18 May 2010 17:00
For Release at 17.00 Tuesday, 18 May 2010
STATPRO GROUP PLC
("StatPro" or the "Group")
AGM Statement and Trading Update
StatPro Group plc (AIM: SOG), the AIM listed provider of portfolio analytics and data solutions for the global asset management industry will be holding its Annual General Meeting today at 6pm. At the meeting, Carl Bacon, Chairman of the Group will make the following statement on the Group's progress in the year ending 31 December 2010:
"Trading in the first four months of 2010 is in line with expectations for the full year. The events of the last two years in the financial sector continue to encourage fund managers to seek better value for money. This dovetails with our Software as a Service ("SaaS") strategy, which enables the wider proliferation of our software at a lower cost of ownership. We have signed 16 new contracts for our SaaS platform, StatPro Seven, and with a growing pipeline the Board remains confident of the successful implementation of this strategy.
Renewal rates are currently running at a similar level to last year. We continue to manage the business to deliver a strong operating margin whilst investing in future developments. The continued focus on operating cash generation has resulted in a further reduction in net debt to £5.4 million (from £8.9 million at the end of December 2009).
The operating highlight of the first four months has been the launch of the beta version of our new service StatPro Revolution. We believe Revolution to be the first service of its kind to provide the front office of asset management firms with access via the internet to sophisticated portfolio analytics, risk and attribution. This has attracted considerable interest from clients and prospects with many of them participating in the beta and we hope that many more will join over the coming months. We aim to make the beta available to the public from July 2010 and launch the full-scale version from January 2011.
We continue to invest in our sales capacity with an expansion of our sales team in both North America and Europe which will allow us to attract new clients and focus on converting more of our existing clients to StatPro Seven.
Looking ahead to the rest of the year, we have a growing pipeline of new sales and a broader addressable market. Based upon our current pipeline, and with our investment in our SaaS products and increased sales capacity, we remain confident of a successful outcome for the year."
For further information, please contact:
| StatPro Group plc | www.statpro.com |
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| Justin Wheatley, Chief Executive |
| 020 8410 9876 |
| Andrew Fabian, Finance Director |
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| Cenkos Securities |
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| Ken Fleming |
| 0131 220 6939 |
| Jon Fitzpatrick |
| 0207 397 8900 |
| Julian Morse |
| 020 7397 1931 |
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| ICIS |
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| Tom Moriarty / Caroline Evans-Jones |
| 020 7651 8688 |
About StatPro
StatPro 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 GBP 1 million in 1999 to GBP 28.4 million at end December 2009. StatPro floated on the London Stock Exchange in May 2000 and transferred its listing in June 2003 to AIM. The Group has operations in Europe, North America, South Africa and Australia, with approximately 75% of recurring revenues being generated outside the UK.