With great power 
comes great scalability
STATPRO GROUP PLC
ANNUAL REPORT AND ACCOUNTS 2015 StatPro provides cloud-based
portfolio analysis solutions to the global 
investment management industry
READ MORE ABOUT OUR STRATEGY AND BUSINESS MODEL ON PAGES 8 TO 11
To access this report online visit www.statpro.com/investors
IN 2015, WE COMPLETED THE 
RISK FUNCTIONALITY OF 
REVOLUTION, EMPOWERING 
US TO MIGRATE STATPRO 
SEVEN RISK CLIENTS ONTO 
STATPRO REVOLUTION
READ MORE ON PAGE 18
STATPRO REVOLUTION ARR 
HAS GROWN AT A HIGHER 
RATE THAN OTHER 
REVENUES AS THE SERVICE 
IS DEVELOPED ON A HIGHLY 
SCALABLE PLATFORM
READ MORE ON PAGE 22
ANTICIPATING THE MARKET 
DYNAMICS AND POSITIONING 
OUR PRODUCTS TO OFFER 
THE MOST PRODUCTIVE AND 
EFFICIENT SERVICES HAS 
ALWAYS BEEN OUR FOCUS
READ MORE ON PAGE 6
STRATEGIC REPORT
1 2015 Highlights
2 At a Glance
4 Chairman’s Statement
6 Market Overview
8 Strategic Framework
10 Business Model
12 Chief Executive’s Review
16 Operational Review
24 Financial Review
28 Principal Risks and Uncertainties
GOVERNANCE
32 Board of Directors
34 Group Executive Board
36 Introduction to Corporate Governance
37 Corporate Governance
40 Directors’ Report
43 Remuneration Report
FINANCIAL STATEMENTS
47 Independent Auditor’s Report
49 Group Income Statement
49   Group Statement of 
Comprehensive Income
50 Balance Sheets
51 Statement of Cash Flows
52  Group Statement of Changes  
in Shareholders’ Equity
53  Company Statement of Changes in 
Shareholders’ Equity
54 Notes to the Financial Statements
90 Five Year Record
91 Financial Calendar
92 Directors and Advisers
IBC StatPro Office Locations 1
2015 HIGHLIGHTS
REVENUE
ANNUALISED  
RECURRING REVENUE
1
PROFIT 
BEFORE TAX
ADJUSTED 
EBITDA
2
£30.19m
2014 £32.02m
Change (6%)
Constant currency (1%)
£28.70m
2014 £29.39m
Change (2%)
Constant currency 1%
£2.41m
2014 £2.37m
Change 2%
Constant currency 14%
£4.04m
2014 £4.36m
Change (7%)
Constant currency 1%
EARNINGS PER  
SHARE – BASIC
EARNINGS PER SHARE – 
ADJUSTED
2
DIVIDEND PER SHARE – 
TOTAL FOR YEAR
2.4p
2014 2.4p
Change –
2.6p
2014 2.7p
Change (4%)
2.9p
2014 2.9p
Change –
FINANCIAL HIGHLIGHTS
• Group Annualised Recurring Revenue (‘ARR’)
1
 increased to £28.70 million (2014 at constant currency: £28.33 million) 
• StatPro Revolution ARR
1
 up 46%
4
 to £7.80 million (2014 at constant currency: £5.35 million) 
• Forward order book of contracted revenue
3
 for StatPro Revolution increased by 57% to £14.66 million (2014 at constant 
currency: £9.31 million)
• Recurring revenue from StatPro’s cloud services accounts for 27% of Group ARR (2014: 18%) and 34% on pro forma basis 
following Q1 2016 acquisitions
• Adjusted EBITDA
2
 up to £4.04 million
4
 (2014 at constant currency: £4.02 million) 
• Full year dividend maintained at 2.9 pence per share
OPERATING HIGHLIGHTS
• Advanced risk analysis features released in 2015 allowing StatPro Seven Risk clients to begin migrating to StatPro Revolution
• Average annualised revenue from StatPro Revolution clients increased 67% to £28,300 (2014: £17,000
4
)
• StatPro Revolution Performance module is on track for release in summer 2016
• Signed new five year banking facility with Wells Fargo, increased in January 2016 to approximately £24.5 million
ACQUISITIONS IN Q1 2016
• US based, Investor Analytics, leading cloud-based complementary risk solution business
• 51% shareholding in South African InfoVest Consulting, software business specialising in data warehouse, ETL (Extract, 
Transform and Load) and reporting solutions
1 Annualised Recurring Revenue is the annual value of revenue contractually committed at year end. 
2  Adjusted EBITDA and adjusted earnings per share are EBITDA and earnings per share after adjustment for amortisation of acquired intangible assets, and share-based 
payments (notes 3 and 10).
3   Forward order book of StatPro Revolution contracted revenue is the total amount of software and professional services revenue that is contractually committed at year 
end including conversions from StatPro Seven. 
4 At constant currency.
STATPRO REVOLUTION ANNUALISED RECURRING REVENUE UP 46% 0
1
2
3
4
5
6
7
8
9
DEC JUN DEC JUN* DEC JUN DEC JUN DEC JUN DEC
2010 2011 2012 2013 2014 2015
£m
129
146
275
Strategic Report  |  Governance  |  Financial Statements
2
KEY DATA
NORTH AMERICA EMEAA
STATPRO
REVOLUTION
ARR GROWTH
46
%
2014: 68%
LTV/CAC
16.1
2014: 11.3
LTV: Lifetime Value
CAC: Cost of Acquiring Customer
GROWTH IN AVERAGE
REVENUE PER STATPRO 
REVOLUTION CLIENT
67
%
2014: 37%
STATPRO REVOLUTION ARR
OFFICE LOCATIONS
2015 GROUP
REVENUE
£30.19m
£10.39m £19.80m
 StatPro Revolution ARR £'000s
 Number of clients < £12k
 Number of clients > £12k
AT A GLANCE
Luxembourg
Cape Town South Africa
Boston & New York USA
Montréal & Toronto Canada
London United Kingdom
Paris France
Milan Italy
Frankfurt Germany
Hong Kong China
Sydney Australia
* Jun 2014 – change in Minimum Subscription Policy. 3
500 CLIENTS
*
12 OFFICES
38 COUNTRIES
8 DATA CENTRES
20 SALES PEOPLE
* Approximate number including Investor Analytics.
ARR BY CLIENT TYPE
OUR EXPERTISE
ASSET MANAGERS
58%
THIRD PARTY ADMINISTRATORS
24%
PRIVATE WEALTH
8%
PENSION FUNDS
6%
OTHER
4%
OUR STAFF RETENTION
RATES ARE RELATIVELY HIGH
  ACADEMIC AWARDS HELD AT STATPRO INCLUDE:
  • ACMT QUALIFIED (ASSOCIATION OF CORPORATE TREASURERS)
  • SEARCHSECURITY.CO.UK AWARD
  • MAXIMUM SCORE (110/110) AT BOCCONI UNIVERSITY (MILAN, ITALY)
  • DEAN'S LIST FOR OVERALL ACADEMIC ACHIEVEMENT
  • HONOURS IN FINANCIAL ANALYSIS AND PORTFOLIO MANAGEMENT
  • BEST PAPER AWARD AT INTERNATIONAL CONFERENCE IN DATA MINING
  • CUM LAUDE GRADUATES
  • ‘2015 OUTSTANDING ALUMNUS’ AWARD
 
< 1 Year
WE HAVE EXPERTS WITH QUALIFICATIONS IN CIPM, IIMR, FINANCIAL 
RISK MANAGEMENT, PRINCE2, CEFA, CFA, CISA AND ACA.
57
%
HOLD A
BACHELOR’S
DEGREE
29
%
HOLD A 
MASTER'S
DEGREE 
4
%
ARE CHARTERED 
FINANCIAL 
ANALYSTS
12
%
PROFESSIONALLY
PUBLISHED THEIR
OWN WORK
1-2 Years
20% 13% 26% 22% 19%
2-5 Years 5-10 Years 10+ Years > Strategic Report  |  Governance  |  Financial Statements
4
CHAIRMAN’S STATEMENT
Progress
I am pleased to report that your Company increased total 
Annualised Recurring Revenue by 1% to £28.7 million at 
constant currency (2014: £28.3 million) including a 46% 
increased contribution from StatPro Revolution of £7.8 million 
(2014: £5.4 million). Owing to reduced professional services 
income and currency effects, total revenue decreased 6%  
to £30.2 million (2014: £32.0 million). Adjusted EBITDA 
increased by 1% at constant currency to £4.0 million (2014: 
£4.0 million). StatPro Revolution related recurring revenue 
now amounts to £14.1 million (2014: £11.7 million), representing 
56% of total software recurring revenue (2014: 46%).
Acquisitions
On 21 January 2016, StatPro Inc. (a wholly owned subsidiary 
of the Company) acquired the entire share capital of Investor 
Analytics LLC, the US-headquartered, cloud-based risk 
analytics company to hedge funds and asset managers. This 
acquisition brings a complementary cloud-based risk service, 
a highly professional team, new clients and greater market 
penetration into the important US and hedge fund market. 
With effect from 1 March 2016, StatPro South Africa (Pty) 
Ltd. (a wholly owned subsidiary of the Company) acquired  
a 51% shareholding in InfoVest Consulting (Pty) Ltd, a South 
African headquartered software provider, specialising in  
data warehouse, ETL and reporting software for the asset 
management industry.
By taking a majority stake in InfoVest, your Company will 
participate in the benefits of the expanding compliance 
management market as well as improving the product and 
services we offer to clients. In addition, InfoVest’s data 
warehouse software is a cost-effective solution for asset 
managers and service providers to manage their internal 
data effectively in order to provide input data to StatPro 
Revolution and other systems. 
Financing
The Group signed a new financing facility with Wells Fargo in 
July 2015 available for acquisitions, share buy-backs and 
general corporate purposes. As part of the acquisition of 
Investor Analytics in January 2016, the financing facilities 
were increased and the key features of the facilities now are:
Carl Bacon
Chairman
• Five year commitment period to July 2020
• £10 million committed revolving credit facility
• US$7 million committed term loan
• US$3 million committed deferred drawdown loan
• £7.5 million uncommitted additional facility 
Dividend
Your Board is proposing a final dividend of 2.05p per share 
for 2016 payable on 25 May 2016 to all shareholders on the 
register at the close of business on 29 April 2016 taking the 
total dividend to 2.9p per share (2014: 2.9p per share). 
Products
In 2015, total research and development expenditure was 
maintained at the high level of £4.9 million (2014: £5.0 million) 
representing 16% of Group revenue. The total cash expenditure 
in 2015 on StatPro Revolution, including marketing and other 
costs, amounted to £5.4 million (2014: £5.5 million).
It has been a long journey but at last your Company is 
positioned in 2016 to deliver the first cloud-based, integrated 
platform for performance, risk and compliance analytics in 
the asset management industry.
People
I would like to take this opportunity once again to 
congratulate our employees for the achievement of 
delivering such a fantastic suite of products and I look 
forward to their continued success selling and implementing 
these products throughout 2016.
Prospects
Asset managers still continue to grapple with increased 
regulation, more complex investment strategies, cost 
reduction and demands for better communication. Front 
office and middle office technology will continue to converge. 
The asset management industry is one year closer to your 
Company’s vision of integrated performance, risk and 
compliance delivered in the cloud. 
Carl Bacon
Chairman
11 March 2016
The asset management industry is one  
year closer to your Company’s vision of
integrated performance, risk and compliance 
delivered in the cloud.  5
The acquisition of Investor Analytics brings  
a complementary cloud-based risk service,  
a highly professional team, new clients and 
greater market penetration into the important 
US and hedge fund market.
StatPro Revolution related recurring revenue now 
amounts to £14.1 million, representing 56% of total 
software recurring revenue.
The Company is positioned in 2016 to deliver  
the first cloud-based integrated platform for 
performance, risk and compliance analytics in  
the asset management industry. Strategic Report  |  Governance  |  Financial Statements
6
31%
0%
28% 26% 25% 24%
Portfolio 
Modelling and 
Risk Analytics
Trading 
Technology 
and 
Infrastructure
Compliance
Technology
Trading
Platforms
Derivatives
Systems
32%
TECHNOLOGY 
AVERAGE = 21%
INCREASED INDUSTRY REGULATION
Regulatory focus on the asset management industry  
will continue to place demands on operational processes 
and technology.
A recent study
1
 found that much of the impact is being felt 
in compliance, IT and operational functions.
Spending on regulation and compliance continues to rise.
of respondents in a 2015 survey
1
 of the UK’s 
top 10 asset managers said they expected 
to spend more on regulatory concern.
Regulation remains one of the top challenges
for the entire industry.
of asset managers surveyed
2
 said that 
compliance with regulatory requirements 
was their number one challenge.
StatPro Revolution provides advanced risk management  
and risk monitoring features designed to meet tough 
regulations. Our cloud-based platform allows asset 
managers to quickly implement regulatory monitoring and 
reporting solutions to anyone without the need for expensive 
in-house IT infrastructure, software or support.
As the asset management industry continues to grow,  
it faces a number of challenges and opportunities. As a 
technology provider to the industry, StatPro is well placed  
to help clients meet these challenges and to make the most 
of opportunities.
78
%
82
%
MARKET OVERVIEW
Three key areas of our market where StatPro can provide 
innovative and cost effective solutions:
“THE INDUSTRY’S ASSETS 
UNDER MANAGEMENT HAVE 
ALREADY DOUBLED OVER 
THE PAST DECADE IN DOLLAR 
TERMS, AND COULD SWELL  
TO US$400 TRILLION BY 2050.”
ANDREW HALDANE, CHIEF ECONOMIST,
BANK OF ENGLAND
“ASSET MANAGEMENT
HAS MOVED CENTRE
STAGE FOR BANKS”
RORY CALLAGY, VICE-PRESIDENT OF
INVESTOR SERVICES, MOODY’S
1 Source: Regulation fatigue: tackling the burden of regulatory compliance
 for asset management. Alpha FMC, July 2015.
2 Source: EY Global survey on asset management investment operations 2014.
Risk analysis systems installed prior to the financial crisis.
of Portfolio Modelling and Risk Analytics 
systems were installed prior to 2008 
and are at risk of becoming obsolete.
(37% 2009-12, 18% 2013-14)
2016 is a funding peak of a replacement cycle for
advanced analytics and risk systems.
INCREASING ASSET MANAGEMENT SPEND
ON ADVANCED ANALYTICS TECHNOLOGY
3
Spend on advanced portfolio analytics, compliance and 
risk systems is expected to increase by at least 2%.
45
%
3 Source: CEB 2015 FSI Survey.
Replacement
Date
Percentage
of Firms
13%
30%
30%
13% 
2014
2015
2016
2017 7
TRANSFORMING OPERATIONAL PROCESSES WITHIN ASSET MANAGERS
Within asset managers, the middle office serves as  
a go-between for front office trading and back office 
administration. Firms are now focusing on transforming 
the middle office to become a bottom line contributor and  
a strategic business partner.
PwC comments
4
 “Right-sourcing the middle-office 
functions can help asset managers achieve several 
benefits, including maintaining or gaining competitive 
advantage, and enabling them to leverage scarce 
resources to focus on strategic decision support and 
address complex compliance issues.”
The middle office represents an area of focus to drive 
efficiency and growth. The nature of the middle office is 
changing as more demand is placed on it to service more 
internal clients as well as external regulatory demands for 
complex and granular data. If this entire function is not 
efficient, then it has an impact on the entire organisation.
“Under-investment in middle-office functions has resulted 
in an infrastructure that is inflexible and unscalable for 
product, customer, regulatory growth and increasing 
product complexity.”
4
 
