LONDON (Alliance News) - StatPro Group PLC on Wednesday said it swung to a loss in the first half of 2016 due to exceptional costs, offsetting growth in revenue.
StatPro, which provides portfolio analysis and asset-pricing services to the asset management industry, said it made a GBP960,000 loss in the first half, compared to a GBP820,000 profit a year prior. This was driven by StatPro booking GBP1.2 million in one-off costs related to acquisitions and restructuring charges for redundancies and onerous leases.
Adjusted earnings before interest, taxation, depreciation and amortisation, excluding the one-off charges, rose to GBP2.1 million from GBP1.7 million, up 19%.
Group revenue increased 14% year-on-year to GBP17.6 million from GBP15.4 million, partly boosted by acquisitions but also substantial growth for the firm's StatPro Revolution platform, where revenue increased 64%. Annualised recurring revenue grew 26% to GBP36.2 million from GBP28.6 million, StatPro said.
The company declared an interim dividend of 1.1 pence per share, up from 1.0p a year earlier.
"Our strategy to convert our portfolio analytics and risk services to the cloud has secured us a significant technological lead in our market," said Chief Executive Justin Wheatley.
"As a result, we offer our clients a materially better and simpler service. The scale, speed and control of Revolution provide asset managers with huge productivity gains. We have recently signed agreements with two more leading fund administrators - a clear endorsement of our capabilities," he added.
Shares in StatPro were up 4.0% to 102.94p on Wednesday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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