Returns to organic growth, cash flow jumps
StatPro reported healthy interims with revenue up 23%, including 2% organic growth. Annualised recurring revenue (ARR) rose by 47% to £53.2m as at 30 June, boosted by the acquisition of UBS Delta in April. Adjusted EBITDA jumped by 35% to £2.8m as the margin expanded by 120bp to 12.9%, reflecting the increased scale of the business. We are reviewing our forecasts. Management says that the integration of Delta is on track, and we continue to see strong upside potential, given the significant valuation disparity between StatPro and its US-listed financial software peers.Statpro Group is engaged in the development, marketing and distribution of software systems and the provision of cloud-based portfolio analysis and asset pricing services to the asset management industry.
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