StatPro Group (AIM:SOG), the Aim listed provider of portfolio analytics and data solutions for the global asset management industry, today announces its unaudited preliminary results for the year ended 31 December 2008.
- Annualised contracted recurring revenue increased to £28.39 million as at 31 December 2008 (2007: £20.27 million)
- Adjusted EBITDA* increased to £6.75 million (2007: £6.57 million)
- Adjusted profit before tax* decreased to £4.67 million (2007: £5.16 million)
- Adjusted earnings per share* of 7.0p (2007: 8.1p)
- Free cash flow** increased by 32% to £5.81 million (2007: £4.39 million)
- Total dividend increased by 17% to 1.75p (2007: 1.5p)
- A successful conclusion to 2008 and a solid start to 2009
- Strategic success of new Software as a Service ("SaaS") platform now with 28 customers
- Performa acquisition integrated with annualised adjusted EBITDA of £1.1 million achieved
- Cost cutting initiatives completed reducing annualised costs by more than £2.0 million
- New 5 year senior debt facility signed with The Royal Bank of Scotland reducing net debt position from £14.6 million to £13.4 million ***
* Adjusted profit before tax, adjusted earnings per share, adjusted operating profit and adjusted EBITDA are profit before tax, earnings per share, operating profit and EBITDA after adjustment for amortisation of acquired intangibles, share based payments and exceptional items (notes 3 and 10) and the results for 2007 have been restated for share based payments for comparability purposes.
** Free cash flow is defined as cash generated from operations less investment in internally generated intangible assets (note 6)
*** Proforma net debt position as at 31 December 2008
Justin Wheatley, Chief Executive, commented: "These results demonstrate the robust nature of StatPro's business model which has continued to deliver significant growth in revenues and adjusted EBITDA. The growth in recurring revenue continues to provide for excellent forward visibility whilst the recent refinancing has underpinned the Company's financial position. With the current economic climate compelling companies to seek products that deliver the same benefits at a lower cost, significant demand remains for StatPro's products. Whilst no one can predict the future, given our current visibility and an encouraging start to the year, we look forward to a successful outcome for 2009."
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