4 Source: Making the middle office top of mind: Transforming the
 asset management middle office to a bottom-line contributor. PwC.
“GLOBAL INVESTABLE ASSETS FOR THE ASSET MANAGEMENT
INDUSTRY WILL INCREASE TO MORE THAN US$100 TRILLION BY 2020,
WITH A COMPOUND ANNUAL GROWTH RATE OF NEARLY 6%.”
PWC ASSET MANAGEMENT 2020 – A BRAVE NEW WORLD
“AS BANKS SCALE DOWN OTHER 
OPERATIONS, THE LIMELIGHT IS  
FALLING ON ASSET MANAGEMENT.”
ALEX BIRKIN, HEAD OF WEALTH AND ASSET
MANAGEMENT ADVISORY, EY
In StatPro’s view, the industry is only part way through this 
transformation of middle office operations with many still 
struggling with outdated processes and limited technology.
The majority of asset managers are still between the
‘As-is’ and ‘Mid-way’ phase with very few already
at the ‘To-be’ stage 3. 
‘As-is’ •  Middle office services exist in silos
•  Transactional processing requires 
excessive manual effort and attention
‘Mid-way’ •  Middle office collaborates with front office
•  Contains some capacity for analysis
•  Has higher degree of automation 
and better control
‘To-be’ •  Middle office viewed as a strategic partner
•  Relies less on static data, more on 
accessibility of actionable information
•  System integration capacity increases
•  Middle office operations are low 
cost and highly automated
StatPro’s mix of game changing technology and industry 
expertise helps our clients move their middle office 
operations from the ‘As-is’ state to the ‘To-be’ state as 
outlined above. The StatPro Revolution platform is designed 
to make the process of daily performance measurement 
and complex portfolio analytics more efficient, more 
automated and an enabler of strategic value.  Strategic Report  |  Governance  |  Financial Statements
8
STRATEGIC FRAMEWORK
Our strategy is focused on three areas to drive business growth:
Summary of our strategic initiatives, our achievements during 2015, how we measure our progress and 
what risks could disrupt us from delivering on our strategic initiatives.
STRATEGIC INITIATIVE BUSINESS MODEL PROGRESS DURING 2015 PRINCIPAL RISKS AND UNCERTAINTIES KEY PERFORMANCE INDICATORS
BROADENING THE 
FUNCTIONAL AND 
TECHNICAL 
CAPABILITIES OF 
THE STATPRO 
REVOLUTION 
PLATFORM
• Technology
• Scalability
• Expertise
Advanced Risk Management 
We made risk management a key focus of new functionality in 
2015. We added over 140 new risk measures, introduced new 
relative and risk attribution analysis, and released a new risk 
simulation framework and on-demand stress testing. We also 
added support for the new Australian APRA standard risk 
measure, being the first vendor to offer a turn-key solution for 
this new regulation.
• Cyber security threats
• Technology dependency
• Availability of industry and  
technical expertise
ADVANCED RISK
MANAGEMENT
ROADMAP DELIVERED
IN 2015
SEE PAGE 14
MIGRATING 
STATPRO SEVEN 
CLIENTS TO 
STATPRO 
REVOLUTION
• Expertise
• Technology
• Partners
Accelerating progress
In 2015 we began the migration of some large key StatPro Seven 
clients over to the StatPro Revolution platform. This process 
involves data migration tasks and ETL (extract, transform and 
load) work that can then be repeated for multiple clients going 
forward. The new advanced risk management features have 
also allowed us to begin work with four key risk clients on their 
cloud migration.
• Cyber security threats
• Competition
• Availability of industry expertise
• StatPro Revolution functional capability
57
STATPRO SEVEN 
CLIENTS 
ALREADY USING 
STATPRO 
REVOLUTION
18
MIGRATIONS
INITIATED IN 
2015
SEE PAGE 18
GROWING 
REVENUE FROM 
EXISTING STATPRO 
REVOLUTION 
CLIENTS AND 
PARTNERS
• Expertise
• Technology
• Partners
Growing relationships 
The beauty of a cloud-based platform is the ability to quickly 
bring new portfolios into the system. The tiered business model 
also encourages clients to upgrade portfolios to gain access to 
more advanced analytics. This is especially important when it 
comes to compliance features for regulated portfolios.
• Cyber security threats
• Technology dependency
• StatPro Revolution functional capability
• Competition
44
%
OF 2015 
STATPRO 
REVOLUTION 
NEW SALES 
FROM EXISTING 
CLIENTS
UPLIFT SALES
MADE TO OVER
24
% 
OF CURRENT 
CLIENT BASE
SEE PAGE 22 9
STRATEGIC INITIATIVE BUSINESS MODEL PROGRESS DURING 2015 PRINCIPAL RISKS AND UNCERTAINTIES KEY PERFORMANCE INDICATORS
BROADENING THE 
FUNCTIONAL AND 
TECHNICAL 
CAPABILITIES OF 
THE STATPRO 
REVOLUTION 
PLATFORM
• Technology
• Scalability
• Expertise
Advanced Risk Management 
We made risk management a key focus of new functionality in 
2015. We added over 140 new risk measures, introduced new 
relative and risk attribution analysis, and released a new risk 
simulation framework and on-demand stress testing. We also 
added support for the new Australian APRA standard risk 
measure, being the first vendor to offer a turn-key solution for 
this new regulation.
• Cyber security threats
• Technology dependency
• Availability of industry and  
technical expertise
ADVANCED RISK
MANAGEMENT
ROADMAP DELIVERED
IN 2015
SEE PAGE 14
MIGRATING 
STATPRO SEVEN 
CLIENTS TO 
STATPRO 
REVOLUTION
• Expertise
• Technology
• Partners
Accelerating progress
In 2015 we began the migration of some large key StatPro Seven 
clients over to the StatPro Revolution platform. This process 
involves data migration tasks and ETL (extract, transform and 
load) work that can then be repeated for multiple clients going 
forward. The new advanced risk management features have 
also allowed us to begin work with four key risk clients on their 
cloud migration.
• Cyber security threats
• Competition
• Availability of industry expertise
• StatPro Revolution functional capability
57
STATPRO SEVEN 
CLIENTS 
ALREADY USING 
STATPRO 
REVOLUTION
18
MIGRATIONS
INITIATED IN 
2015
SEE PAGE 18
GROWING 
REVENUE FROM 
EXISTING STATPRO 
REVOLUTION 
CLIENTS AND 
PARTNERS
• Expertise
• Technology
• Partners
Growing relationships 
The beauty of a cloud-based platform is the ability to quickly 
bring new portfolios into the system. The tiered business model 
also encourages clients to upgrade portfolios to gain access to 
more advanced analytics. This is especially important when it 
comes to compliance features for regulated portfolios.
• Cyber security threats
• Technology dependency
• StatPro Revolution functional capability
• Competition
44
%
OF 2015 
STATPRO 
REVOLUTION 
NEW SALES 
FROM EXISTING 
CLIENTS
UPLIFT SALES
MADE TO OVER
24
% 
OF CURRENT 
CLIENT BASE
SEE PAGE 22
FULL PRINCIPAL RISKS AND 
UNCERTAINTIES SECTION
ON PAGES 28 TO 31 Strategic Report  |  Governance  |  Financial Statements
10
REVENUE JOURNEY 
BUSINESS MODEL
The recurring ‘rental’ model has many benefits over 
traditional software licenses and maintenance and provides 
transparency and stability for the business. Our client 
contracts are at least one year in length and are typically 
three years or more. In 2015, over 80% of our clients were  
on multi-year contracts.
Per portfolio and not per user
The StatPro Revolution pricing model is based on the number 
of portfolios the client wishes to analyse within the platform. 
It is also based on the complexity of the analysis and what 
the client requires from each portfolio. There are four 
portfolio types within StatPro Revolution each offering 
increasing levels of analytical capability. 
BRONZE Designed for total level analysis, statistics 
and unlimited reporting.
SILVER In addition to Bronze, provides security level 
analysis with attribution, contribution, allocation and 
risk.
GOLD In addition to Silver, supports complex assets, 
fixed income contribution analysis, advanced 
attribution models and detailed/custom benchmarks.
PLATINUM In addition to Gold, provides advanced risk 
management, risk compliance monitoring and fixed 
income attribution analysis.
There is a minimum annual fee of $18,000 ($36,000 if 
complex asset coverage is required) even if the client only 
loads a single portfolio. 
A key element in this model is the ability for clients to create 
as many users as they wish to access the platform and 
perform analysis and reporting. This differentiates StatPro 
Revolution from many other analytics systems. By allowing 
unlimited users (with a fair usage policy) we encourage our 
clients to share access to multiple people both inside and 
outside their organisation. Advanced user management 
controls allow for secure profiles to be created so clients can 
manage users, content and access. The client is in full control 
of the data and analysis that users can see. 
This innovative approach allows for more people within the 
asset manager to benefit from the analysis being created 
and helps teams create a ‘self-service’ strategy for their 
analysis distribution. It also encourages clients to add more 
portfolios to the system so they can benefit from company 
wide access without being penalised for adding  
additional users.
Another important source of revenue is through our fund 
administrator network. Fund administrators and other 
service providers use StatPro Revolution to provide 
investment analytics to their asset manager clients. Fund 
Administrators can be very large organisations who hold 
accounting data on millions of portfolios that can be then 
analysed in StatPro Revolution. Asset servicing is a very 
competitive marketplace and having the ability to provide  
the right portfolio analytics in a fast, flexible and secure way 
helps providers win new business and maintain existing 
clients. StatPro works with over 34 asset service providers  
in this way.
StatPro has always operated a recurring revenue 
business model for all our software.
This was a pioneering approach before the days of Software as a Service  
and the cloud, but it has allowed us to transition the business from on-premise  
software to cloud-based solutions without adversely impacting revenue streams  
or the revenue profile of clients.
IMPLEMENTATION
CONSULTING
Client signs up for StatPro 
Revolution and accepts 
additional implementation 
consulting services. The level 
of consulting depends on the 
number of portfolios and 
complexity of the securities. 
This can range from a few 
days to hundreds of consulting 
days for a global project.
ADDITIONAL
REVENUE
As the client can provide 
access to as many users as 
they wish, more people can 
benefit from the analysis, 
which encourages the 
business to request more  
of the portfolio estate to  
be loaded into StatPro 
Revolution. 
RECURRING
SUBSCRIPTION
The client typically signs a 
standard three year term. 
Revenue is recognised over 
the length of the contract, 
resulting in the deferral of 
some revenue.
ANALYSIS LEVEL
UPGRADES
Clients can quickly and easily 
upgrade portfolios to gain 
access to more advanced 
levels of analysis. One 
example of this is upgrading 
from Gold to Platinum level 
to provide advanced risk 
management analysis on  
a portfolio. 11
HOW WE GENERATE VALUE
The diagram below shows the 
key drivers behind StatPro’s 
growth and value. It is based  
on four interlinking value drivers.

Our pioneering technology is making advanced 
portfolio analysis easier and more cost effective  
for investment managers of any size. The StatPro 
Revolution platform enables our clients to calculate 
an array of multi-asset class performance, risk and 
compliance analytics for any portfolio. 

Our people are at the heart of everything we do at 
StatPro. Our industry experience and expertise 
combined with our technology is what makes our 
products and services so valuable to clients. Every 
person in each department across 12 global offices  
is working towards the same goal – to make the most 
complete, scalable, secure, and intuitive portfolio 
analytics platform in the market.

When creating our technology we recognise the 
importance of scalability. Our clients are seeing 
enormous pressures placed on their aging 
infrastructure and applications, so we invest heavily 
to ensure our cloud-based solutions are scalable, 
robust, secure and future proof to allow them to 
meet any demand.

