In-line FY13 trading update
An in-line trading update for FY13 bears the hallmarks of the consistency which StatPro has displayed throughout its past financial year. Trading for the year ‘in line with market expectations’ saw steady progress on the delivery of the cloudtransition strategy. The group continues to convert existing clients to the StatPro Revolution suite of products with an improvement in the level of StatPro Revolution related revenue. StatPro Revolution now has 34 fund administrator partners which enhances the distribution prospects of the service. We are making no changes to our FY13 estimates apart from reflecting a better than expected c.£4 million of net cash. For FY14, we note the increased strength of Sterling against a number of relevant currencies and the flagged additional investment spend and reduce our Adjusted EBITDA by 11% which feeds through to c.15% off Adjusted EPS.