For Release at 07.00 Thursday, 26 January 2012
STATPRO GROUP PLC ("StatPro", "the Company" or "the Group") Year End Trading Update Notice of ResultsStatPro Group plc, (AIM:SOG), the AIM listed provider of portfolio analysisand asset pricingservices for the global asset management industry, today announces a trading update for the year ended 31 December 2011.
Highlights
Trading for the year in line with expectations
StatPro Revolution annualised recurring revenue increased to
US$0.73 million
(£0.47 million) at 31 December 2011, being 9 months since
launch
StatPro Revolution has achieved sales in all key markets (US,
UK and Europe, South Africa, Australia and Asia) and into
diverse market segments
Re-orientation of the business to focus sales and support
fully on Revolution, following early success with the
service
Net debt reduced to £3.4 million at 31 December 2011 (2010:
£5.5 million)
We are pleased to report that trading in Q4 2011 was in line
with expectations. Whilst recognised revenue from recurring
contracts increased, weaker consulting sales resulted in
overall revenue being marginally lower than expected. Renewal
rates remain high at 92% (2010 92%) and costs have been
managed tightly so that adjusted EBITDA is in line with
expectations. Continued positive operating cash flow has
enabled the Group to reduce net debt further to £3.4 million
(2010: £5.5 million) whilst paying a higher dividend.
Recurring revenues for StatPro Revolution have grown quickly
to US$0.73 million (£0.47 million) from its commercial launch
in March 2011, although recognised revenue from StatPro
Revolution was modest for 2011 as most of the revenue will be
recognised in 2012.
We have seen an encouraging pick up in interest from many
types of potential customers and have signed up some
important new clients, including:
a large Luxembourg based European custodian bank;
two UK fund administrators; and
a variety of small and large asset managers and private
wealth managers.
As a result, StatPro Revolution now has annualised revenue of
US$0.73 million from 50 clients. All of these clients have
the potential to add many more portfolios as they increase
their use of the service.
New features will continue to be added during 2012 and we
plan to increase expenditure on marketing and sales in 2012
to add momentum to the service.
There is an increasing demand by clients who want to migrate
to cloud technology away from traditional software, and given
our increased confidence in StatPro Revolution's
commercial potential, we have decided to accelerate our plans
to invest in cloud technology and focus all our sales efforts
on Revolution.
As a result of these decisions, we have made some changes to
our business organisation and this will result in a reduction
in our ongoing operational costs of approximately £1.6
million per annum. There will be a one-off cost associated
with the restructuring amounting to approximately £0.8
million which will impact the H1 2012 interim accounts.
The current recurring revenue for Seven and data contracts is
approximately £29 million and the renewal rate in 2011 was
around 92%. All our existing clients represent a rich
potential market for Revolution as we upgrade them to our new
cloud technology over the next few years. This switch of
emphasis, whereby we will focus on promoting StatPro
Revolution, may impact revenue growth initially but is
expected to lead to much higher sales productivity in the
future.
StatPro's investment in cloud technology means that we
are strongly placed compared to our peers to exploit the new
technology shift. The breadth of the potential market and the
innovative business model we have adopted will help change
the way portfolio analysis is consumed in the market.
Although the global market situation is uncertain, we believe
that our investment in new technology will yield benefits and
enhance our competitive advantage. Overall, we believe that
with our high level of recurring revenue coupled with the
early success of Revolution we can look forward to 2012 with
confidence.
The Board will provide an update on the outlook for trading
in 2012 with the Company's
preliminary results on Wednesday, 14 March 2012.
For further information, please contact:
StatPro Group plcwww.statpro.com
Justin Wheatley, Chief Executive 020 8410 9876
Andrew Fabian, Finance Director
Cenkos SecuritiesStephen Keys 020 7397 8926
Adrian Hargrave 020 7379 8922
Julian Morse (Sales) 020 7397 1931
Newgate ThreadneedleCaroline Evans-Jones/ Hilary Millar 020 7653 9850
About StatProStatPro is a leading provider of portfolio analytics and data solutions for the global asset management industry. The Company sells a SaaS-based Analytics and Data platform on a rental basis to investment management companies allowing them to analyse portfolio performance, attribution, risk and GIPS® compliance. StatPro also provides market data and valuation feeds including a Complex Asset Pricing service.
StatPro has grown its recurring revenue from less than £1 million in 1999 to £30 million at end June
2011 and currently enjoys a renewal rate of approximately 91%. StatPro floated on the London Stock Exchange in May 2000 and transferred its listing in June 2003 to AIM. The Company has operations in Europe, North America, South Africa and Australia, with approximately 80% of recurring revenues being generated outside the UK.
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Documents associés | |
Year End Trading Update Notice of Results |