19 July 2016
StatPro Group
PLC
Half year trading update
StatPro Group plc, (AIM: SOG, "StatPro", "the Group"), the leading provider of portfolio analysis
and asset pricing services for the global asset management industry, provides a trading update for the six months ended 30 June
2016.
Highlights
· Group Annualised Recurring Revenue ("ARR")
up 26% to £36.2 million (H1 2015: £28.6 million), 13% on a constant currency basis
· Two large contracts signed including new
Revolution Performance module
· ARR from cloud services (StatPro Revolution and Investor Analytics) up 112% to £13.7 million (H1 2015: £6.5 million), 90% on a constant
currency basis
· Recurring revenue from cloud services now
38% of Group ARR (H1 2015: 23%)
· Contracted forward order book revenue
increased 19% to £44.1 million (H1 2015: £37.0 million), 8% on a constant currency basis
· Launch of Revolution
Performance on track for Q3 2016
Justin Wheatley, StatPro Chief Executive, commented:
"We had a good first half with strong sales of Revolution with total contracted value of £6.4
million driven by two international banner deals.
"Our forward order book continues to grow and we are trading in line with our expectations for the
year as a whole.
"As we complete the finishing touches to our core module, Revolution Performance, we look forward
to its formal launch on 28 September."
StatPro Revolution
Sales of StatPro Revolution, the Group's cloud-based portfolio analysis
service, grew strongly to reach an ARR of £13.7 million (including the acquired Investor Analytics cloud solution). The
annualised recurring run rate is up 112% compared to H1 2015 (£6.5 million).
ARR from cloud services namely StatPro Revolution including Investor
Analytics now represents 38% of Group recurring revenues, an increase from 23% in H1 2015.
StatPro Revolution related recurring revenue, defined as the total
recurring revenue from clients whose subscription includes StatPro Revolution, increased to £21.6 million
and now makes up 67% of Group software revenue (H1 2015: £13.1 million/52%).
StatPro Seven
ARR for StatPro Seven was resilient as expected with less than 6% net
reduction in renewal values (excluding the impact of conversions) over the last 12 months.
Currency movements
There has been a significant positive impact on the Group's ARR due to GBP:USD exchange movement,
as only 15% of the Group's ARR is denominated in GBP. This has resulted in a £3.0 million increase in ARR in H1
2016.
StatPro generates surplus cash primarily in USD and EUR. As part of the Group's risk management,
it hedges some of its expected future earnings based on projected surplus cash.
Group debt is denominated mostly in GBP, as well as in USD, EUR and CAD. Net debt at 30 June 2016
was approximately £9.1 million. The Group has a total committed facility of approximately £17.3 million and an additional
uncommitted facility of around £7.5 million.
Exceptional costs
The Group expects to report approximately £1.5 million of exceptional one-off charges in H1 2016.
These charges are made up of the one-off costs related to the acquisition of Investor Analytics and costs relating to the
restructuring of the Group's Paris office.
Enquiries:
StatPro Group plc
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Justin Wheatley, Chief Executive
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+44 (0) 20 8410 9876
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Andrew Fabian, Finance Director
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Panmure Gordon - Nomad and Broker
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Corporate Finance - Freddy Crossley / Fred Walsh / Fabien Holler
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+44 (0) 20 7886 2500
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Corporate Broking - Tom Salvesen
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Instinctif Partners
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Adrian Duffield / Lauren Foster
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+44 (0) 20 7457 2020
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About StatPro
StatPro is a global provider of award winning portfolio analytics solutions for the investment
community. The Group's cloud-based platform provides vital analysis of portfolio performance, attribution, risk and compliance.
This multi-asset class analytics platform helps StatPro's clients increase assets under management, improve client service, meet
tough regulations and reduce costs.
The Group's integrated and global data coverage includes over 3.2 million securities such as
equities, bonds, mutual funds, FX rates, futures, options, OTCs, sector classifications and much else besides. StatPro also
covers most families of benchmarks including MSCI, FTSE, Russell, NASDAQ and the licence free Freedom Index.
StatPro has grown its Annualised Recurring Revenue from less than £1 million in 1999 to around £36
million at end June 2016. The Group has operations in Europe, North America, South Africa, Asia and Australia, with hundreds of
clients in 37 countries around the world. Approximately 80% of recurring revenues are generated outside the UK. StatPro Group plc
shares are listed on AIM.