StatPro Group PLC Q3 trading update (1009F)
October 25 2018 - 2:00AM
UK Regulatory
TIDMSOG
RNS Number : 1009F
StatPro Group PLC
25 October 2018
25 October 2018
StatPro Group PLC
Q3 trading update
StatPro Group plc, ("StatPro", "the Group", AIM: SOG), the
cloud-based portfolio analysis and asset pricing services provider
for the global asset management industry, provides a trading update
for the nine months ended 30 September 2018.
Revenue and profits continue to be in line with expectations for
the current year.
In the 12 months to 30 September 2018, Group Annualised
Recurring Revenue ("ARR"), increased by 3% to GBP54.8 million
(September 2017: GBP53.1 million at constant currency), including
the risk service of ODDO BHF, which was acquired on 1 July 2018.
Underlying ARR growth for StatPro Revolution (excluding impact of
acquired revenue and including conversions from StatPro Seven) was
16%.
The transition of the managed risk service of ODDO BHF to the
Revolution platform is progressing according to plan with a target
date of 31 December 2018. Once migrated, the duplicate cost of
third-party software and data costs will be removed providing
additional contribution to adjusted EBITDA.
The Group's continued focus on fund administrators has resulted
in a steady increase quarter on quarter of new revenue from current
fund administrator partners. As previously stated, the Board
considers that the market as a whole is trending towards
outsourcing and StatPro is uniquely positioned to benefit from this
development due to its technology.
The migration of Delta is also progressing well. Delta clients
will soon be able to add Revolution functionality without needing
to change any of their input or output files, reports or their GUI
(Graphical User Interface). Delta will be added to Revolution,
which greatly expands the functionality for both Delta and
Revolution clients.
The recently announced contract win with a large South African
financial institution is encouraging and reflects the quality of
the Infovest division. The Group expects the division to make
steady progress and provide a positive contribution to profits of
the Group.
Justin Wheatley, Chief Executive, commented:
"Our flagship platform, Revolution continues to cement its
position as the leading fintech solution for performance and risk,
with a special focus on the asset servicing sector. With the
addition of the risk service from ODDO BHF, we are well placed to
augment our capabilities in this area, especially in regards to
fund administrators.
"The increase in functionality for Delta and the updated roadmap
for its integration with Revolution is a key milestone and
importantly, it removes a decision point for clients of Delta -
they have warmly welcomed this development.
"As Revolution matures we continue to expect to see investment
plateauing and an increase in our margins."
Enquiries:
StatPro Group plc
Justin Wheatley, Chief Executive +44 (0) 20 8410 9876
Andrew Fabian, Finance Director
Panmure Gordon - Nomad and Broker
Corporate Finance - Freddy Crossley
/ Fabien Holler +44 (0) 20 7886 2500
Corporate Broking -James Stearns
Instinctif Partners
Adrian Duffield/Kay Larsen/Chantal
Woolcock +44 (0) 20 7457 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 open source Freedom Index.
The Group has operations in Europe, North America, South Africa,
Asia and Australia, with hundreds of clients in 39 countries around
the world.
StatPro has grown its Annualised Recurring Revenue from less
than GBP1 million in 1999 to around GBP55 million at the end of
September 2018. Around 80% of recurring revenues are generated
outside the UK. StatPro Group plc shares are listed on AIM.
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END
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