Adjusted operating profits slumped 22 per cent at StatPro (SOG), as the software provider continued its transition towards selling only cloud-based products. StatPro Revolution, its flagship cloud application for analysing fund managers' portfolios, continued to gain traction; its annualised contract revenue soared 114 per cent to £3.2m and its client base now numbers 257 users, up 65 per cent. But these gains were wiped out by lower sales of its traditional software and data products.
StatPro made progress in rolling out Revolution to existing clients, with recurring revenues from clients whose subscription includes Revolution more than doubling to £9.2m. Statpro also increased its number of fund administrator partners to 34, from 21 last year. Recruiting them makes it simpler to sign up their clients.
Until recently, StatPro's key challenge was changing its culture, says chief executive Justin Wheatley. But now its main concern is developing and scaling up the business to handle more and smaller clients. Both Revolution and R+, StatPro's upcoming data management product, "address any size of fund manager", Mr Wheatley says; previously only large clients could afford the hefty infrastructure costs.
Broker Panmure Gordon expects full-year adjusted pre-tax profits of £3.2m, giving EPS of 3.4p, rising to £3.7m and 3.9p in 2015.
| STATPRO (SOG) | ||||
|---|---|---|---|---|
| ORD PRICE: | 87p | MARKET VALUE: | £59m | |
| TOUCH: | 85-88p | 12-MONTH HIGH: | 96p | LOW: 72p |
| DIVIDEND YIELD: | 3.2% | PE RATIO: | 28 | |
| NET ASSET VALUE: | 69p* | NET CASH: | £4m | |
| Year to 31 Dec | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2009 | 31.6 | 7.4 | 9.3 | 2.1 |
| 2010 | 33.1 | 5.6 | 6.8 | 2.4 |
| 2011 | 31.7 | 3.9 | 4.8 | 2.6 |
| 2012 | 32.0 | 3.8 | 4.3 | 2.7 |
| 2013 | 32.5 | 3.1 | 3.1 | 2.8 |
| % change | +2 | -18 | -28 | +4 |
Ex-div: 23 Apr Payment: 21 May *Includes intangible assets of £53.5m, or 79p a share | ||||
