StatPro Group: FY 2016 results show continuing momentum

StatPro Group Plc | Published on 15/03/2017

StatPro’s FY 2016 revenues and costs were ahead of our expectations by 9% and 6% respectively reflecting more of a currency impact than we had allowed for. Net, though, Adjusted EBITDA was 2% ahead of our estimate. In a set of results which contain a number of adjustments, the underlying momentum has been maintained. The year saw the successful launch of Revolution’s Performance module, two acquisitions and a number of large contract wins and extensions. As presaged by January’s trading update, the Group ended 2016 with solid metrics on annualised recurring revenue (ARR) and the forward order book. The results contained a number of adjustments which included the flagged non-cash impairment charge of £9.72 million against goodwill. There was continued resilience from StatPro Seven in conjunction with Revolution’s increasing ARR. Net debt was £10.1 million at the end of the year. We increase FY 2017 revenue by 4% and Adjusted EBITDA by 3%. We also introduce FY 2018E estimates.

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