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Published on: August 6, 2014

In-line first half performance

StatPro’s mid-July trading update had already announced a number of half year revenue and cash metrics. Today’s interim results confirm an in-line performance and the outlook statement emphasises growth opportunities. Strategy and pricing updates show increasing focus on higher value clients. Group revenues reflect currency headwinds and profit numbers show the impact of continuing investment in the business as StatPro transitions to a purely cloud-based provider of analytics services. Importantly, StatPro Revolution revenue metrics improved again during the half year as did client numbers. StatPro R+ remains on track for launch in 2015. We leave estimates unchanged at the pre-tax level but adjust for a higher effective tax rate (reducing Adj EPS by c6%) and nudge down our dividend estimate for FY15.

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