StatPro’s (SOG) revenues climbed by 3.7 per cent to £28.3m over the half year to June, or 3.2 per cent at constant currencies. Recurring revenues constituted 98 per cent of the top line – up from 96 per cent – and the group cited annualised recurring revenues (ARR) of £56.5m, up from £52.3m. StatPro has been switching its clients from legacy software onto its Revolution platform cloud service. ARR for Revolution increased by over a fifth to £17.6m.
On an adjusted basis, cash profits were up by a tenth to £5.7m. After acquisition- and restructuring-related costs and higher amortisation expenses, the group reported a statutory pre-tax loss of £0.26m, against a profit of £0.8m a year earlier. Adjusted free cash flow was up 11.7 per cent to £3.5m.
Panmure Gordon expects adjusted earnings a share of 8.6p for 2019, against 6.7p in 2018.