By working with partners such as asset service 
providers, industry consultants, data management 
specialists and third party developers we can enrich 
the StatPro Revolution platform making it more 
valuable to a wider audience within our clients.  
A strong partnership base also allows StatPro to 
focus on our core strengths of portfolio analytics.
HOW WE GENERATE VALUE
The key drivers behind  
StatPro’s growth and value
are based on four interlinking 
value drivers. Strategic Report  |  Governance  |  Financial Statements
12
CHIEF EXECUTIVE’S REVIEW
Overview
In 2015, the Group built upon the inflexion point reached  
in 2014, with (‘ARR’) for StatPro Revolution reaching  
£7.8 million, up from £5.4 million (in constant currency)  
and was 27% of total Group ARR (2014: 18%). 
With the addition of Investor Analytics (‘IA’) in January 2016, 
StatPro’s cloud services amount to £11.1 million and represent 
34% of ARR on a pro forma basis. 
Importantly, key measures of StatPro Revolution
performance were very strong in 2015. ARR increased by 
46% (2014: 68%), the order book grew by 57% (2014: 70%) 
and the average revenue per client grew 67% (2014: 37%). 
One of the key metrics used by SaaS businesses is to 
estimate the costs of acquiring each customer (Cost of 
Acquiring Customers or ‘CAC’) and compare that with the 
Lifetime Value of the customer contracts (Lifetime Value  
or ‘LTV’). StatPro’s LTV/CAC ratio rose to 16.1 (2014: 11.3).
StatPro revenues were £30.19 million in 2015 (2014: £32.02 
million). As expected, professional services revenue was 
lower in 2015 at £1.64 million (2014: £2.76 million) reflecting 
the lower cost of implementing StatPro Revolution for its 
clients. Whilst revenue from services was lower, the Group 
generated more sales of recurring revenue. 
During 2015, sterling’s strength reduced Group revenues by 
about 5% versus 2014, which impacted the Group’s profit. 
Following the acquisition of IA, about 18% of the Group’s ARR 
is sterling-based and about 36% is US dollar-based, on a  
pro forma basis.
The Board is recommending that the full year dividend is 
maintained at 2.9p per share (2014: 2.9p).
Justin Wheatley
Group Chief Executive
Strategy 
Having positioned StatPro early as a true cloud-based 
service, the Group has developed a significant commercial 
advantage in its market. It is not possible to repurpose 
traditional software as a multi-tenant software service nor  
is it easy to build the vast range of functionality from scratch 
to meet the needs of the increasingly demanding asset 
management industry. 
The Group’s collective knowledge across many markets in 
multiple analytics disciplines has helped build a very broad 
range of highly sophisticated analytics, designed to suit 
the needs of all types of asset managers across all the 
major markets. 
Over the last 20 years, the requirements of the asset 
management industry have expanded hugely, significantly 
increasing the cost of doing business whilst at the same time 
increased competition has applied pressure on fee income. 
This combination of anticipating the market dynamics and 
positioning the Group’s products to offer the most 
productive and efficient services to its clients has always 
been the focus. In common with many rapidly maturing 
markets, the cost of entering the performance and risk 
analytics market is growing. StatPro believes that it has a 
sustainable technology lead in its market and is benefiting 
from its early investment, which has helped provide 
enhanced functionality for its clients.
As part of the Group’s strategy, StatPro also anticipates that 
it will make further acquisitions. Having created StatPro 
Revolution as the upgrade for StatPro Seven, StatPro 
Revolution could also be the upgrade for a number of other 
products in the market. The investment cost of moving to the 
next generation of technology is now so high that it makes 
more sense for some companies to sell their valuable client 
base rather than take the development and investment risk.
The Group has developed a 
significant commercial advantage  
in its market. 13
The unique capabilities of StatPro Revolution Performance 
are its unprecedented scalability and speed as well as
the rich data management facilities. 
www.statpro.com
Current trading and outlook
The Group’s forward order book is now £36.6 million, of which 
£14.7 million is from StatPro Revolution. Trading in 2016 has 
started well and the Group expects another year of good 
growth in sales of StatPro Revolution. 
With the forthcoming release of StatPro Revolution 
Performance, StatPro will continue the process of moving its 
many clients of StatPro Seven onto StatPro Revolution. 
As the Group moves closer towards becoming a business 
with the majority of its revenues derived from the cloud, 
StatPro anticipates that its operating margins and cash 
generation will improve.
Operational review
StatPro Revolution is sold on a per portfolio basis with four 
service levels (Platinum, Gold, Silver and Bronze). Upsells of 
additional portfolios or higher service levels require little or 
no implementation, demonstrate that the client is happy with 
the service and improve the marginal profitability of each 
client. Upsells to existing StatPro Revolution clients 
represented 44% of new StatPro Revolution sales. 
In 2015, the Group migrated all the functionality of the 
StatPro Seven Risk Management Module (‘SRM’) to StatPro 
Revolution to create the Advanced Risk Management module 
(‘ARM’) and added some significant new functionality not 
available in SRM. As a result, the Group anticipates moving 
most of its SRM clients to StatPro Revolution during the 
course of 2016. 
The acquisition of IA will enhance this move as the Group 
expects that many of its existing clients will see the 
combination of IA and ARM as one of the most complete  
risk services available in the market.
During 2016, StatPro will release StatPro Revolution 
Performance. This is the core module that manages 
transaction-based performance and enables the complete 
conversion of all its StatPro Seven clients to StatPro 
Revolution. The unique capabilities of StatPro Revolution 
Performance are its unprecedented scalability and speed  
as well as the rich data management facilities. 
The release of StatPro Revolution Performance will mark  
the end of an eight-year investment process to redevelop  
all the Group’s performance and risk capabilities in the new 
technology of the cloud. As a result, whilst there will always 
be a need to innovate, StatPro anticipates that its 
development costs as a percentage of revenues will begin  
to reduce over time.
Development in 2015 was focused on delivering the 
Advanced Risk Management module to enable the 
conversion of its SRM clients to StatPro Revolution. The 
Group also added significant functionality to its Compliance 
module for AIFMD and UCITS IV. StatPro will add IA to this risk 
platform during 2016 and in the process create one of the 
most complete and cost effective risk solutions available 
today in the market. This will make risk one of StatPro’s key 
sales themes for 2016.
In addition, StatPro has also been working on the high 
performance Hadoop
®
 platform for StatPro Revolution. This 
new platform will enable the Group to calculate performance 
and risk for the largest of portfolios in much the same time 
as StatPro does for smaller portfolios thanks to parallel 
processing using the ‘map-reduce’ process. This new 
calculation platform will be the basis of the benchmark 
management and fixed income attribution modules. StatPro 
expects to see significant improvement in calculation times 
as a result.
StatPro Revolution Performance remains on track to be 
released to clients in the second half of the year. The Group has 
a number of clients that are working with it integrating their data 
to test the system. These tests are going well and the Group 
expects to be engaged in a number of projects to implement 
StatPro Revolution Performance as soon as it is released.
Justin Wheatley
Group Chief Executive
11 March 2016 Strategic Report  |  Governance  |  Financial Statements
14
STRATEGY IN ACTION
Broadening the 
functional and 
technical capabilities 
of the StatPro 
Revolution platform
 
ADVANCED RISK MANAGEMENT
We made risk management a key focus of new functionality 
in 2015. We added over 140 new risk measures, introduced 
new relative and risk attribution analysis, and released  
a new risk simulation framework and on-demand stress 
testing. We also added support for the new Australian 
APRA standard risk measure, being the first vendor to  
offer a turn-key solution for this new regulation.
 
2015 MILESTONE
• We delivered the advanced risk management 
roadmap to all clients 15 Strategic Report  |  Governance  |  Financial Statements
16
SALES
THEMES
NEEDS
IMPLEMENTATION
SALES
PROCESS
EXPERTISE PRODUCT
FEEDBACK
OPERATIONAL REVIEW
Sales
StatPro Revolution sales in 2015 have been driven mostly  
by three ‘Sales Themes’: Compliance, Equity Attribution  
and Conversions.
Total Group revenue was down 1% at constant currency. 
EMEAA revenues were up 1%* and North American revenues 
were down 5%*.
2015 KEY SALES THEMES:
Risk compliance
Equity attribution
StatPro Seven conversions
Compliance sales (driven by regulation) remain solid in 
Europe, where we still see a fragmented market and many 
manual and inefficient processes. While UCITS and AIFMD 
regulations are now consolidated, there is still plenty of 
scope to improve automation and efficiency in the processes 
of asset managers.
Compliance is also playing a role in South-East Asia and  
also, in particular, in Australia: during the course of 2015 we 
released a solution targeted to that market, followed by 
sales and a general positive response. Also, the regulators  
in South Africa, a market where we have a strong presence, 
released in 2015 a Hedge Fund regulation, which has many 
traits in common with the EU AIFMD regulation. We have 
already signed up the first client for this functionality and  
the sales pipeline looks promising. We are also following with 
interest the developments in the USA, where the SEC has 
distributed a consultation paper with the objective of 
strengthening risk management procedures for mutual 
funds investing in derivatives. StatPro is confident we can 
develop in a short time a solution that tailors our existing 
offering to the new American rules.
* At constant currency.
Dario Cintioli
Managing Director
 
We are now a specialist in risk compliance, knowledge is 
widespread across the Group and we know how to adapt  
our solutions quickly to the specific requirements for each 
local regulation. In 2016, we expect Compliance to remain  
a leitmotif of our sales.
New equity attribution sales continue to be focused on small 
to medium money managers. In 2016, we will release the 
transactional performance module, StatPro Revolution 
Performance and this will allow us to target larger clients  
and to expand this sales theme. It is worth mentioning that, 
especially in America, the prospects in this area often require 
to associate an equity factor risk solution to performance 
attribution. The acquisition of Investor Analytics delivers  
this component and we expect a mutual benefit in sales to 
equity managers for both equity performance and factor  
risk analyses.
We are now a specialist in risk compliance 
and we know how to adapt our solutions 
quickly to the specific requirements for  
each local regulation. 17
In 2016, we will release the transactional performance module 
StatPro Revolution Performance and this will allow us to 
target larger clients and to expand this sales theme. 
www.statpro.com
Client conversions continued to be an important component 
of our sales, securing our StatPro Seven clients and paving 
their way to the StatPro Revolution platform. In 2015, we 
completed the risk functionality of Revolution, empowering us 
to migrate StatPro Seven Risk clients into Revolution. We are 
busy migrating the first few clients and we expect to 
accelerate the process in the coming months.
In 2016, we expect the same sales themes to dominate our 
sales strategy, with an increased emphasis on new clients 
and new sales, supported by the constant growth of the 
product and an increasing functional maturity. We believe 
the release of Revolution Performance to be pivotal for 
increasing the average deal size across the Equity Attribution 
sales theme.
Client Services
The most important achievement of 2015 is the definition of 
a standardised approach to implementations for buy-hold 
performance and risk clients. Learning the lessons of recent 
years, Client Services has worked with Development to 
produce a standard format of inputs (internally called the 
Market Value Data Model) that can yield successful 
implementations independently from the complexity of  
our clients’ positions. This is the result of in-depth work that 
started in the product years ago, abstracting the complexity 
of financial products (especially derivatives) in a generalised 
framework. This new approach simplifies implementations 
and reduces client support calls, yielding increased 
productivity for our Client Services department.
During the year, we have continued increasing the profile of 
our consultants and continued re-enforcing the Pre-Sales 
function, researching more cooperation and combined  
sales efforts between subject matter experts and  
business development.
We still see margins for improving productivity and we 
believe that the accelerating maturity of the product will 
increasingly allow us to transform unbillable support time 
into billable consultancy. Strategic Report  |  Governance  |  Financial Statements
18
STRATEGY IN ACTION 19
TODAY
STATPRO SEVEN CLIENTS
Q3 2016
OPTION 1
Start using StatPro 
Revolution now
OPTION 2
Wait for certain features
to be integrated
OPTION 3
Move over when all features fully
integrated into StatPro Revolution Platform
STATPRO REVOLUTION 
PERFORMANCE 
LAUNCH
STATPRO INVESTOR
ANALYTICS 
INTEGRATION
1
2
3
Migrating StatPro 
Seven clients to 
StatPro Revolution
 
ACCELERATING PROGRESS
In 2015 we began the migration of some large key StatPro 
Seven clients over to the StatPro Revolution platform. This 
process involves data migration tasks and ETL (extract, 
transform and load) work that can then be repeated for 
multiple clients going forward. The new advanced risk 
management features have also allowed us to begin work 
with four key risk clients on their cloud migration.
 
