LONDON (Alliance News) - StatPro Group PLC on Wednesday reported a narrowed loss for 2018, as revenue grew on acquisitions and improved customer demand.
The stock was trading 4.8% higher on Wednesday at 120.00 pence a share.
The portfolio analysis and asset pricing services provider said its loss narrowed in 2018 to GBP990,000 from GBP3.5 million a year earlier, as revenue increased by 11% to GBP54.8 million from GBP49.3 million. On a constant currency basis, revenue climbed by 13%.
The growth was driven by 17% organic growth in annualised recurring revenue in StatPro Revolution division as well as the acquisition of unit of financial services firm ODDO BHF.
In July last year, StatPro acquired the Risk Service arm of ODDO BHF Bank in Frankfurt.
Average annualised recurring revenue per customer rose to GBP120,800 from GBP106,100 in 2017.
StatPro declared a dividend of 2.9p, unchanged year-on-year.
The company said it has restructured from the beginning of 2019 into three divisions, Revolution, Source and Infovest, to provide a clearer and simpler structure for clients and the operational management of these businesses.
In March last year, StatPro acquired the remaining 27% stake in data management firm Infovest which it did not already own.
"We have reduced ongoing costs and focused the business on key targets," said Chief Executive Justin Wheatley. "We have started the year well."
