Published on: January 22, 2018
Full year reflects further progress
StatPro’s trading update for FY 2017E says that it expects to report revenue around 1% ahead of our estimate and Adjusted EBITDA of approximately £6.9 million – in line with our expectation. Net debt at the year end was a little higher than our estimate. Momentum in the business continued to grow with Q4 2017 proving to be the best quarter for new sales of StatPro Revolution. Group Annualised Recurring Revenue (ARR) increased by 39% during the year to £53 million from £38.1 million at constant currency rates. The in-line numbers suggest that the Delta acquisition has continued to contribute according to plan and the announcement notes increased sales. Ongoing migration to the group’s cloud-based offering, Revolution, continued with 13% organic growth in Revolution’s ARR during 2017. Meanwhile, StatPro Seven continued to show helpful resilience. We tweak our FY 2017E estimates to reflect the revenue and net debt guidance and await further detail of the full year numbers in the results announcement expected in March 2018. CEO, Justin Wheatley, comments that StatPro is ‘very confident’ of further good progress in growing revenue and profits in 2018.