2015 MILESTONE
•  57 StatPro Seven clients already using StatPro 
Revolution – 18 migrations initiated in 2015
MIGRATION OPTIONS Strategic Report  |  Governance  |  Financial Statements
20
Product
If 2015 was the year of Risk Management, 2016 will be the 
year of Performance Measurement, when we will release  
the important transactional performance module, StatPro 
Revolution Performance. This module brings to the 
performance industry a new capacity of scaling thanks  
to the elasticity of the cloud and to modern development 
technology. Some large clients and fund administrators 
suffer from a lack of scalability and we are convinced that, 
with StatPro Revolution Performance, the platform solves 
middle office issues that have been hampering scale and 
productivity for larger institutions.
The other innovative aspect of StatPro Revolution 
Performance is the introduction of a superb workflow 
framework, which is designed to facilitate and automate the 
data validation process, and is at the heart of transactional 
performance measurement. We believe that the workflow 
we have designed can significantly reduce the time needed 
to perform data controls and clean transactional data to 
reconcile official fund performance with security-level 
measurement. We will also release a highly scalable 
Benchmark Manager, built on modern database technology, 
for managing an infinite number of client benchmarks in  
a single application.
The acquisition of Investor Analytics (‘IA’) is a gem that  
we have started to integrate. The first objective is to 
integrate data flows from and to the IA module. During  
the course of the year we will introduce single sign-on for 
user management and integrate the product inside the 
StatPro Revolution menu, leading to a single-system 
experience even with separate products, a technology  
that we have also successfully implemented for StatPro 
Revolution Performance.
IA brings factor analysis to StatPro, a front office  
oriented interface, stronger presence in North America  
and another great group of people, highly compatible  
with StatPro’s culture. StatPro gives IA strength in asset  
class coverage, performance analytics and synergies in  
risk functionality. Together, the two systems deliver a 
complete multi-model risk solution, covering all asset  
classes with industry leading functionality. This is  
an exciting achievement for StatPro.
Technology
StatPro continues to work with the latest technology. We 
believe that combining the best technology with our in-depth 
industry knowledge is what makes us special. It is part of  
the ‘secret sauce’ that sets us apart from the competition. 
During 2015, we upgraded many components of our private 
cloud platform including the core network, which is at the 
heart of any system. In 2016, we are replacing the server 
hardware in our datacentres with more compact, more cost 
efficient hardware that will run the analytics engines, 
databases and web servers for StatPro Revolution Analytics.
During 2015, we continued our development in the cloud 
which resulted in some key advancements. This included 
auto-scaling, which allows the StatPro Revolution 
Performance system to automatically scale up to compute 
huge amounts of transactional performance data, producing 
security level weights and returns, the raw ingredient for  
any asset manager to perform portfolio analytics. This 
technological advancement will result in a game-changing 
performance measurement product for the industry in 2016.
OPERATIONAL REVIEW
(CONTINUED...)
We remain a leader in our field as we bring a  
new generation of portfolio analytics systems  
to the global asset management industry. 21
In 2016, we will be working even more closely with our cloud 
partners (Microsoft and Amazon) to counter the threat of 
cyber-attacks. We are already working on innovative new 
ways to encrypt client data within the cloud while maintaining 
encryption key management within our private data centres. 
This allows us to work closely with clients and their 
information security teams to ensure we meet all their 
security requirements, including the very stringent 
requirements from global tier 1 asset managers and banks. 
Our technology capability means we remain a leader in our 
field as we bring a new generation for portfolio analytics 
systems to the global asset management industry.
2016 Strategic Report  |  Governance  |  Financial Statements
22
Growing revenue  
from existing  
StatPro Revolution 
clients and partners
 
GROWING RELATIONSHIPS
The beauty of a cloud-based platform is the ability to 
quickly bring new portfolios into the system. The tiered 
business model also encourages clients to upgrade 
portfolios to gain access to more advanced analytics.  
This is especially important when it comes to compliance 
features for regulated portfolios.
2015 MILESTONE
•  44% of 2015 StatPro Revolution new sales 
from existing clients
•  Uplift sales made to over 24%  
of current client base
STATPRO REVOLUTION ARR
STRATEGY IN ACTION
0
1
2
3
4
5
6
7
8
9
DEC JUN DEC JUN* DEC JUN DEC JUN DEC JUN DEC
2010 2011 2012 2013 2014 2015
£m
129
146
275
 StatPro Revolution ARR £'000s
 Number of clients < £12k
 Number of clients > £12k
* Jun 2014 – change in Minimum Subscription Policy. 23 Strategic Report  |  Governance  |  Financial Statements
24
FINANCIAL REVIEW
Revenue
Group revenue decreased by 6% at actual rates to  
£30.19 million (2014: £32.02 million), although at constant 
currency the reduction was 1%. Growth of 64% in revenue 
from StatPro Revolution (at constant currency) was offset  
by reductions in revenue from StatPro Seven, data, and 
professional services.
Contracted revenue
The forward order book of contracted revenue for StatPro 
Revolution increased by 57% to £14.66 million (2014 at 
constant currency: £9.31 million). The total forward  
order book of contracted revenue was £36.57 million at 
31 December 2015 (2014 at constant currency: £36.91 million). 
The proportion by value of recurring software licences and 
data clients at the end of 2015 secured to the end of 2016 or 
beyond amounted to 71% (2014: 77%); the weighted average 
length of contracts committed remained unchanged at 16 
months. 
New contracted revenue
New sales of recurring contracts were up 7% to £4.13 million 
(2014: £3.87 million). Professional services revenue was lower 
than prior year at £1.64 million (2014: £2.60 million at 
constant currency) reflecting the lower cost of implementing 
StatPro Revolution for its clients. Approximately 85% of new 
recurring contracted revenue came from existing clients 
(2014: 78%). 
Recurring revenue 
The Group’s business model of Software as a Service 
(‘SaaS’) recurring revenue contracts continues to provide 
excellent visibility of revenue. The ARR from software licences 
and data fees at the end of December 2015 increased by 1% 
to £28.70 million (2014: £28.33 million at constant currency). 
The net growth rate for StatPro Revolution ARR was 46% 
(2014: 68%).
StatPro Seven annualised recurring revenue was resilient 
with a net cancellation rate (at constant currency and 
excluding the impact of conversions to StatPro Revolution  
of £1.56 million) of 3% (2014: nil). With the impact of 
conversions to StatPro Revolution, the ARR for StatPro  
Seven reduced to £17.41 million (2014: £19.52 million).
The ARR for Data (including overage) increased by 1% at 
constant currency to £3.49 million (2014: £3.46 million).
Revenue by region
Revenue increased in the EMEAA region by 1% to  
£19.80 million (2014 at constant currency: £19.59 million).  
In the North American region, revenue decreased by 5% to 
£10.39 million (2014 at constant currency: £10.93 million),  
as shown in table 1 below.
Revenue by service
Cloud revenues (incorporating StatPro Revolution, Risk and 
Data) grew by 9% as shown in table 2 opposite:
TABLE 1
Revenue by region
2015
£ million
2014*
£ million
Change
%
EMEAA 19.80 19.59 1%
North America 10.39 10.93 (5%)
 30.19 30.52 (1%)
FX – 1.50 
Group revenue 30.19 32.02 (6%)
* At constant currency.
The Group’s business model of  
Software as a Service (‘SaaS’) recurring  
revenue contracts continues to provide  
excellent visibility of revenue.
Andrew Fabian
Group Finance Director 25
StatPro Revolution revenue
StatPro Revolution recurring revenue made up 27% of the 
Group total (2014: 18%) and has grown at a higher rate than 
other revenues as the service is developed on a highly 
scalable technology platform. On a pro forma basis, the 
Group’s cloud revenues are now 34% of total Group 
revenues, taking into account the two acquisitions in  
early 2016.
The total recurring revenue from clients whose subscription 
includes StatPro Revolution was £14.11 million (2014:  
£11.65 million) representing 56% (2014: 46%) of total software 
recurring revenue.
StatPro continues to focus on increasing the average 
revenue per client. This resulted in losing some lower value 
contracts whilst overall the average revenue per StatPro 
Revolution client in 2015 increased by 67% (2014: 37%).
Operating expenses 
Operating expenses (before amortisation of intangible 
assets and exceptional items) reduced by 7% (3% at constant 
currency) to £23.72 million (2014: £25.53 million). Whilst the 
business continues to invest, the Group benefited from cost 
efficiencies and internal streamlining of processes the Group 
had implemented in 2014. The average number of employees 
reduced to 242 (2014: 251). 
TABLE 2
Revenue by service
2015
£ million
2014*
£ million
Change
%
StatPro Revolution and cloud-related 11.43 10.52 9%
StatPro Seven and non-cloud-related 18.76 20.00 (6%)
 30.19 30.52 (1%)
FX – 1.50 
Group revenue 30.19 32.02 (6%)
* At constant currency.   
Profitability
The adjusted EBITDA was down 7% at actual rates but up 1% 
at constant currency to £4.04 million (2014: £4.02 million at 
constant currency) as shown in table 3 below.
Gross profit margin (see note 3) for the period was 61% 
(2014: 62%).
SaaS-based KPIs
One of the key metrics used by SaaS businesses is to 
estimate the costs of acquiring each customer (Cost of 
Acquiring Customers or ‘CAC’) and compare that with the 
Lifetime Value of the customer contracts (Lifetime Value  
or ‘LTV’), and the results for StatPro are presented in  
table 4 overleaf. 
Generally a value of three or higher for the ratio of LTV:CAC 
is considered acceptable for a successful SaaS business and 
for StatPro it is currently around 16. The Cost of Acquiring 
Customers has increased as the Group is focusing on larger 
contract values, Implied Customer Lifetime has increased 
due to lower cancellation rates and therefore the Customer 
Lifetime Value has also increased significantly in the last two 
years by over 300%.
Finance income and expense 
Net finance expense was £0.29 million (2014: £0.29 million), 
and is mainly due to the finance costs of the Group’s  
credit facility.
TABLE 3
Adjusted EBITDA
 2015
£ million
 2014*
£ million
Change
%
StatPro Revolution and cloud-related (5.87) (6.07) 3%
StatPro Seven and non-cloud-related 9.91 10.09 (2%)
 4.04 4.02 1%
FX – 0.34 
Adjusted EBITDA 4.04 4.36 (7%)
  
Adjusted EBITDA margin 
StatPro Revolution and cloud-related (51.3%) (57.7%) 
StatPro Seven and non-cloud-related 52.8% 50.5% 
Adjusted EBITDA margin – total 13.4% 13.2% 
* At constant currency. Strategic Report  |  Governance  |  Financial Statements
26
TABLE 4
StatPro Revolution contracts only 2015 2014 2013
Average Cost of Acquiring Customer (‘CAC’) (£’000s) 26.0 17.3 9.7
Implied Customer Lifetime (years) 14.8 11.5 8.1
Average ARR per customer (£’000s) 28.3 17.0 12.5
Implied Customer Lifetime Value (‘LTV’) (£’000s) 418 196 101
LTV: CAC 16.1 11.3 10.4
* At constant currency.
Profit before tax 
The impact of currency movements resulted in a reduced 
adjusted profit before taxation by £0.17 million. Profit before 
taxation at constant currency was 14% higher at £2.41 million 
(2014: £2.11 million at constant currency) and up 2% at actual 
rates. Adjusting for amortisation of acquired intangible 
assets and share-based payments, the adjusted profit 
before taxation was £2.56 million (2014: £2.58 million). 
Taxation
The tax charge was £0.79 million (2014: £0.77 million). The 
overall effective tax rate was 33% (2014: 33%). This is higher 
than the prevailing UK rate mainly due to the impact of 
operations in countries with higher tax rates than the UK.
Earnings per share
Adjusted earnings per share was 2.6p (2014: 2.7p). Actual 
and diluted earnings per share was 2.4p (2014: 2.4p). 
 
