31st Jul 2019 12:29
(Alliance News) - StatPro Group PLC on Wednesday swung to an interim loss, despite revenue growth, on the back of extra costs and amortisation.
StatPro, which provides portfolio analysis and asset pricing services for asset managers, posted a pretax loss of GBP260,000 for the six months to June, from a profit of GBP810,000 the year before.
The company booked GBP1.1 million of costs related to an onerous contract from an acquisition from ODDO-BHF, and redundancy and integration costs. The firm bought ODDO BHF's Risk Service arm in July 2018.
The company's revenue climbed 3.7% at actual currency rates, and 3.2% at constant rates, to GBP28.3 million. Revenue from the core Revolution platform rose 23% on an annual recurring basis to GBP17.6 million.
StatPro is paying a dividend of 0.85 pence per share for the period, unchanged year-on-year.
The stand-out part of the period, StatPro said, was an agreement with JPMorgan which will see the two develop risk and performance attribution services for portfolio managers, distributed via JPMorgan's data and analytics platform.
StatPro Chief Executive Justin Wheatley said: "We have continued to execute on our strategy to grow organically whilst switching our clients from legacy software onto our expanding Revolution platform cloud service, which saw another period of strong ARR growth.
"As we approach the end of our conversion programme - which will result in a marked improvement in margins - we are developing our routes to market and also expanding our services for both our fund administration and asset manager clients."
Trading in the second half has been good, StatPro said, and there is a "healthy" pipeline of work. Overall growth should accelerate, it added, and the firm is on track for 2019 expectations.
Shares were 0.7% higher on Wednesday at a price of 143.00 pence each.