StatPro Share News (SOG)

(Sharecast News) - Cloud-based portfolio analysis and asset pricing service provider StatPro Group updated the market on its trading for the year ended 31 December on Wednesday, reporting that group revenue was expected to be about £54.7m, up from £49.3m year-on-year.The AIM-traded firm said group Adjusted EBITDA was expected to be approximately £9.0m, a 32% improvement over 2017, with its adjusted EBITDA margin being higher than 16%, compared to 13.9% in the prior year.Group annualised recurring revenue was ahead 4% at £55.7m, with StatPro Revolution annualised recurring revenue increasing organically by 17%.StatPro said its annualised recurring revenue renewal rate was 92%, up from 89%.Net debt stood at £24.6m, rising £20.2m year-on-year, which the board said reflected acquisitions and investments in ODDO-BHF, Investor Analytics and Infovest.As it had previously announced, the Delta business would be integrated directly with the Revolution platform, which the directors claimed removed any uncertainty for StatPro clients regarding the future of the Delta service."Sales in the fourth quarter last year were robust, notably achieving a higher organic growth in Revolution annualised recurring revenue," said group chief executive officer Justin Wheatley."Overall we signed 20 clients in eight different countries for contracts greater than $100k per annum, including seven banner deals in 2018, underscoring the momentum we are building across the industry."Wheatley said that, as the company had stated before, it was focused on improving its margins and had delivered a significant increase in adjusted EBITDA margin in 2018."This remains a focus for the current year."Following a period of investment in cloud technology, the rapid changes in the asset management industry and our deepening relationships with asset management service providers, we are strategically well placed for growth."