Dividends
The Directors are recommending maintaining the final 
dividend of 2.05p per share (2014: 2.05p) making a total 
dividend for 2015 of 2.9p per share (2014: 2.9p). The final 
dividend will be paid on 25 May 2016 to all shareholders on 
the register at the close of business on 29 April 2016. Total 
dividends paid in 2015 amounted to £1.96 million (2014:  
£1.89 million). The dividend cover (calculated as adjusted  
eps: dividends per share) was 0.90 times (2014: 0.93).
Balance sheet
The Group’s net assets at the year end reduced to  
£41.52 million (2014: £45.69 million), the reduction mainly 
being due to currency movements on goodwill values. 
Cash flow and financing
Cash inflow from operating activities of £6.55 million (2014: 
£7.71 million), was lower than the prior year, mainly due to 
adverse working capital movements. The Group ended the 
year with net cash of £1.28 million (2014: £2.68 million). 
Research and development and capex
The research and development team is now focused solely 
on the Group’s cloud-based solutions, the StatPro Revolution 
platform. The level of R&D expenditure was similar to the 
prior year at £4.93 million (2014: £4.99 million) (an increase 
of 5% at constant currency), equating to 16% of Group 
revenue (2014: 16%). The total expenditure on StatPro 
Revolution including marketing and other costs was  
£5.39 million (2014: £5.52 million). Development costs of 
£4.05 million were capitalised in the year (2014: £3.62 million) 
and amortisation on internal development was £3.54 million 
(2014: £3.35 million). Expenditure on other intangible assets 
was £0.08 million (2014: £0.44 million) and total capital 
expenditure on property, plant and equipment was  
£0.88 million (2014: £1.86 million). 
Post Balance Sheet Events
Acquisition of Investor Analytics
On 21 January 2016, StatPro Inc. (a wholly owned subsidiary 
of the Company) acquired the entire share capital of Investor 
Analytics LLC, the US-headquartered, cloud-based risk 
analytics’ company to hedge funds and asset managers. 
Acquisition of majority control of InfoVest
With effect from 1 March 2016, StatPro South Africa (Pty) 
Ltd. (a wholly owned subsidiary of the Company) acquired  
a 51% shareholding in InfoVest Consulting (Pty) Ltd, a South 
African headquartered software provider, specialising in data 
warehouse, ETL and reporting software for the asset 
management industry. 
Further details on these acquisitions are provided in note 28.
Principal financial risks 
The principal business risks and uncertainties affecting the 
Group are described on pages 28 to 31. For each category  
of risk, the directors have identified means by which the risk 
can be managed or reduced in a cost effective way, whilst 
accepting that some risks cannot be completely eliminated. 
Details of key financial risks are considered below.
FINANCIAL REVIEW
(CONTINUED...) 27
Financial risk management 
The current and projected financial risks of the Group are 
managed by the Group finance team. The primary risk 
relates to financing facilities and this is mitigated by ensuring 
very tight control of cash and detailed forecasting of 
business cash flows. 
Liquidity risk
The Group’s cash position is closely monitored with weekly 
updates from all overseas operations and daily updates of 
cash collected from customers. Any aged debtor balance 
that is overdue is investigated to ascertain the reason and  
to resolve the situation promptly. Monitoring procedures for 
short-term cash projections allow the Group finance team  
to closely monitor the key liquidity and other financial ratios 
to ensure that there is sufficient liquidity in the business  
at all times and sufficient headroom in relation to the 
banking covenants.
New financing facility 
The Group signed a new financing facility with Wells Fargo  
in July 2015 for acquisitions, share buy backs and general 
corporate purposes. The facility is committed to July 2020, 
subject to compliance with agreed covenants. At 
31 December 2015, the Group had both net cash of  
£1.28 million and committed credit facilities of £10.0 million 
available. As part of the acquisition of Investor Analytics in 
January 2016, the financing facilities were increased and the 
key features of the facilities now are:
• Five year commitment period to July 2020
• £10 million committed revolving credit facility
• US$7 million committed term loan
• US$3 million committed deferred drawdown loan
• £7.5 million uncommitted additional facility available 
The primary financial covenants are linked to recurring 
revenue and adjusted EBITDA while allowing the Group to 
invest for growth. The financing costs will be amortised over 
the five year term. This new facility strengthens the Group’s 
long-term financial structure and therefore the Board 
believes that the Group is well positioned to manage the 
business risks. 
Foreign exchange risk management
The Group is exposed to exchange rate fluctuations given 
that the majority of its revenue is non-sterling based. The 
Group also has a significant proportion of its costs in the 
same currencies as its revenues and therefore there is  
a reasonable degree of natural reduction in overall  
currency risk. 
All material foreign currency transaction exposures (i.e. sales 
and purchase contracts denominated in a different currency 
to the local reporting currency) are hedged through use  
of foreign exchange contracts as soon as the amount  
and timing of the exposure is identified with reasonable 
certainty. The Group’s policy is not to hedge profit and loss 
translation exposures.
As part of our liability management, we have made use of 
currency swaps with a total principal value at 31 December 
2015 of approximately £4.90 million denominated in USD, 
CAD, and EUR, to create synthetic currency hedges in order 
to provide a partial hedge against movements in the fair 
value of investments in overseas subsidiaries. As the Group 
continues to grow and generates increased profits overseas 
in foreign currencies this exchange rate exposure is expected 
to increase. Following the recent acquisition of Investor 
Analytics, the Group has an increased revenue and profit 
exposure to the USD although this is mitigated by an increase 
in USD-denominated costs and debt.
Interest rate risk management
The Group is exposed to interest rate risk and an increase  
in interest rates would increase the interest payable on the 
Group’s banking facility. Given the continued benign outlook 
for interest rates, the Board has decided not to undertake 
any interest rate hedging but will review the position from 
time to time. The risk to rising interest rates (now that the 
Group has returned to a net debt position in 2016) would be 
partly mitigated by an increase in interest income from 
surplus cash and deposits, where the policy is to seek to 
maximise interest return without exposure to inappropriate 
liquidity or counterparty risk. 
Andrew Fabian
Group Finance Director
11 March 2016 Strategic Report  |  Governance  |  Financial Statements
28
PRINCIPAL RISKS AND UNCERTAINTIES
By understanding the impact of unfolding 
regulatory changes and updating its products  
in time, StatPro helps clients meet new  
regulatory requirements.
The goal is to maximise value for the  
entire enterprise.
To allay customer concerns regarding their data 
being in the ‘cloud’, StatPro has invested in both 
the ISO 27001 and SSAE16 certifications. 29
OPERATIONS
STRATEGIC
REPORTING
COMPLIANCE
SUBSIDIARY
BUSINESS UNIT
DIVISION
ENTITY-LEVEL
INTERNAL ENVIRONMENT
OBJECTIVE SETTING
EVENT IDENTIFICATION
RISK ASSESSMENT
RISK RESPONSE
CONTROL ACTIVITIES
INFORMATION & COMMUNICATION
MONITORING
Enterprise Risk Management frameworks
An Enterprise Risk Management (‘ERM’) framework provides  
a holistic approach that aligns an organisation’s strategic, 
operational, reporting and compliance objectives across all 
levels to manage all key business risks and opportunities.  
The goal is to maximise value for the entire enterprise.
The interaction between business objectives, risk framework 
components and organisational level is best illustrated by  
the Committee of Sponsoring Organisations of the  
Treadway Commission’s (‘COSO’) ERM Cube. 
The ISO 31000 ‘Risk Management – Principles and Guidelines’ 
standard (published 2009) complements COSO’s ERM 
framework by addressing the management system that 
supports the design, implementation, maintenance and 
improvement of ERM processes.
StatPro has outlined its strategy in this Annual Report.  
Key to the successful outcome is our understanding of 
StatPro’s market drivers:
Transparency
To ensure that StatPro adds the most value possible to its 
clients, it must listen and understand their requirements:
• StatPro uses client ‘new feature’ requests and sales team 
feedback to prioritise product enhancement.
• StatPro also employs suitable financially qualified staff 
(e.g. to CFA level, even on the product development team) 
to ensure that we understand our clients’ needs and  
their issues.
Regulation
By understanding the impact of unfolding regulatory changes 
and updating its products in time, StatPro helps clients meet 
new regulatory requirements.
Competition
StatPro has significant resources to deliver on what is required, 
yet is small enough to react to changing market threats or 
opportunities. Such agility is a key corporate attribute.
Cloud
To allay customer concerns regarding their data being in  
the ‘cloud’, StatPro has invested in both the ISO 27001 and 
SSAE16 certifications. StatPro has embraced the best  
cloud product development and management practices  
for over four years, and has partnered with industry-leading 
IT services suppliers to ensure the best service availability  
and security.
Outsourcing
StatPro has invested in its own products with best-practice 
procedures for its own staff to ensure that clients’ 
requirements are routinely met.
Figure 1 – Coso’s CRM cube
StatPro’s approach to risk  Strategic Report  |  Governance  |  Financial Statements
30
1
Business strategy fails:
‘StatPro’s business strategy fails to identify new markets and/or products; and/or fails to 
improve on its current offerings.’
CONTEXT
StatPro continues to make considerable investment  
in StatPro Revolution, and will continue to migrate  
its ‘traditional’ asset performance and analytics 
products to the cloud with the launch of StatPro 
Revolution Performance in 2016. If market take-up  
of StatPro Revolution (or StatPro Revolution 
Performance) does not meet expectations, or 
current clients fail to sign up for the planned cloud-
based products over current hosted or installed 
products, the cloud investment won’t have been 
maximised. Indeed, legacy-product clients may  
leave for competitor offerings that they feel more 
comfortable with.
Product design, complemented by a sufficient 
Marketing and Sales effort is key to identifying and 
winning new clients; at the same time convincing 
them of the merits of cloud technology (flexible, 
scalable, lower total cost of ownership, safe and  
online availability).
MITIGATIONS
• Continual investment in Development and Quality 
Assurance.
• Regular monitoring and reporting of project 
development and quality; user-acceptance testing 
of enhancements.
• StatPro actively promotes itself within the asset 
management industry through thought leadership, 
marketing content and regular participation at 
industry events.
• The Board has regular meetings with all teams to 
ensure that products and services meet market 
requirements.
• Continually update market and competitor 
intelligence.
• Continually monitor user feedback and internal KPIs.
2
Sales target not met: 
‘StatPro signing insufficient new contracts.’
CONTEXT
If our externally announced targets are not met by  
new sales or uplifts of existing contracts it could  
cause uncertainty in the marketplace and impact  
our reputation.
Lower revenues could put pressure on our EBITDA  
levels and cash generation.
MITIGATIONS
• Continuous control over the sales process and 
close monitoring of the sales pipeline by regional 
sales directors.
• Targets are set each year and territory 
performance is monitored against them.
• The sales pipeline is managed in Salesforce and  
is updated with reasons for lost opportunities  
e.g. sales performance, functionality, etc.
• Actions are identified in sales strategy meetings 
to meet objectives and sales targets.
• Monthly updates of sales forecasts are made.
• StatPro actively promotes itself within the asset 
management industry through thought leadership, 
marketing content and regular participation at 
industry events.
PRINCIPAL RISKS AND UNCERTAINTIES
(CONTINUED...)
The Group risk assessment has identified 
the following top 4 risks that StatPro must 
manage at the corporate level: 31
3
Clients not satisfied: 
‘StatPro’s reputation suffers if clients’ expectations are not met.’
CONTEXT
New client implementations are critical in setting the 
relationship going forward. StatPro Revolution allows 
for faster implementations than traditional software 
but this process still needs to be managed carefully.
The delivery of new functionality and demonstrating 
its value is an important function of client management. 
Clients need to see value from the platform  
and the client service team are responsible for 
communicating this to clients.
MITIGATIONS
• Ensure a good understanding of clients’ needs.
• Allocated Account Managers to manage the  
client relationship.
• Escalation of issues to director level.
• Proactive account management.
• Multi-year contracts foster client commitment.
4
Cyber-attacks, information security breaches or incidents:
‘StatPro’s reputation is damaged as a provider of cloud-based solutions and/or incurs 
financial penalties if there is a serious data security incident.’
CONTEXT
Loss of service availability due to a cyber-attack on 
the Company’s systems.
Data confidentiality breach in the event of an internal 
or external ‘hack’ leading to the loss of confidentiality 
or integrity of sensitive client or company data.
MITIGATIONS
• StatPro’s internal development, IT and HR 
processes are compliant with the ISO 27001  
and SSAE16 information security standards.
• StatPro is expanding its external audit and 
certification programme to cover all development 
operations during 2016.
• StatPro uses strong data encryption and best 
practice encryption key management for securing 
sensitive data.
• StatPro has dedicated resources responsible for 
data security compliance and technical data 
security practices within the business.
• StatPro conducts penetration tests and 
vulnerability scans on all public facing systems to 
ensure that the risk from known system 
vulnerabilities and cyber threats are minimal.
The principal financial risks of the Group are outlined in the Finance Review. 
The Strategic Report on pages 1 to 31 is approved by the Board.
By order of the Board
Andrew Fabian
Company Secretary
11 March 2016 32
Strategic Report  |  Governance  |  Financial Statements
BOARD OF DIRECTORS
1  Member of the Audit Committee.
2  Member of the Remuneration Committee.
3  Member of the Nominations Committee. 
Carl Bacon CIPM 
(1 2 3)
Non-Executive Chairman
Justin Wheatley
Group Chief Executive
Andrew Fabian FCA FCT
Group Finance Director
Mark Adorian 
(1 2 3)
Non-Executive Director and Chairman 
of the Nominations Committee
Stuart Clark 
(1 2 3)
Senior Independent Director and 
Chairman of the Remuneration 
Committee
Jane Tozer MBE OBE 
(1 2 3)
Non-Executive Director and 
Chairman of the Audit Committee
EXPERTISE:
Carl’s expertise in risk, 
performance measurement 
and GIPS enables him to  
add value to product 
development and StatPro’s 
business strategy. As he 
continues to publish and 
teach in these fields, external 
market knowledge is brought 
to the StatPro Board.
EXPERTISE:
Justin has done many things, 
from sales to product 
development and design,  
to the acquisition of 12 
companies and running a 
public business that covers 
over ten offices around the 
world. Today his focus is 
implementing the strategy 
for growing StatPro 
Revolution into the leading 
portfolio analysis service.
EXPERTISE:
Andrew has significant 
experience in the financial 
services sector and is a 
chartered accountant and 
qualified corporate treasurer.
EXPERTISE:
Mark’s career in the asset 
management industry and 
experience in business 
growth adds value to the 
StatPro Board. His 
understanding of market 
data in this industry supports 
the business and strategy.
EXPERTISE:
Stuart brings experience in 
managing a global data 
organisation as well as more 
than 40 years working in  
the financial industry. His 
experience at IDC and at 
Ipreo, enables Stuart to  
add growth, acquisition and 
market intelligence value  
to StatPro.
EXPERTISE:
Jane brings a wealth of 
experience from start-up to 
advisory within StatPro’s 
marketplace, supporting the 
growth strategy with the 
appropriate level of formality
and governance.
JOINED STATPRO: 2000
Carl, 53, previously worked as Director 
of Risk Control and Performance at 
F&C Investment Management Limited 
and prior to that was Vice President 
– Head of Performance at J P Morgan 
Investment Management Inc. He is  
a founder member of both the 
Investment Performance Council and 
GIPS
®
, member of the GIPS Executive 
Committee and a member of the 
Advisory Board of the Journal of 
Performance Measurement. Carl  
is a director of the Freedom Index 
Company and is also the author of 
‘Practical Portfolio Performance 
Measurement & Attribution’ and 
‘Practical Risk-adjusted Performance 
Measurement’. 
JOINED STATPRO: FOUNDER, 1994
Justin, 51, began his career in 1989 as 
a salesman with Micropal, a provider of 
independent information on mutual 
funds. He set up an agency for Micropal 
in 1991 in Switzerland and grew the 
business to cover France and 
Luxembourg. In 1994, he founded 
StatPro, floating the business in May 
2000 raising £5 million to build up 
StatPro’s international expansion. 
StatPro´s revenues have grown from 
under £3 million to over £30 million 
since 2000. He has day-to-day 
responsibility for the Group. 
JOINED STATPRO: 2000 
Prior to joining StatPro, Andrew, 54, 
was Group Financial Controller at 
William Baird PLC and has previously 
held senior finance roles at De La Rue 
plc and Deloitte & Touche. He is a 
Fellow of both the ICAEW and the 
Association of Corporate Treasurers 
(ACT) and served for three years on 
the ACT’s governing council. Andrew is 
responsible for the global finance 
function at StatPro. Andrew was 
appointed Company Secretary in 2012. 
In 2012, Andrew was awarded a ranking 
in the ‘Hot 20 FDs’ in the TMT sector  
by BDO LLP. 
JOINED STATPRO: 2002 
Mark, 53, was previously Managing 
Director of Standard & Poor’s Fund 
Services. Mark co-founded Micropal, 
the global fund performance analysis 
company in 1986, becoming their Sales 
& Marketing Director in 1987. In 1992 he 
became Managing Director of Micropal, 
and subsequently in 1997 negotiated 
the sale of Micropal to Standard & 
Poor´s, a division of the McGraw-Hill 
Companies. Between 1999 and 2001, 
Mark was Managing Director of 
Standard & Poor’s Fund Services.  
Mark chairs the Group’s  
Nominations Committee. 
JOINED STATPRO: 2009
Stuart, 68, has been employed in the 
financial information industry since 
1968. From 1995 to 2009 Stuart held 
various senior positions at IDC. As 
President and CEO from 2000, Stuart 
led the business through nine years of 
continuous and strong growth, with 
revenues more than doubling to 
US$750 million and with profitability 
and cash flow growing more than 
threefold. IDC consistently 
outperformed the market in growth 
over that period and, at around  
30%, had close to the highest EBITA 
margin amongst major comparable 
players in its industry. Stuart was also 
non-executive chairman of Ipreo 
Holdings LLC, a New York based, 
leading provider of deal execution 
platforms, market intelligence and 
investor communication tools until 
August 2014, when the business was 
sold. Stuart is the Senior Independent 
Director and chairs the Group’s 
Remuneration Committee. 
JOINED STATPRO: 2012
Jane, 68, began her career with IBM, 
after which she was CEO of Softwright 
Systems Ltd., taking it from start-up  
to trade sale. Jane has since held a 
portfolio of non-executive directorships 
including quoted technology 
companies, investment trusts, the 
John Lewis Partnership, the DWP and 
the MoJ, and technology start-ups. 
Jane is currently the Senior 
Independent Director at F&C Global 
Smaller Companies plc, and a non-
executive director of Nominet Ltd, JP 
Morgan Income & Growth plc, Asthma 
UK and her local Citizen’s Advice 
Bureau. She is also a member of the 
Warwick Business School Advisory 
Board. Jane was awarded an MBE for 
services to the IT sector in 1991, and an 
OBE for services to the public service 
and voluntary sector in 2009. Jane is 
an Independent Director and chairs  
the Group’s Audit Committee.  33
Carl Bacon CIPM 
(1 2 3)
Non-Executive Chairman
Justin Wheatley
Group Chief Executive
Andrew Fabian FCA FCT
Group Finance Director
Mark Adorian 
(1 2 3)
Non-Executive Director and Chairman 
of the Nominations Committee
Stuart Clark 
(1 2 3)
Senior Independent Director and 
Chairman of the Remuneration 
Committee
Jane Tozer MBE OBE 
(1 2 3)
Non-Executive Director and 
Chairman of the Audit Committee
EXPERTISE:
Carl’s expertise in risk, 
performance measurement 
and GIPS enables him to  
add value to product 
development and StatPro’s 
business strategy. As he 
continues to publish and 
teach in these fields, external 
market knowledge is brought 
to the StatPro Board.
EXPERTISE:
Justin has done many things, 
from sales to product 
development and design,  
to the acquisition of 12 
companies and running a 
public business that covers 
over ten offices around the 
world. Today his focus is 
implementing the strategy 
for growing StatPro 
Revolution into the leading 
portfolio analysis service.
EXPERTISE:
Andrew has significant 
experience in the financial 
services sector and is a 
chartered accountant and 
qualified corporate treasurer.
EXPERTISE:
Mark’s career in the asset 
management industry and 
experience in business 
growth adds value to the 
StatPro Board. His 
understanding of market 
data in this industry supports 
the business and strategy.
EXPERTISE:
Stuart brings experience in 
managing a global data 
organisation as well as more 
than 40 years working in  
the financial industry. His 
experience at IDC and at 
Ipreo, enables Stuart to  
add growth, acquisition and 
market intelligence value  
to StatPro.
EXPERTISE:
Jane brings a wealth of 
experience from start-up to 
advisory within StatPro’s 
marketplace, supporting the 
growth strategy with the 
appropriate level of formality
and governance.
JOINED STATPRO: 2000
Carl, 53, previously worked as Director 
of Risk Control and Performance at 
F&C Investment Management Limited 
and prior to that was Vice President 
– Head of Performance at J P Morgan 
Investment Management Inc. He is  
a founder member of both the 
Investment Performance Council and 
GIPS
®
, member of the GIPS Executive 
Committee and a member of the 
Advisory Board of the Journal of 
Performance Measurement. Carl  
is a director of the Freedom Index 
Company and is also the author of 
‘Practical Portfolio Performance 
Measurement & Attribution’ and 
‘Practical Risk-adjusted Performance 
Measurement’. 
JOINED STATPRO: FOUNDER, 1994
Justin, 51, began his career in 1989 as 
a salesman with Micropal, a provider of 
independent information on mutual 
funds. He set up an agency for Micropal 
in 1991 in Switzerland and grew the 
business to cover France and 
Luxembourg. In 1994, he founded 
StatPro, floating the business in May 
2000 raising £5 million to build up 
StatPro’s international expansion. 
StatPro´s revenues have grown from 
under £3 million to over £30 million 
since 2000. He has day-to-day 
responsibility for the Group. 
JOINED STATPRO: 2000 
Prior to joining StatPro, Andrew, 54, 
was Group Financial Controller at 
William Baird PLC and has previously 
held senior finance roles at De La Rue 
plc and Deloitte & Touche. He is a 
Fellow of both the ICAEW and the 
Association of Corporate Treasurers 
(ACT) and served for three years on 
the ACT’s governing council. Andrew is 
responsible for the global finance 
function at StatPro. Andrew was 
appointed Company Secretary in 2012. 
In 2012, Andrew was awarded a ranking 
in the ‘Hot 20 FDs’ in the TMT sector  
by BDO LLP. 
JOINED STATPRO: 2002 
Mark, 53, was previously Managing 
Director of Standard & Poor’s Fund 
Services. Mark co-founded Micropal, 
the global fund performance analysis 
company in 1986, becoming their Sales 
& Marketing Director in 1987. In 1992 he 
became Managing Director of Micropal, 
and subsequently in 1997 negotiated 
the sale of Micropal to Standard & 
Poor´s, a division of the McGraw-Hill 
Companies. Between 1999 and 2001, 
Mark was Managing Director of 
Standard & Poor’s Fund Services.  
Mark chairs the Group’s  
Nominations Committee. 
JOINED STATPRO: 2009
Stuart, 68, has been employed in the 
financial information industry since 
1968. From 1995 to 2009 Stuart held 
various senior positions at IDC. As 
President and CEO from 2000, Stuart 
led the business through nine years of 
continuous and strong growth, with 
revenues more than doubling to 
US$750 million and with profitability 
and cash flow growing more than 
threefold. IDC consistently 
outperformed the market in growth 
over that period and, at around  
30%, had close to the highest EBITA 
margin amongst major comparable 
players in its industry. Stuart was also 
