StatPro Regulatory News (SOG)

18 Jan 2007 07:01

Statpro Group PLC18 January 2007 For release at 07.00 a.m. Thursday, 18 January 2007 STATPRO GROUP PLC ("StatPro" or the "Group") Year end trading update Directorate change Notice of results StatPro Group plc, the AIM listed provider of portfolio analytics and datasolutions for the global asset management industry, today announces a tradingupdate for its financial year ended 31 December 2006. Highlights: • Trading in line with expectations • New business signed in 2006 significantly ahead of 2005 • Initial cost cutting and integration of FRI in line with plan • First cross-sell of a StatPro system to a client of FRI Year end trading update Further to the trading update announced on 27 September 2006 at the time of theacquisition of FRI Corporation ("FRI"), the Board is pleased to report that theGroup has continued to perform well in the last quarter of 2006. New businesssigned in 2006 was around 50% higher than that achieved in 2005, and newprofessional services revenue signed in 2006 was also ahead of that achieved in2005, in line with expectations. Furthermore, the Group's net debt as at 31December 2006 was better than expectations as a result of continued strong cashgeneration and a significant portion of the Group's debt being denominated inCanadian dollars. Integration of FRI The Group's executive team has devoted significant management time and effortsince the acquisition of FRI on implementing the first steps to integrate FRIwith StatPro. As part of our plans to increase the underlying profitability ofthe Group's growing North American operations the Canadian business has beenintegrated with the existing US business under the overall management of theGroup's North American CEO. As a result, we have eliminated some management andoperational roles in order to reduce operational costs. We also plan to relocateto lower cost premises during 2007. These restructuring plans will result in an operating exceptional charge in thefinancial year ended 31 December 2006 in line with our plans to deriveoperational synergies, as outlined at the time of the acquisition. The Group now has its largest ever range of products including provision ofdata. We are delighted to report that we have achieved our first cross-sell of aStatPro system to a client of FRI. We are also making progress on integratingour products so that we can offer an integrated data solution within ourexisting StatPro suite of products. Directorate change The Board also announces that as of 17 January 2007 Dominic Wheatley hasresigned from the Board. Dominic has been a non-executive director of StatProsince 1999 and has helped guide the Company through its major transition from anunquoted loss-making business to a successful profitable dividend paying AIMlisted Company. The business has been transformed over the past eight years andhas grown both organically and by acquisition. The Board would like to expressits deep gratitude to Dominic for his contribution, advice and support andwishes him well in his other business ventures. Notice of results The Company expects to report its preliminary results for the year ended 31December 2006 on Monday, 12 March 2007. Commenting Justin Wheatley, Chief Executive of StatPro Group, said: "We have had a strong year continuing our excellent track record of growth. Theinitial phase of the integration of our North American businesses is progressingto plan and we are delighted to achieve our first cross sell ahead ofexpectation." - Ends - For further information, please contact: StatPro Group plc www.statpro.comJustin Wheatley, Chief Executive 020 8410 9876Andrew Fabian, Finance Director Arbuthnot Securities LimitedTom Griffiths/Neil Kirton 020 7012 2000 SmithfieldReg Hoare 020 7360 4900 Notes to Editors: StatPro Group plc is a leading provider of portfolio analyticsand data solutions for the global asset management industry. StatPro floated onthe London Stock Exchange in May 2000 and transferred its listing in June 2003to AIM. StatPro has grown its revenue from continuing operations from £1.8million in 1999 to £10.8 million in 2005. This information is provided by RNS The company news service from the London Stock Exchange