StatPro reports 'solid growth' on heels of Delta acquisition

1st Aug 2018 10:28

(Sharecast News) - AIM-listed portfolio analysis group StatPro reported solid growth in revenue and profits across the first six months of its trading year following its move to integrate the newly-acquired Delta into its flagship Revolution product.Revenues across the group increased 22% to £27.24m, StatPro revealed on Wednesday, swinging it to a pre-tax profit of £900,000 from the loss of £1.54m seen a year earlier.EBITDA grew 23% to £4.34m.Software as a service moved ahead to make up 84% of StatPro's annualised recurring revenue - was 82% - as the group's Revolution Fixed Income Attribution beta programme saw considerable demand at its launch.Net finance expenses rose 106% to £1.03m, as a result of increased average net debt associated with the acquisition of Delta, UBS' risk and performance analytics service.StatPro's earnings per share moved to 3.4p from the 2.7p turned in a year earlier.Justin Wheatley, StatPro's chief executive, said, "We are pleased with the solid growth in Group revenue and profits in the first half. In particular, Revolution's underlying Annualised Recurring Revenue grew by 19%.""In 2018 and beyond, we anticipate strong growth in specialised managed services for regulations, risk and performance. We are focused upon building our partnerships with Asset Service Providers to broaden the services they offer the asset management community," he added.As of 1040 BST, StatPro shares had dropped 5.40% to 161.30p.