non-executive chairman of Ipreo 
Holdings LLC, a New York based, 
leading provider of deal execution 
platforms, market intelligence and 
investor communication tools until 
August 2014, when the business was 
sold. Stuart is the Senior Independent 
Director and chairs the Group’s 
Remuneration Committee. 
JOINED STATPRO: 2012
Jane, 68, began her career with IBM, 
after which she was CEO of Softwright 
Systems Ltd., taking it from start-up  
to trade sale. Jane has since held a 
portfolio of non-executive directorships 
including quoted technology 
companies, investment trusts, the 
John Lewis Partnership, the DWP and 
the MoJ, and technology start-ups. 
Jane is currently the Senior 
Independent Director at F&C Global 
Smaller Companies plc, and a non-
executive director of Nominet Ltd, JP 
Morgan Income & Growth plc, Asthma 
UK and her local Citizen’s Advice 
Bureau. She is also a member of the 
Warwick Business School Advisory 
Board. Jane was awarded an MBE for 
services to the IT sector in 1991, and an 
OBE for services to the public service 
and voluntary sector in 2009. Jane is 
an Independent Director and chairs  
the Group’s Audit Committee.  34
Strategic Report  |  Governance  |  Financial Statements
GROUP EXECUTIVE BOARD
Dario Cintioli
Managing Director
Dario joined StatPro in 2003 following StatPro’s investment 
in RiskMap. Dario was the original creator of StatPro Risk 
Management. He is an expert in risk management, fixed 
income attribution and reporting techniques, including ‘Value 
at Risk’, which provides a monetary measure of the risk of  
a portfolio. Before establishing RiskMap and joining StatPro, 
Dario spent ten years in leading Italian financial institutions, 
as Head of Interest Rate Derivatives and Head of 
Quantitative Analysis. Today Dario is responsible for all 
StatPro’s products including software and data services  
as well as sales, client services, marketing and IT.
Andrew Peddar
Group Chief Operating Officer
Andrew joined StatPro’s UK office in 1999, as a Project 
Manager, and became Client Services Manager for the UK 
region in 2002. In March 2004, Andrew moved to Cape Town, 
where he co-founded StatPro South Africa as Managing 
Director. Following four successful years in the Cape Town 
office he moved to StatPro Canada, based in Toronto. In 
January 2011, he became CEO, North America with overall 
responsibility for the region. At the beginning of 2013 Andrew 
took up his current position. 
Michel Lempicki
Global Accounts Director
Previously working for Standard & Poor’s, Michel joined 
StatPro in 1998 to open our European operations in Benelux, 
France and Germany. He was involved in the acquisition of 
AMS in Paris and RiskMap in Italy, which later became StatPro 
Italy. In 2010, Michel became the European Sales Director  
and moved to his current role in 2013. Michel manages and 
nurtures global strategic accounts within StatPro. This 
includes large fund administration and custodian banks, 
along with third parties that wish to resell StatPro services  
to their clients. 
Neil Smyth
Marketing & Technology Director
Neil is responsible for the overall technology strategy and 
global marketing activity. He joined StatPro in 1997. Neil has 
held positions in QA, Client Services and IT and was the  
CTO before taking up his current position in January 2011. 
Neil started the research project which became StatPro 
Revolution in 2008, leading an initial group of architects and 
developers to produce prototypes and public betas ready  
for the commercial launch in March 2011. Neil continues to be 
part of the StatPro Revolution product strategy group today.
The Group Executive Board is made up  
of the following directors who manage  
specific functions globally. 35
Marc Zandt
Global Services Director
Marc has worked within the financial services industry for 
over 20 years. He started his career working for Arthur 
Andersen, Rothschild Asset Management and Insight 
Investment. His experience on the buy-side has given him  
a deep appreciation for the challenges faced within the 
industry. Marc joined StatPro South Africa in 2008, initially  
as an Account Manager, later becoming CEO, South Africa.  
In 2013, Marc became Global Services Director, based in 
London, responsible for managing all our services with  
our clients.
Damian Handzy
Global Head of Risk
Damian is co-founder and former CEO of New York based 
Investor Analytics, which he sold to StatPro in January 2016. 
Damian is an industry expert in risk management, having 
brought several innovations, including VisualVaR, to market. 
He is a recognised thought leader in risk analytics, a sought-
after keynote speaker, a faculty member of the International 
Institute for Analytics and author of the Riskology column  
in Risk Magazine’s Hedge Funds Review. Damian has a 
doctorate in nuclear astrophysics and as StatPro’s Global 
Head of Risk is responsible for the firm’s risk strategy  
and delivery.
Luca Bortolami
Revolution Director
Luca Bortolami joined StatPro Italy in 2008. Prior to joining 
StatPro, Luca worked for 15 years as a structured derivatives 
trader for the three major Italian Banks, ultimately becoming 
the Global Head of Structured Fixed Income Derivatives at 
UniCredit. After spending four years in Milan working on 
StatPro’s risk operations, Luca moved to StatPro Canada in 
2012 to become the Head of the Montreal office and Global 
Head of Evaluations. At the beginning of 2015, he became 
Revolution Product Director, one year before joining the  
GEB in his current role. His academic background is both in 
technology and finance, holding a Bachelor of Science in 
Computer Science from Worcester Polytechnic Institute  
and an MBA from Cornell University. 36
PLC Board
Carl Bacon CIPM, Non-Executive Chairman
Justin Wheatley, Group Chief Executive
Andrew Fabian FCA FCT, Group Finance Director
Mark Adorian, Non-Executive Director
Stuart Clark, Non-Executive Director
Jane Tozer MBE OBE, Non-Executive Director
Audit
Committee
Jane Tozer – Chairman
Mark Adorian
Stuart Clark
Carl Bacon
Remuneration
Committee
Stuart Clark – Chairman
Mark Adorian
Carl Bacon
Jane Tozer
Nominations
Committee
Mark Adorian – Chairman
Carl Bacon
Jane Tozer
Stuart Clark
Strategic Report  |  Governance  |  Financial Statements
INTRODUCTION TO CORPORATE GOVERNANCE
The Board oversees the Company’s financial reporting, risk 
management and regulatory compliance functions. It also 
sets executive remuneration and oversees executive 
appointments. These roles are fulfilled by the Board and  
its three committees shown below. The Board and its 
committees meet regularly, discuss matters by ‘phone when 
necessary, and circulate minutes and relevant papers in 
advance of each meeting.
My aim as Chairman is to create a diverse, inclusive and 
effective Board, which is fully informed about the business 
and able to provide the executive membership with an 
appropriate balance of challenge and support. My 
relationship with our CEO and our interaction with the 
non-executive directors is of key importance for a climate of 
open communication and constructive debate. I run annual 
Board evaluations, which provide useful feedback to drive 
improvements in the Board’s and committees’ work.
This section of our Annual Report 
explains how the Board and each  
of its committees function. 
Carl Bacon
Chairman 37
CORPORATE GOVERNANCE
Compliance with the UK Corporate Governance Code
Your Company is listed on the Alternative Investment Market 
of the London Stock Exchange (‘AIM’), so the Company is not 
required to adopt the UK Corporate Governance Code, which 
applies only to fully listed companies. Nevertheless, the 
Company is committed to high standards of corporate 
governance and the Board is accountable to the Company’s 
shareholders. This statement describes how the Company 
applies the principles of good corporate governance. 
The workings of the Board and its committees
The Board
The Board comprises the Non-Executive Chairman, the 
Group Chief Executive, the Group Finance Director and  
three other non-executive directors. It is responsible to 
shareholders for the proper management of the Company. 
Directors’ biographies appear on pages 32 to 33 and 
demonstrate their range of relevant experience, bringing 
independent judgement to bear on issues of strategy, 
performance, resources, industry knowledge and standards 
of conduct. 
All directors have access to the Company Secretary, who is 
responsible for company secretarial matters and compliance 
with relevant statutory obligations. All directors have access 
to training to enable them to comply with their duties as  
a director. 
To enable the Board to discharge its duties, all directors have 
full and timely access to all relevant information. The Board 
meets at least quarterly and has adopted a formal schedule 
of matters specifically reserved for decision by it, thus 
ensuring that it exercises control over appropriate strategic, 
financial, operational and compliance issues. At its meetings 
the Board reviews trading performance, ensures adequate 
financing, sets and monitors strategy, examines investment 
and acquisition opportunities and discusses reports to 
shareholders. The directors can also take independent 
professional advice as appropriate at the Company’s 
expense. The Chairman meets at least once a year  
with the non-executive directors without the executive 
directors present.
The performance of the executive directors is reviewed 
annually by the non-executive directors. On resignation from 
the Board a non-executive director would be invited to 
provide a written statement to the Chairman for circulation 
to the Board, if he or she were to have any unresolved 
concerns about the running of the Company. The overall 
effectiveness of the Board and its sub-committees is 
reviewed by the Board as a whole through annual completion 
and discussion of a questionnaire. 
The Board believes that the level of sales consulting to 
promote StatPro Revolution provided by Mark Adorian in 
recent years, in addition to his substantial shareholding, 
means that he may no longer be considered independent 
under the UK Corporate Governance code, although the 
Board believes that Mark Adorian is independent of mind 
and continues to act in the interests of all shareholders.
Stuart Clark is the Senior Independent Director and is 
available to the shareholders for any concerns which have 
not been resolved by contact with the Chairman, Chief 
Executive or other executives, or for which such contact is 
inappropriate. 
Audit Committee
The Audit Committee is chaired by Jane Tozer. The Audit 
Committee also comprises the Chairman (Carl Bacon), Mark 
Adorian and Stuart Clark, and meets at least three times 
annually. The Audit Committee receives reports from the 
Group’s external auditors and its meetings are also 
attended, by invitation, by the Group Finance Director. 
The Audit Committee reviews the Company’s financial 
matters, as set out in written terms of reference, including 
the interim results and the Annual Report and Accounts, 
before their submission to the Board. It monitors the controls 
in force to ensure the integrity of financial information 
reported to shareholders. 
The Audit Committee reviews the appointment of external 
auditors, discusses the nature and scope of the audit and 
reviews the external auditor’s remuneration both for audit 
and non-audit work. The Audit Committee assesses annually 
the qualification, expertise and resources, the independence 
of the external auditors, and the effectiveness of the audit 
process. 
The Audit Committee reviews the whistleblower policy and 
process for staff and receives reports on all issues raised 
through this process.
Remuneration and Nominations Committees
The Remuneration Committee is chaired by Stuart Clark,  
and is responsible for determining the contract terms, 
remuneration and other benefits for executive directors, 
including performance-related bonus schemes and 
participation in the Group’s Long Term Incentive Scheme.  
The other members of the Remuneration Committee are 
Carl Bacon, Mark Adorian and Jane Tozer. 
The Remuneration Report, which includes details of directors’ 
remuneration, pension entitlements and directors’ interests, 
together with information on service contracts is set out on 
pages 43 to 46. 
Mark Adorian is the chairman of the Nominations Committee, 
and the other committee members are Carl Bacon, Stuart 
Clark and Jane Tozer. The Nominations Committee reviews 
and nominates appointments to the Board. All such 
appointments are then reviewed and approved by the  
full Board.  38
Strategic Report  |  Governance  |  Financial Statements
Board meeting attendance 
Six scheduled Board meetings were held in 2015. During the 
year, there were three Audit Committee meetings, four 
Remuneration Committee meetings and there was one 
Nominations Committee meeting. The number of scheduled 
Board meetings and sub-committee meetings attended by 
each director during the year are shown in the Attendance 
table below.
Group Executive Board
The Group Executive Board (‘GEB’) is the executive 
committee, which comprises the executive directors and 
other senior executives of the Group who meet at least ten 
times per year to discuss strategic and operational matters. 
Regional executive boards and product-focused committees 
have been established to deal with other executive matters 
within clearly defined terms of reference established by  
the Board. 
The members of the Group Executive Board during 2015  
and their roles and responsibilities are:
Justin Wheatley  Group Chief Executive
Andrew Fabian  Group Finance Director
Dario Cintioli  Managing Director 
Andrew Peddar  Group Chief Operating Officer
Michel Lempicki  Global Accounts Director
Neil Smyth  Marketing and Technology Director
Marc Zandt Global Services Director
In January 2016, Damian Handzy was appointed to the 
Group Executive Board as Global Head of Risk following the 
acquisition of Investor Analytics where he was previously 
CEO. Also, in February 2016, Luca Bortolami was appointed 
to the Group Executive Board as Revolution Director 
responsible for managing the development and data teams 
within StatPro.
The Group Executive Board has the following  
sub-committees:
Regional Boards
EMEAA Region (Europe, South Africa and Asia Pacific)  
and North American Region
Operational decisions on implementing the Group’s strategy, 
including sales and client services strategy and expenditure 
and recruitment plans, are delegated to senior executives in 
the Group’s regions, within clearly defined terms of reference 
and overall budgets established by the Board. 
Product strategy
Operational decisions on implementing the Group’s product 
strategy including development plans and related 
expenditure and recruitment plans are delegated to the 
Product Director who works with other senior executives on 
product-focused committees, within clearly defined terms of 
reference and overall budgets established by the Board. 
Relations with shareholders
Communications with shareholders are very important. 
There is a regular dialogue with institutional shareholders 
and market analysts, including presentations after the 
Company’s preliminary announcement of the annual and 
interim results and any other major announcements. 
Internal controls and risk management 
During the year, the Board has formally reviewed the Group’s 
risk profile and reported on the effectiveness of the Group’s 
system of internal controls and management of Group risk. 
This review addresses internal financial controls and other 
risks and controls of the business. The directors acknowledge 
that they are responsible for the Company’s system of 
internal control, which is designed to manage rather than 
eliminate business risks and which provides reasonable but 
not absolute assurance against material mis-statement  
or loss. 
CORPORATE GOVERNANCE
(CONTINUED...)
Attendance table
Scheduled Board 
meetings
Audit Committee 
meetings
Remuneration Committee 
meetings
Nominations Committee 
meetings
Carl Bacon 6/6 3/3 4/4 1/1
Justin Wheatley 6/6
Andrew Fabian 6/6
Mark Adorian 6/6 3/3 4/4 1/1
Stuart Clark 6/6 3/3 4/4 1/1
Jane Tozer 6/6 3/3 4/4 1/1 39
The Company has established risk management procedures 
which the Board considers appropriate to a group of 
StatPro’s size and complexity. During the year the risk 
management procedures were reviewed by the directors. 
This is achieved through a series of reports and meetings of 
specific committees including the Information Security 
Committee. The Company has a Group Risk Manual, which 
sets out the key risks and the controls in place to manage 
these risks, and identifies actions to be taken to eliminate  
or mitigate risks as appropriate. 
Each senior executive is responsible for managing risks in his 
or her area of responsibility, and making regular reports on 
risk issues to the main Board, Audit Committee and the 
Group Executive Board. This risk analysis is embedded in risk 
review meetings in the Group Executive Board, and covers all 
business risks including commercial, financial, operational, 
legal and environmental risks. These reports include the 
potential impact to the business of each key risk and its 
likelihood of occurrence, plus details of mitigating actions and 
insurance policies including specific cover for the Company 
and/or its directors. 
Recommendations on internal controls and risk improvement 
are reviewed by the Audit Committee and the Board. 
A statement of the directors’ responsibilities in respect of the 
financial statements is set out on pages 40 to 41 and a 
statement on going concern is below. 
Financial controls
The Group has established written expenditure approval, 
delegation of authority and authorisation levels, segregation 
of duties and other control procedures including accounting 
policies and procedures.
Budgetary process 
Each year the Board approves the annual budget and key 
risk areas are identified. Performance is monitored and 
relevant action is taken throughout the year through regular 
reporting to the Board of variances from the budget, 
updated forecasts for the year and information on the key 
risk areas.
Investment appraisal 
Major capital and other project expenditure is controlled by  
a budgetary process and authorisation levels set by the 
Board. For capital expenditure above specified levels, and for 
acquisitions and disposals, detailed written proposals must 
be submitted to the Board for approval. 
Internal audit 
The Group currently does not have an internal audit function 
as the directors consider this to be inappropriate given  
the size of the Group. However, this is reviewed by the  
Board annually. 
Going concern
After making appropriate enquiries and for the reasons set 
out in the Directors’ Report, the directors have a reasonable 
expectation that the Group has adequate resources to 
continue in operational existence for the foreseeable future. 
For this reason, they continue to adopt the going concern 
basis in preparing these financial statements (see note 1). 40
Strategic Report  |  Governance  |  Financial Statements
DIRECTORS’ REPORT
FOR THE YEAR ENDED 31 DECEMBER 2015
Going concern
After making appropriate enquiries, the directors have  
a reasonable expectation that the Group has adequate 
resources to continue in operational existence for the 
foreseeable future. For these reasons, they continue to 
adopt the going concern basis in preparing the Group’s 
financial statements (see note 1).
Future developments 
Future development for the business are covered in the 
Strategic Report on pages 1 to 31.
Research and development 
The Group continues to invest in developing improved 
software products and services. Development expenditure 
incurred during the year was £4.93 million (2014: £4.99 
million). In accordance with International Financial Reporting 
Standards (‘IFRS’), development costs are capitalised where 
recognition criteria are met and written off over the useful 
life, currently estimated by the directors to be three years. 
The amount capitalised in the year was £4.05 million (2014: 
£3.62 million) and the total amount of amortisation was 
£3.54 million (2014: £3.35 million). 
Results, dividends and transfers to reserves
The Group’s profit attributable to equity shareholders for the 
financial year was £1.62 million (2014: £1.60 million). A final 
dividend of 2.05p per ordinary share (2014: 2.05p) has been 
recommended by the directors taking the total dividend for 
the year to 2.9p (2014: 2.9p). If approved by the passing of a 
resolution at the 2016 Annual General Meeting, it is intended 
to pay the final dividend on 25 May 2016 to all shareholders 
on the register at close of business on 29 April 2016 (ex-div 
date will be 28 April 2016). The profit for the year has been 
transferred to reserves.
Shares issued in year
During 2015 the Company issued 106,000 shares (2014: 
4,000) as detailed in note 20 to the financial statements. 
There were 225,000 shares held in treasury at 31 December 
2015 (2014: 225,000). At the forthcoming Annual General 
Meeting, the directors are seeking to renew the authority to 
allow the purchase of own shares up to a limit of 10% of the 
Company’s share capital.
Financial instruments
The Group’s financial instruments comprise cash, money 
market deposits, banks loans, provisions, derivatives financial 
instruments and various other accounts receivables and 
payables that arise directly from its operations. These 
financial instruments are described in Note 18.
Directors and their interests
The directors who held office during the year were:
Carl Bacon Non-Executive Chairman
Justin Wheatley Group Chief Executive
Andrew Fabian Group Finance Director
Mark Adorian Non-Executive Director
Stuart Clark Non-Executive Director
Jane Tozer Non-Executive Director
All directors are subject to election at the first opportunity 
after their appointment, and then to re-election at intervals 
of no more than three years in accordance with the 
Company’s Articles of Association. The Company’s Articles  
of Association require that one third of the directors, or the 
number nearest to one third, are to retire from office by 
rotation. Stuart Clark has decided not to stand for re-
election at the forthcoming Annual General Meeting and 
accordingly, Jane Tozer and Justin Wheatley seek re-
election at this year’s AGM. Having each served on the Board 
for more than nine years, Carl Bacon and Mark Adorian are 
also voluntarily seeking re-election at the AGM.
Directors’ interests in the Company’s share capital and share 
options are detailed on pages 45 to 46.
Directors’ interests in significant contracts
Directors’ interests in significant contracts are described in 
note 21 to the financial statements.
Directors’ responsibilities statement
The directors are responsible for preparing the Directors’ 
Report and the financial statements in accordance with 
applicable law and regulations. 
Company law requires the directors to prepare financial 
statements for each financial year. Under that law the 
The directors present their Annual Report and the 
audited financial statements for the year ended  
31 December 2015. 41
directors have elected to prepare the Group and Company 
financial statements in accordance with International 
Financial Reporting Standards as adopted by the European 
Union. Under company law the directors must not approve 
the financial statements unless they are satisfied that they 
give a true and fair view of the state of affairs of the Group 
and the Company and the profit or loss of the Group for  
that period.
In preparing these financial statements, the directors are 
required to:
• select suitable accounting policies and then apply them 
consistently;
• make judgements and accounting estimates that are 
reasonable and prudent;
• state whether applicable IFRSs adopted by the European 
Union have been followed, subject to any material 
departures disclosed and explained in the financial 
statements; and
• prepare the financial statements on the going concern 
basis unless it is inappropriate to presume that the Group 
and Company will continue in business.
The directors are responsible for keeping adequate 
accounting records that are sufficient to show and explain 
the Group and Company’s transactions and disclose with 
reasonable accuracy at any time the financial position of the 
Group and Company and enable them to ensure that the 
financial statements comply with the Companies Act 2006. 
They are also responsible for safeguarding the assets of  
the Group and Company and hence for taking reasonable 
steps for the prevention and detection of fraud and  
other irregularities.
Directors’ indemnity insurance
The Company carries an appropriate level of professional 
indemnity insurance cover for the size of the business and 
also has insurance cover for Directors’ and Officers’ liability.
Disclosure of information to auditors
Each director has confirmed that:
• so far as the director is aware, there is no relevant audit 
information of which the Group’s auditors are unaware; 
and
• he or she has taken all the steps that he or she ought  
to have taken as a director in order to make himself or 
herself aware of any relevant audit information and  
to establish that the Group’s auditors are aware of  
that information.
This confirmation is given in accordance with Section 418 of 
the Companies Act 2006.
Substantial shareholdings
The Company has been notified of the following disclosable 
holdings of voting rights in the Company’s issued share 
capital as at 26 February 2016:
 
