Mar 13, 2019 | News

Solid growth in revenue and profit – market opportunities continue to develop

StatPro Group plc, (“StatPro”, “the Group”, AIM:SOG), the AIM listed provider of cloud-based portfolio analysis and asset pricing services for the global asset management industry, today announces its unaudited preliminary results for the year ended 31 December 2018.

2018 2017
Restated(1)
Change Constant currency(2)
Revenue £54.84m £49.26m 11% 13%
Adjusted EBITDA(3) £9.01m £6.84m 32% 34%
Adjusted profit before taxation(3) £4.96m £3.33m 49% 51%
Loss before tax £(0.99)m £(3.47)m n/a
Adjusted earnings per share (3) 7.3p 5.8p 26%
Loss per share - basic (0.8)p (3.7)p n/a
Dividend per share - total for year 2.9p 2.9p -

Financial highlights

Annualised Recurring Revenue (“ARR”) (4) up 5% to £55.68 million (2017: £53.04 million), 4% constant currency
StatPro Revolution ARR increased organically by 17% (5) (2017: 13%)
ARR from cloud services up 11% to £33.43 million (2017: £30.06 million)
Average ARR per customer up to £120,800 (2017: £106,100)
Adjusted EBITDA (3) margin up to 16.4% (2017: 13.9%)
Net cash inflow from operating activities of £12.84 million (2017: £10.68 million)

Operational highlights

ODDO BHF Risk Services (“ODDO-BHF”) made positive adjusted EBITDA contribution
‘Delta Continuity’ project on track – transition of clients from Delta to Revolution to be completely seamless – ensuring the future and growth of Delta
Revolution Fixed Income Attribution launched – rapidly growing market
Group structured into three divisions in 2019: Revolution, Source: StatPro and Infovest

(1) 2017 has been restated for the impact of IFRS 15
(2) At constant currency based on restating the prior year at the closing or average currency rate.
(3) Adjusted EBITDA, adjusted PBT and adjusted earnings per share are EBITDA, PBT and earnings per share after adjustment for amortisation of acquired intangible assets, acquisition and restructuring costs, fair value movement in non-controlling interest put option, fair value reduction in deferred consideration and share based payments (notes 5, 6 and 8).
(4) Annualised Recurring Revenue is the annual value of revenue contractually committed at year end.
(5) Organic ARR growth relates to Revolution excluding the acquired revenues from acquisitions and including conversions from Seven (see note 3)

Justin Wheatley, Chief Executive of StatPro, commented:

“Strong organic growth of 17% in ARR for our flagship service – StatPro Revolution – has underpinned a solid year. Our adjusted EBITDA grew strongly as we continue to improve our underlying margins.

“Our strategic and technological positioning, by being the only cloud-based provider of portfolio analytics, gives us a real advantage with our fund administration clients, who are using our product and service capabilities to meet their growing customer demand.”

“Our new 2019 divisional structure is already making a difference, releasing considerable entrepreneurial drive across the business. We have reduced ongoing costs and focused the business on key targets. We have started the year well.”

– Ends –

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 (MAR).

Enquiries:

StatPro Group plc

Justin Wheatley, Chief Executive
Andrew Fabian, Finance Director
+44 (0) 20 8410 9876

Panmure Gordon – Nomad and Broker

Freddy Crossley / Fabien Holler, Corporate Finance
James Stearns, Corporate Broking
+44 (0) 20 7886 2500

Instinctif Partners

Adrian Duffield / Kay Larsen / Chantal Woolcock
+44 (0) 20 7457 2020

About StatPro

StatPro Group (www.statpro.com) provides cloud-based portfolio analytics, asset data services and data management tools for the global asset management industry and asset management service providers.

The Group has 10 offices in Europe, North America, South Africa and Australia, servicing around 500 clients in 40 countries. It is organised into three divisions: Revolution, Source: StatPro and Infovest.

Revolution is a global provider of award-winning portfolio analytics solutions. The cloud-based platform offers vital analysis of portfolio performance, attribution, risk and compliance. Revolution helps clients reduce costs, improve client communication and control investment decisions.

Source: StatPro is a global market data business and provides Data-as-a-Service to Revolution to enable analytics. The division’s integrated and global data coverage includes millions of securities covering the full range of financial instruments and benchmarks.

Infovest, supplies data management solutions for the global asset management market, including data warehouse technology, ETL, compliance and reporting tools as well as portfolio management solutions.

StatPro Group plc shares are listed on AIM.

Strong organic growth of 17% in ARR for our flagship service StatPro Revolution has underpinned a solid year.

Justin Wheatley, Chief Executive, StatPro Group

The Importance of Data Management for Fixed Income Attribution.

Accurate fixed income attribution calculations are impossible without good data. In the world of fixed income data, a minor change can result in millions of dollars in cost differential.