TIDMSOG
RNS Number : 5153E
StatPro Group PLC
19 July 2016
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 GBP36.2
million (H1 2015: GBP28.6 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 GBP13.7 million (H1 2015: GBP6.5 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
GBP44.1 million (H1 2015: GBP37.0 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 GBP6.4 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 GBP13.7 million
(including the acquired Investor Analytics cloud solution). The
annualised recurring run rate is up 112% compared to H1 2015
(GBP6.5 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 GBP21.6 million and now makes up
67% of Group software revenue (H1 2015: GBP13.1 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 GBP3.0 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 GBP9.1 million.
The Group has a total committed facility of approximately GBP17.3
million and an additional uncommitted facility of around GBP7.5
million.
Exceptional costs
The Group expects to report approximately GBP1.5 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
Justin Wheatley, Chief +44 (0) 20 8410
Executive 9876
Andrew Fabian, Finance
Director
Panmure Gordon - Nomad
and Broker
Corporate Finance - Freddy
Crossley / Fred Walsh / +44 (0) 20 7886
Fabien Holler 2500
Corporate Broking - Tom
Salvesen
Instinctif Partners
Adrian Duffield / Lauren +44 (0) 20 7457
Foster 2020
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 GBP1 million in 1999 to around GBP36 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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