Number of 
shares
% of share 
capital 
Liontrust Asset Management 12,843,304  19.0%
Herald Investment Management 7,657,784  11.3%
Justin Wheatley 7,433,672  11.0%
AXA Framlington 7,388,750  10.9%
Stichting Bewaarder GFC 
(Depository of Gran Fondo Capital) 6,083,218  9.0%
Brown Brothers Harriman & Co 3,423,273  5.1%
Mark Adorian 2,970,698  4.4%
In addition to the above holdings, Justin Wheatley holds 
276,016 ordinary shares (representing 0.4% of the ordinary 
share capital) in a family trust, being a trustee and potential 
indirect beneficiary of the trust. 42
Strategic Report  |  Governance  |  Financial Statements
Employment policies
The Group acknowledges the vital role that all employees 
play in its success through their skills, initiative and 
commitment. All operations are encouraged to provide the 
proper resources to maximise this potential through efficient 
systems of recruitment, communication, training and 
development. It is the Group’s policy to give full and fair 
consideration to the employment and career development  
of disabled persons, commensurate with their aptitudes and 
abilities. The Group’s policy in respect of staff who become 
disabled whilst employed is to make appropriate 
adjustments and to assist them wherever possible to 
continue employment within the Group. The Group is also 
committed to providing equal opportunities regardless of 
age, gender, religion or ethnic origin.
The Group ensures that all employees are kept fully 
informed, as far as it is practicable, with regard to the 
activities of the Group, by circulation of news and regular 
meetings between directors, managers and other 
employees. The London office of StatPro, the Group’s head 
office and base of UK operations, retains its Investors in 
People (‘IIP’) award in recognition of the investment the 
Company has made in its people. The award reflects our 
commitment to and belief in the value of our staff, their 
performance and their contribution to the success of  
the business. 
Corporate Social Responsibility
The Group made charitable donations for educational 
purposes during the year of £52,000 (2014: £42,000),  
the main component of which related to scholarships and 
sponsorships to students from disadvantaged backgrounds 
to various educational establishments in South Africa.
StatPro’s new London headquarters maintains the Low 
Carbon Workplace Standard under the Carbon Trust  
scheme which encourages businesses to reduce their  
carbon footprint. 
Health and safety
The Group’s policy is to ensure that, as far as is reasonably 
practicable, working environments exist which will minimise 
risk to the health and safety of employees.
Legal form
The Company is a public limited company, incorporated and 
domiciled in England and Wales. The Company’s Registration 
number is 2910629.
Auditors
A resolution to re-appoint Ernst and Young LLP as 
independent auditor to the Company will be proposed at the 
Annual General Meeting.
By order of the Board
Andrew Fabian
Company Secretary
11 March 2016
DIRECTORS’ REPORT
FOR THE YEAR ENDED 31 DECEMBER 2015
(CONTINUED...) 43
REMUNERATION REPORT
Stuart Clark is the Chairman of the Remuneration 
Committee and the other members of the committee are 
Carl Bacon, Mark Adorian and Jane Tozer. The remuneration 
of all executive directors and other senior executives is 
recommended to the Board by the Committee. The 
remuneration of the non-executive directors is determined 
by the Board. 
Remuneration policy
The Group’s policy is to attract, retain and motivate high 
calibre executives by rewarding them with remuneration 
packages which reflect both individual performance and  
the results of the operations under their control. Packages 
consist of basic salary, performance-related bonuses, share 
options, pensions and other benefits, with a proportion  
of potential remuneration based upon achievement  
of demanding performance targets. Details of the 
remuneration package of each director are set out on  
pages 44 and 45.
The Group has implemented a remuneration policy to  
align the executives’ interests with the objectives of all 
shareholders. The current focus is on the execution of the 
cloud strategy, and the achievement of revenue growth  
for StatPro Revolution.
Basic salary and benefits
Salaries are established by reference to prevailing market 
rates, adjusted to reflect individual performance, experience, 
responsibilities and skills. 
Non-executive fees
There were no changes to fee arrangements for non-
executive directors during 2015. 
Annual performance-related bonus scheme
In addition to basic salary, executive directors and other 
senior executives participate in an annual performance-
related bonus scheme. Performance targets are designed to 
both stretch and encourage individuals whilst aligning their 
interests to that of the Group. 
In 2015, the targets for performance-related bonuses for 
main Board executive directors related to the Group’s 
revenue growth rate for StatPro Revolution, combined with 
satisfactory profit generation. The Committee may also 
award individual discretionary bonuses. In 2015, there were 
no discretionary awards. Bonuses do not form part of 
pensionable earnings. 
Long Term Incentive Plan
The committee reviewed the LTIP arrangements in 2014  
for the senior executive team in consultation with external 
advisers and institutional shareholders and, in conjunction 
with professional and legal advice, and as a result, the 
Remuneration Committee implemented a new incentive plan. 
The plan is a Performance Share Plan (‘PSP’), which consists 
of awards of nil cost options, primarily to executives who are 
on the Group Executive Board. 
There are performance criteria associated with an award, 
linked to eps growth above a certain level (i.e. non-market 
performance criteria). The performance level will affect the 
proportion of shares that are awarded at the end of the 
vesting period. There will be a potential further one year 
holding for a proportion of the award.
The scheme is managed by a third party (Kleinwort Benson, 
Jersey), who has established an Employee Benefit Trust  
and the plan is to buy shares in the market over the vesting 
period rather than issue new shares. The shares held in the 
Trust would not be entitled to dividends.
The PSP was approved by the shareholder general meeting 
on 26 February 2015 and the first awards were made in 
March 2015. The vesting period for the first awards are three 
and four years.
Details of the options outstanding under the schemes are 
provided in note 20 to the financial statements. 
Pensions and other benefits
The Company also operates a defined contribution pension 
scheme for executive directors. Other benefits include 
allowances, life assurance and membership of a private 
healthcare scheme. 
Service contracts
Each of the executive directors has a rolling contract of 
service, which is terminable by no more than 12 months’  44
Strategic Report  |  Governance  |  Financial Statements
notice. In the event of termination of a service contract, compensation amounting to the notice period would be payable. 
Details of service agreements for each executive director are as follows:
Date of service agreement Notice period on termination
Justin Wheatley 31 December 2012 6 months
Andrew Fabian 10 July 2000 12 months
StatPro International Sarl entered into a new employment contract with Justin Wheatley on substantially the same terms as 
his previous employment contract with effect from 1 January 2013. Justin Wheatley is currently on secondment to StatPro Inc.
Non-executive directors do not have service contracts. 
Stuart Clark has decided not to stand for re-election at the forthcoming Annual General Meeting and accordingly, Jane Tozer 
and Justin Wheatley seek re-election at this year’s AGM. Having each served on the Board for more than nine years, Carl 
Bacon and Mark Adorian are also voluntarily seeking re-election at the AGM. Biographical details of all directors can be found 
on pages 32 to 33.
Performance graph 
  
