At its Annual General Meeting to be held later today, Carl Bacon, Chairman of StatPro Group plc (AIM:SOG), the provider of portfolio analytics and data solutions for the global asset management industry, will make the following statement on the Group's continuing progress in the year ending 31 December 2009:
"Trading for the first four months of 2009 is slightly ahead of the Directors' expectations and significantly ahead of the same period in 2008, reflecting recent new contract wins as well as the positive impact of the restructuring achieved in 2008 and the benefits of our recurring revenue business model. The refinancing announced in February 2009 and the continued operating cash generation has led to a further strengthening of the balance sheet.
"A key focus of our client base continues to be on cost saving initiatives, for which our products and services are well suited, offering tangible savings for our clients whilst enabling them to improve the quality of services they provide to their clients. It is important for asset managers to re-establish confidence with their clients following several months of market turbulence. The use of our products assists them in achieving this through providing greater transparency, enhanced risk management processes and exemplary compliance with the many governance rules.
"Looking ahead to the rest of the year, we have a strong pipeline of new sales and feel confident that we can continue to grow at our current rate. The action we took last year to reorganise our business has already yielded considerable benefits and we are increasing our capacity to sell in both North America and Europe. We are therefore confident of a successful year ahead."