12th Mar 2014 11:32
LONDON (Alliance News) - StatPro Group PLC Wednesday raised its total dividend for 2013 and posted a decline in pretax profit, as a slight rise in revenue was offset by higher operating expenses.
The cloud-based financial software systems company posted a total dividend of 2.8 pence, up from 2.7 pence in the previous year.
Pretax profit declined to to GBP3.1 million from GBP3.8 million, as revenue rose to GBP32.5 million from GBP32.0 million in the previous year. Profit was hit by higher operating expenses as the company increased its investment in development, sales and client services.
Revenue from the company's software licences of its StatPro Seven software declined to GBP24.0 million from GBP24.6 million, as the company focused its effort towards cloud technology and pulled back from pro actively selling its non-cloud products. This also meant that revenue from its StatPro Revolution product rose to GBP2.2 million from GBP720,000.
The company paid an out-of-court settlement in relation to the Signal Integrity Software Inc. acquisition contingent consideration dispute, which led to an exceptional charge of GBP350,000. In 2012 StatPro planned to exercise an option to acquire a 49% minority interest in SiSoft, however, non-controlling shareholders disputed elements of the calculation of the contingent consideration, and the dispute went to French courts.
"The significant investments we have made in recent years mean we are well positioned to take advantage of this shift and with a clear roadmap and growing momentum we look forward to 2014 and beyond," said Chief Executive Justin Wheatley in a statement.
Shares in StatPro were trading up 1.5% at 87.79 pence Wednesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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