Published on: August 1, 2018

Organic and acquisitive growth opportunities

StatPro has reported good growth in H1 2018 revenues and Adjusted
EBITDA, with Group Annualised Recurring Revenue (ARR) of £52.25
million at the period-end flat at constant currency. Revenue growth
was driven by organic growth in StatPro Revolution and the Delta
acquisition, tempered slightly by the anticipated reduction in StatPro
Seven revenues and a 2% currency headwind. Adjusted EPS grew by
26% while the interim dividend was maintained at 0.85p. Subsequent
to the period end, Revolution’s Fixed Income Attribution module was
launched in July – the first step towards achieving functionality parity
with Delta, the integration of which is ‘progressing well’. StatPro
continues to focus on building partnerships with Asset Service
Providers in anticipation of strong growth in outsourcing. It also
expects significant opportunities in specialised managed services –
particularly after the recent risk services bureau acquisition. Trading
for the year as a whole is ‘in line with expectations’ and management
notes continued demand for its cloud services. We are leaving our
estimates mostly unchanged although we tweak expenses, interest
charges and our tax rate assumptions. The net result is 2-3% lower
EPS estimates with Adj EBITDA little changed.

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