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Shares in fund management software group Statpro surged 20% to a six-month high of 44.5p, as the group overcame a slow first half to report solid results for the year to December. Before tax, the Wimbledon-headquarted company generated a profit of £162,000 (£146,000) on sales advanced 7.6% to £9.1m. Although the bottom-line performance was by no means spectacular, it marked a robust recovery from the £110,000 loss reported at the half-year stage. There were several other points of encouragement for investors too. For one, an exceptional deferred tax credit of £1.5 million boosted post-tax figures substantially. For another, a second consecutive year of healthy cash generation enabled the business to move from a net debt to net cash position during the period. As a result, chief executive Justin Wheatley now hints that a first dividend payment is likely next year. 2005 will see the company look to benefit further from the battalion of regulatory measures currently sweeping across the European asset management industry. Aside from its core analytics offerings, Statpro's recently acquired risk management product has already been subject to considerable interest. Two further software releases, aimed at new sections of the market, are poised for launch later this year. Currently forecast to generate a £1.3m profit this year and to generate earnings of around 3.9p, Statpro continues to look fair value at present levels. Buy.

StatPro Group	AIM	£20.79m	35.00p	-1.00p
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