Financial highlights:
• Group revenue up 22% to £27.24 million (2017: £22.41 million)
o Organic growth 3% (2017: 2%)
o Currency impact down 2% (2017: up 11%)
• Adjusted EBITDA increased by 23% to £4.34 million (2017: £3.53 million)
• Profit before tax £0.90 million (2017: loss £1.54 million)
• Interim dividend maintained at 0.85 pence per share
• Free cash flow in H1 2018 £2.19 million (2017: £3.52 million)

Operating highlights:
• StatPro Revolution underlying ARR growth of 19% (4) (2017: 9%)
• Software as a service (SaaS) as a percentage of software ARR now 84% (2017: 82%)
• StatPro Revolution Fixed Income Attribution (FIA) beta launched - key module seeing considerable demand. First step towards achieving parity with Delta
• Integration of Delta progressing well
• Acquired in July 2018 ODDO BHF’s regulatory risk services bureau - adds managed regulatory risk services offering

(1) Annualised Recurring Revenue is the annual value of revenue contractually committed at period end.
(2) Adjusted EBITDA and adjusted earnings/losses per share are EBITDA and earnings/losses per share after adjustment for amortisation of acquired intangible assets, acquisition transaction, redundancy and other integration costs, fair value movement on non-controlling interest put option and share based payments (notes 2 and 5).
(3) The interim and full year accounts for 2017 have been restated to take into account the adoption of IFRS 15 (see notes 1 and 3).
(4) Underlying ARR growth relates to Revolution excluding the acquired revenues from Delta and Investor Analytics and including conversions from Seven (see note 3).

Justin Wheatley, Chief Executive of StatPro, commented:

“We are pleased with the solid growth in Group revenue and profits in the first half. In particular, Revolution’s underlying Annualised Recurring Revenue grew by 19%.

“The project to integrate Delta’s functionality into our flagship product, Revolution, is going well. The launch of Revolution Fixed Income Attribution in July is the first step towards achieving functionality parity with Delta.

“In preparation for the planned restructure of the business into three divisions, we have appointed a new divisional CEO to lead and develop Source: StatPro, our data division. This division leverages our access to huge quantities of data covering global equities, bonds and other data such as global mutual fund information.

“In 2018 and beyond, we anticipate strong growth in specialised managed services for regulations, risk and performance. We are focused upon building our partnerships with Asset Service Providers to broaden the services they offer the asset management community.”