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 2011.
· Annualised recurring revenue contract value* up 3% to £29.66 million (2010: £28.73 million) with renewal rate of 91% (2010: 90%)
· Recurring revenue in the period amounted to 94% of total revenue (2010: 93%)
· Adjusted EBITDA and adjusted earnings per share reduced in period as a result of:
- disposal of Johannesburg Stock Exchange ("JSE") contract, (2010: £0.82 million contribution)
- increased net expenditure on StatPro Revolution to £1.45 million (2010: £0.20 million)
· Net debt reduced to £5.15 million (2010: £6.31 million)
· Interim dividend increased by 7% to 0.75p (2010: 0.7p) reflecting Board's confidence in the future prospects of the business
· Good progress on StatPro Revolution, our new innovative cloud-based portfolio analysis and research service, following its official launch in March 2011:
- Increased trial users leading to over 20 client contracts with an aggregate of over 200 portfolios
- 5 marketing launch events in key markets leading to increased web traffic
- Increased marketing of StatPro Revolution also having beneficial impact on sales leads for StatPro Seven
· Percentage of analytics clients on hosted StatPro Seven platform increased to 34% (2010: 24%)
Commenting on the results, Justin Wheatley, Chief Executive of StatPro said: "We remain focused on building both our StatPro Revolution business and our StatPro Seven hosted business. With nearly £30 million in recurring revenues, healthy profits and strong operating cash flow, we continue to enjoy a sound financial position. This, combined with the new products and additional functionality we have built in recent years, puts StatPro in a very strong position for futrong position for future growth. We therefore remain confident of a successful outcome for the year and firmly believebelieve the future prospects of the Group to be extremely exciting."
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