Companies: SOG   

Shares in asset management software developer StatPro moved to within striking distance of their 56p three year high, as chief executive Justin Wheatley unveiled impressive interim figures. Results for the six months to June saw turnover advance 18% to £5m as a wave of incoming regulatory changes continued to drive sales throughout Europe. Pre-tax profits doubled to £550,000 – past comparables having been restated on account of StatPro’s adoption of the new IFRS accounting rules. From Wheatley’s perspective one of the most pleasing aspects has been the growth achieved in recurring revenues. As a rule, StatPro looks to sign customers up to multi-year deals and can now boasts annual recurring revenues of more than £9m. Five years ago this figure stood at just £1m. Cancellation rates, by contrast, have dipped to around 2%. In recent weeks the company has also boosted its product offerings through the acquisition of reporting software business Delve and, in 2006, the product portfolio will be enhanced further by the launch of a new software module focused on the fixed income market. As a result of these developments, Wheatley believes organic growth opportunities remain as strong as ever, an opinion with which house broker Corporate Synergy concurs. For the full year analyst Luke Ahern expects a profit in the region of £1.7m from £11.1m of sales. Trading on a prospective p/e of 11.5 the shares remain attractive.

StatPro Group	AIM	£20.79m	35.00p	-1.00p
Click here for interactive charting
Other company articles:
StatPro			14/03/2007
StatPro			01/08/2005
Statpro – Buy			01/03/2005
Statpro – Buy			28/02/2005
Statpro			28/02/2005