StatPro has reported good growth in H1 2018 revenues and Adjusted EBITDA, with Group Annualised Recurring Revenue (ARR) of £52.25 million at the period-end flat at constant currency. Revenue growth was driven by organic growth in StatPro Revolution and the Delta acquisition, tempered slightly by the anticipated reduction in StatPro Seven revenues and a 2% currency headwind. Adjusted EPS grew by 26% while the interim dividend was maintained at 0.85p. Subsequent to the period end, Revolution’s Fixed Income Attribution module was launched in July - the first step towards achieving functionality parity with Delta, the integration of which is ‘progressing well’. StatPro continues to focus on building partnerships with Asset Service Providers in anticipation of strong growth in outsourcing. It also expects significant opportunities in specialised managed services – particularly after the recent risk services bureau acquisition. Trading for the year as a whole is ‘in line with expectations’ and management notes continued demand for its cloud services. We are leaving our estimates mostly unchanged although we tweak expenses, interest charges and our tax rate assumptions. The net result is 2-3% lower EPS estimates with Adj EBITDA little changed.
01 Aug 2018
Organic and acquisitive growth opportunities
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Organic and acquisitive growth opportunities
Statpro Group (SOG:LON) | 0 0 (-0.8%) | Mkt Cap: 159.5m
- Published:
01 Aug 2018 -
Author:
Gareth Evans -
Pages:
8
StatPro has reported good growth in H1 2018 revenues and Adjusted EBITDA, with Group Annualised Recurring Revenue (ARR) of £52.25 million at the period-end flat at constant currency. Revenue growth was driven by organic growth in StatPro Revolution and the Delta acquisition, tempered slightly by the anticipated reduction in StatPro Seven revenues and a 2% currency headwind. Adjusted EPS grew by 26% while the interim dividend was maintained at 0.85p. Subsequent to the period end, Revolution’s Fixed Income Attribution module was launched in July - the first step towards achieving functionality parity with Delta, the integration of which is ‘progressing well’. StatPro continues to focus on building partnerships with Asset Service Providers in anticipation of strong growth in outsourcing. It also expects significant opportunities in specialised managed services – particularly after the recent risk services bureau acquisition. Trading for the year as a whole is ‘in line with expectations’ and management notes continued demand for its cloud services. We are leaving our estimates mostly unchanged although we tweak expenses, interest charges and our tax rate assumptions. The net result is 2-3% lower EPS estimates with Adj EBITDA little changed.