StatPro Group (AIM:SOG), the AIM listed provider of portfolio analytics and data solutions for the global asset management industry, today announces the appointment of Stuart J. Clark as Non-Executive Director, with effect from 1 September 2009.
Stuart was previously President and Chief Executive Officer of Interactive Data Corporation (NYSE:IDC).
Carl Bacon, Chairman of StatPro, commented: "Stuart Clark is a high profile executive in our market place and his experience, especially in the area of financial data, analytics and solutions will add great value to StatPro. We welcome him to our board and look forward to working with him on our expansion plans."
Stuart Clark added: "I have followed the progress of StatPro for several years now and am very pleased to be joining at this exciting stage in the Company's development. StatPro has a strong management team and board of directors, and I am looking forward to working with all concerned to help take the business forward."
Stuart James Clark, 61, has been employed in the financial information industry since 1968. From 1995 to 2009 Stuart held various senior positions at Interactive Data Corporation ("IDC") and served as a member of the board of directors since 2000. As President and CEO from 2000, Stuart led the business through nine years of continuous and strong growth, with revenues more than doubling to US$750 million with profitability and cash flow growing more than threefold. IDC consistently outperformed the market in growth over that period and, at around 30%, had close to the highest EBITA margin amongst major comparable players in its industry. IDC has a current market capitalisation of approximately US$2.1 billion.
From 1993 to 1995, Mr. Clark was a director of UK-based Financial Times Information, part of the Pearson plc group, with specific responsibility for the Market Data Division. Prior to 1993, Mr. Clark led the market data division of Extel Financial Limited, which was acquired by Pearson plc's Financial Times Group in December 1993.
Separately, StatPro Group plc (AIM: SOG), the AIM listed provider of portfolio analytics and data solutions for the
global asset management industry, announces its interim results for the six months ended 30 June 2009.
• Trading in first half ahead of expectations
• Increasingly high levels of revenue visibility, with recurring revenues 92% of total revenue (2008: 86%)
• Adjusted EBITDA* up 35% and underpinned by stronger recurring revenue element
• Continued solid cash generated from operations amounting to £5.33 million (2008: £3.42 million)
• Net debt reduced to £10.81 million from £14.62 million at December 2008 (£13.46 million proforma after re-financing)
• Exceptional gain amounting to £1.16 million on re-financing
* adjusted for exceptional items, amortisation of acquired intangibles and share based payments (see notes 2 and 4)
Commenting on the results, Justin Wheatley, Chief Executive of StatPro said: "The strength of our business model and the growing capability of our expanding global sales team mean that we have had an extremely successful first half of the year. Both the renewal rates amongst current customers and the sales into new customers have been higher than expected. We are experiencing good levels of activity across all markets for all products and have excellent visibility on our pipeline. We therefore feel confident in the outlook for the rest of the year."
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