StatPro Group PLC
Solid growth in revenue and profit
StatPro Group plc, (AIM: SOG, “StatPro”, “the Group”), the leading provider of portfolio analysis and asset pricing services for the global asset management industry, has published its interim results for the six months ended 30 June 2018.
|Six months ended 30 June 2018||Six months ended 30 June 2017 Restated (3)||% change||% change at constant currency|
|Revenue||£27.24 m||£22.41 m||+22%||+24%|
|Annualised Recurring Revenue (“ARR”) (1)||£52.25 m||£53.19 m||(2%)||0%|
|Adjusted EBITDA (2)||£4.34 m||£3.53 m||+23%||+27%|
|Profit/(loss) before tax||£0.90 m||£(1.54) m|
|Earnings/(loss) per share – basic||1.1p||(2.4)p|
|Earnings per share – adjusted (2)||3.4p||2.7p||+26%|
|Interim dividend per share||0.85p||0.85p||–|
- Group revenue up 22% to £27.24 million (2017: £22.41 million)
- Organic growth 3% (2017: 2%)
- 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)
- 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.”
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 (MAR).
A presentation for analysts of the interim results will be held at 9.30am today at the offices of Instinctif Partners, 65 Gresham Street, London, EC2V 7NQ.
|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|
|Adrian Duffield / Chris Birt||+44 (0) 20 7457 2020|
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 and Australia, with hundreds of clients in 39 countries around the world.
StatPro has grown its Annualised Recurring Revenue from less than £1 million in 1999 to around £54 million today. Around 80% of recurring revenues are generated outside the UK. StatPro Group plc shares are listed on AIM.
Our full 2018 interim results can be found here.