StatPro swings to statutory loss while recurring revenue improves

Cloud-based asset management portfolio analysis and asset pricing service provider StatPro Group announced its unaudited preliminary results for the year to 31 December on Wednesday, with revenue rising 25% to £37.55m or 16% at constant currencies.

The AIM-traded company said its annualised recurring revenue was 37% higher year-on-year at £39.27m, or 18% higher at constant currencies.

It reported a loss before tax of £10.12m, swinging from a profit of £2.41m in 2015, although its adjusted EBITDA rose 28% to £5.1m from £4.04m, or 5% at constant currencies.

StatPro made a basic loss per share of 15.4p for the period, compared to earnings of 2.4p in the prior year, with adjusted earnings per share of 3.5p rising 35% from 2.6p.

The board kept the dividend per share precisely in line with that of 2015, at 2.9p.

“2016 was a pivotal year for us,” commented chief executive Justin Wheatley.

“We made two acquisitions, successfully launched Revolution Performance, won significant new business for this core new service and achieved our best year ever for new contracts for StatPro Revolution.”

Wheatley said revenue and profitability were in line with the board’s expectations.

“The market for portfolio risk management and analytics is rapidly changing as technology evolves and asset managers streamline their businesses by outsourcing infrastructure, software and data to service providers.”

StatPro had positioned its products to benefit from those changes, Wheatley explained, and to service them directly or via its many fund administration clients.

“Our total forward order book of contracted revenue is now £46m, and the current financial year has started well.

“We aim to continue our steady accretion of annualised recurring revenue whilst benefiting from the operational leverage inherent within our business.”