StatPro Group, an AIM-listed supplier of portfolio analytics software for fund managers, is reporting a doubling in first half pre-tax profit and says it expects momentum to continue into the second half of the year.
Statpro shares rose six per cent to 53 pence after the vendor said pre-tax profit for the six months to 30 June more than doubled to £0.55 million from just over £0.26 million in the first half of last year.
Turnover increased 18% to £5.02 million from £4.26 million a year earlier.
In a trading update, the company says new licence sales in the first half have been at the same level as the second half of last year, with Europe accounting for two thirds of its new sales. This performance was driven by new risk regulations in Germany, Luxembourg and Italy introduced by local industry regulators.
The vendor says the same regulatory impact is now also being seen in Ireland, France and Holland and it expects increased sales in these territories in the second half.
Looking ahead, Justin Wheatley, chief executive, StatPro, says: "We anticipate continued momentum in revenue and profitability in the second half of the current year, reflecting the impact of the new clients won in the last twelve months."
StatPro says it aims to raise its net operating profit margin to 20% over the next few years.