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AIM listed portfolio analysis and asset pricing firm StatPro Group (LON:SOG) increased sales by 22% to £27.24 million for the 6 months ended 30th June. As a result of the improvement, the company swung to a profit of £0.9 million from a loss of £1.54 million during the same period last year. However, shares in the company dropped by 8.50% to 156p (as of 13:45 BST).
Management said that the outlook for the future was positive, with improving demand for the group’s flagship cloud-delivered products, and expects full-year results to be in line with previous guidance.
Chief Executive Justin Wheatley commented that: “We are pleased with the solid growth in Group revenue and profits in the first half. In particular, Revolution’s underlying Annualised Recurring Revenue grew by 19%.
“The project to integrate Delta’s functionality into our flagship product, Revolution, is going well. The launch of Revolution Fixed Income Attribution in July is the first step towards achieving functionality parity with Delta.
“In preparation for the planned restructure of the business into three divisions, we have appointed a new divisional CEO to lead and develop Source: StatPro, our data division. This division leverages our access to huge quantities of data covering global equities, bonds and other data such as global mutual fund information.
“In 2018 and beyond, we anticipate strong growth in specialised managed services for regulations, risk and performance. We are focused upon building our partnerships with Asset Service Providers to broaden the services they offer the asset management community”.