Our product range, business expertise and strong reputation give us a formidable opportunity to grow our business. We look forward to building on the successes of 2007 in the coming years."