Highlights

· Trading in H1 2012 in line with expectations

· StatPro Revolution now has over 100 clients

· StatPro Seven new sales at similar level to prior year

· Resilient renewals in H1 2012

Trading update

Revenue and profits for H1 2012 are in line with market expectations, with good levels of new business for both StatPro Revolution and StatPro Seven.

Group net debt was approximately £3.9 million at 30 June 2012 (June 2011: £5.2 million). This is slightly higher than at December 2011 (£3.4 million) after cash costs in H1 2012 of approximately £0.8 million relating to the restructuring to focus on cloud services (as announced in January 2012), and an increased final dividend.

StatPro Revolution

Sales of StatPro Revolution are in line with expectations and have reached their first landmark. With over 100 clients, including 10 fund administrators (who in turn have many more clients), StatPro Revolution is being used actively all over the world. Our sales pipeline continues to grow and we hope to build upon this success and momentum.

Since its launch in March 2011, asset managers using the platform have been able to reduce their IT costs and provide dynamic fund performance data to new and prospective clients. Client wins in H1 2012 include: Momentum Investments and Investment Solutions in South Africa; over 20 new clients in the UK, two large European custodian banks, a large custodian bank in Asia and over 20 companies in North America.

StatPro now provides StatPro Revolution to ten fund administrators around the world. Fund administrators represent a key market for StatPro as they can act as distributors of the StatPro Revolution service.

StatPro Seven

We are pleased to have signed up a number of new clients for StatPro Seven during the period with a recurring revenue level similar to that achieved in the comparable period in 2011, despite the shift in sales focus to cloud services. We also achieved success in signin in signing client contracts for StatPro Seven linked to StatPro Revolution. Our renewal rates remain high and are currently above last year's rate of 92%. Development of Revolution Plus, the cloud-based upgrade path for Seven clients, is progressing well and we continue to expect to launch the first modules in 2013.

Financing facilities

On 28 May 2012 an agreement was signed with The Royal Bank of Scotland plc to extend our existing facilities until May 2015, with an option to extend for a further two years, subject to customary covenants and terms. The facility is now £10 million (£8 million of which is now available as a revolving credit facility) reducing by £0.5 million tranches every six months to £7.5 million in May 2015. Although the Board remains focused on repaying our debt, this restructured facility strengthens our financial position and provides financing options at a commercial cost and provides more flexibility than the previous arrangement, which was negotiated in early 2009.

Justin Wheatley, Chief Executive, commented: "We are pleased with the progress we have made with StatPro Revolution. This truly innovative service is now being used by over 100 companies worldwide, helping them to engage with their clients in an effective and cost efficient way. The twin demands of the market are to reduce costs whilst increasing transparency to restore confidence in the financial services industry; StatPro Revolution can satisfy both needs."