21st Oct 2009 07:00
For Release at 07.00
Wednesday, 21 October 2009
STATPRO GROUP PLC
("StatPro" or the "Group")
Q3 Trading Update
StatPro Group plc (AIM:SOG), the AIM listed provider of portfolio analytics and data solutions for the global asset management industry, today provides a trading update for the nine months ended 30 September 2009.
The Board is pleased to report that trading for the nine months ended 30 September 2009 was in line with the Directors' expectations and ahead of the comparable period in 2008. We continue to win new business and the renewal rate for the year to date remains above our budgeted level. The operating cash flow remains strong and we are further reducing our net debt.
During the quarter we have continued to make good progress in the further development of our Software as a Service ("SaaS") offering. This will see the delivery of our next generation SaaS solution in 2010 enabling us to offer our services to a broader market more cost effectively. Standardising the product offering will also simplify the support and sales process thus reducing the on going costs of supporting each client.
Our pipeline of new prospects remains strong, market conditions in the fund management sector are stable and as a result we remain confident for a successful outcome for the year.
Justin Wheatley, Chief Executive, commented: "SaaS is going to change the rules of the game in the portfolio analytics market as it will do everywhere else. StatPro is ahead of the curve as we have both moved our existing products to a hosted environment and invested in totally new multi-tenant web-based software. The key is to offer better services at a lower price point thereby broadening our addressable market substantially."
For further information, please contact:
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StatPro Group plc |
www.statpro.com |
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Justin Wheatley, Chief Executive |
020 8410 9876 |
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Andrew Fabian, Finance Director |
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Cenkos Securities |
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Jon Fitzpatrick / Ken Fleming |
0131 220 6939 |
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Julian Morse |
020 7397 1931 |
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ICIS |
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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 a SaaS-based Analytics and Data platform on a rental basis to investment management companies allowing them to analyse portfolio performance, attribution, risk and GIPS® compliance. StatPro also provides market data and valuation feeds including a Complex Asset Pricing service.
StatPro has grown its recurring revenue from less than GBP 1 million in 1999 to GBP 28.3 million at end June 2009 and currently enjoys a renewal rate of approximately 95%. 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 recurring revenues being generated outside the UK.
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