A fall in headline profits at the half-year stage doesn't tell the real story about Statpro, the portfolio analytics specialist to the asset management industry. In fact, add in amortisation and one-off costs, and adjusted pre-tax profits jumped 29 per cent to £2.7m. And, while turnover was up a modest 3 per cent, it's worth noting that around 94 per cent of this is recurring revenue. Moreover, Statpro has a geographically diversified revenue stream covering 28 countries, with around 80 per cent of revenue generated outside the UK.
The company provides portfolio analytics for asset managers and administrators who use its cloud services and software products to assess portfolio risk and performance. Considerable progress has been made with the introduction of a new analysis module, Statpro Revolution Plus, which will provide a single integrated analysis package when used with the existing Statpro Revolution. Client using Statpro Revolution are growing quickly, up from 16 this time last year to 111, which boosted annualised recurring revenue contract value for the product by more than six-fold in the first half to £1m.
Edison is forecasting full-year adjusted pre-tax profits of £4.3m and EPS of 5p.
| STATPRO (SOG) | ||||
|---|---|---|---|---|
| ORD PRICE: | 93p | MARKET VALUE: | £56.5m | |
| TOUCH: | 91-95p | 12-MONTH HIGH: | 102p | LOW: 74p |
| DIVIDEND YIELD: | 2.8% | PE RATIO: | 22 | |
| NET ASSET VALUE: | 71p* | NET DEBT: | 9% | |
| Half-year to 30 Jun | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2011 | 15.6 | 1.79 | 2.20 | 0.75 |
| 2012 | 16.1 | 1.44 | 1.70 | 0.80 |
| % change | +3 | -20 | -23 | +7 |
Ex-div: 10 Oct Payment: 7 Nov *Includes intangible assets of £58.6m, or 96p a share | ||||
