14 Jul 2009 07:00
For Release at 07.00
Tuesday, 14 July 2009
STATPRO GROUP PLC
("StatPro" or the "Group")
Half Year Trading Update
Notice of results
StatPro Group plc (AIM:SOG), the AIM listed provider of portfolio analytics and data solutions for the global asset management industry, today provides a half year trading update for the six months ended 30 June 2009.
Further to the trading update announced on 20 May 2009 at the time of the Company's Annual General Meeting, the Board is pleased to report that trading for the first half of 2009 was ahead of the Directors' expectations and significantly ahead of the first half of 2008.
A particular highlight has been the securing of new business in the first half that has been better than was expected at the beginning of the year. As a result, this has enabled the Group to invest further in its sales and marketing infrastructure with a view to improving overall future growth whilst maintaining its current profit and cash generation objectives.
Operating cash inflow in H1 2009 continued to be strong resulting in a reduction in net debt to approximately £10.8 million at 30 June 2009 compared with £14.6 million (£13.4 million on a pro-forma basis after re-financing) at 31 December 2008. During the period we paid the final 2008 dividend of approximately £0.8 million and deferred consideration relating to previous acquisitions amounting to approximately £0.5 million.
Market conditions in the fund management sector appear, at this stage, likely to remain stable for the second half of 2009. As a result, we therefore remain confident of a successful outcome for the year.
Justin Wheatley, Chief Executive, commented: "This is very encouraging and certainly endorses the strength of our product offering in a challenging business environment. Not only has it enabled us to further reduce net debt but also to invest in our sales and marketing functions to help build on our success. We have a product offering which is of great value to our customers and we wish to ensure that we take full advantage of its popularity. We look forward to our continued success."
Notice of results
The Group expects to report its interim results for the six months ended 30 June 2009 on Wednesday, 5 August 2009.
For further information, please contact:
| StatPro Group plc | www.statpro.com | |
| Justin Wheatley, Chief Executive | 020 8410 9876 | |
| Andrew Fabian, Finance Director | ||
| Cenkos Securities | ||
| Jon Fitzpatrick / Ken Fleming | 0131 220 6939 | |
| Julian Morse | 020 7397 1931 | |
| ICIS | ||
| 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 its suite of products on a rental basis to investment management companies to analyse portfolio performance, attribution, risk and GIPS® compliance. StatPro also provides the market data and valuation feeds including a new Complex Asset Pricing service.
StatPro has grown its recurring revenue from less than GBP1 million in 1999 to GBP28.4 million at end December 2008 and currently enjoys a 94% renewal rate. 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 revenues being generated outside the UK.