31 December 2010 = 100
In the opinion of the directors, the FTSE™ AIM index is the most appropriate benchmark for total shareholder return 
comparatives. For the five-year period from 31 December 2010 to 31 December 2015 the total shareholder return for StatPro 
was -22%. Over the same period the FTSE™ AIM total shareholder return was -21%.
Directors’ remuneration 
2015
Salary/Fees 
£’000s
Performance-
related 
bonus
£’000s
Discretionary 
bonus 
£’000s
Benefits* 
£’000s
Total 
excluding 
pensions
£’000s
Pensions
£’000s
Total 2015
£’000s
Carl Bacon 45 – – – 45 – 45
Justin Wheatley 229 – – 108 337 – 337
Andrew Fabian 158 – – 10 168 16 184
Mark Adorian 35 – – – 35 – 35
Stuart Clark 39 – – – 39 – 39
Jane Tozer 40 – – – 40 – 40
546 – – 118 664 16 680
REMUNERATION REPORT
(CONTINUED...)
120
60
Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Dec 15
105
90
75
— StatPro Group plc
— FTSE AIM All Share 45
2014
Salary/Fees 
£’000s
Performance-
related 
bonus
£’000s
Discretionary 
bonus 
£’000s
Benefits* 
£’000s
Total 
excluding 
pensions
£’000s
Pensions
£’000s
Total 2014
£’000s
Carl Bacon 45 – – – 45 – 45
Justin Wheatley 212 35 – 103 350 – 350
Andrew Fabian 155 40 – 10 205 20 225
Mark Adorian 35 – – – 35 – 35
Stuart Clark 36 – – – 36 – 36
Jane Tozer 40 – – – 40 – 40
523 75 – 113 711 20 731
*Benefits in kind for Justin Wheatley and Andrew Fabian relate to travel and car allowances, private healthcare and life assurance. 
Carl Bacon and Mark Adorian performed some consultancy services during 2015 for the Company as detailed in note 21.
Justin Wheatley and Stuart Clark receive their remuneration in US dollars. The US dollar amounts for salary/fees were the 
same in 2014 and 2015. The sterling amounts, in the tables above, fluctuated due to the foreign exchange. 
Directors’ pension arrangements 
The table below shows directors’ pension arrangements in respect of a defined contribution scheme. 
Contribution 
Rate 
Relevant 
Salary 
£’000s
Contributions 
2015
£’000s
Contributions 
2014
£’000s
Andrew Fabian 10% 158 16 20
StatPro operates a pension salary sacrifice arrangement where individuals can exchange their salary for Company paid 
pension contributions. Where individuals exchange salary this reduces StatPro’s National Insurance contributions. For 
executive directors, StatPro credits this saving to the individual’s pension. As part of Justin Wheatley’s new service 
agreement, Justin Wheatley has opted to swap pension benefits for other allowances and therefore, he received no pension 
contribution from the Company in 2015 or 2014. 
Directors’ interests
Interests in shares
As at
31 December
2015
Number 
As at
31 December
2014
Number 
Carl Bacon 829,000 829,000
Justin Wheatley 7 ,433,672 7,433,672
Andrew Fabian 264,647 264,647
Mark Adorian 2,970,698 2,956,148
Stuart Clark 90,000 90,000
Jane Tozer 24,752 24,752
In addition to the above interests, Justin Wheatley has an interest in 276,016 ordinary shares (2014: 307,580) in a family trust, 
being a trustee and potential beneficiary of the trust. 46
Strategic Report  |  Governance  |  Financial Statements
Interests in share options 
As at 
31 December
2014
Number 
 Granted in
 year*
 Number
 Exercised in
 year*
Number 
Lapsed in year
Number 
As at 
31 December
2015
Number 
Exercise 
price
pence Exercise period 
Justin Wheatley 45,000 – – (45,000) – 100 2011–2015*
1,000,000 – – – 1,000,000 108 2016–2022*
1,045,000 – – (45,000) 1,000,000
Andrew Fabian 35,000 – – (35,000) – 100 2011–2015*
35,000 – – – 35,000 135 2013–2017*
150,000 – – – 150,000 108 2016–2022*
100,000 – – – 100,000 108 2016–2019*
320,000 – – (35,000) 285,000
Interests in PSP share awards
Andrew Fabian – 40,000 – – 40,000 2018*
– 40,000 – – 40,000 2019*
– 80,000 – – 80,000
* Performance criteria are attached to these options/awards.
Gains made by directors on share options 
No directors exercised any options in 2015 and in 2014. 
Share price
The highest and lowest mid-market prices of the Company’s ordinary shares during the year were 86.5p and 69.25p 
respectively, and the mid-market price on 31 December 2015 was 77p. 
This report was approved by the Board on 11 March 2016.
Stuart Clark
Chairman of Remuneration Committee 
11 March 2016
REMUNERATION REPORT
(CONTINUED...) 47
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF STATPRO GROUP PLC 
We have audited the financial statements of StatPro Group plc for the year ended 31 December 2015 which comprise Group 
Income Statement, Group Statement of Comprehensive Income, Group Balance Sheet, Company Balance Sheet, Group and 
Company Statements’ of Cash Flows, Group Statement of Changes in Shareholders’ Equity, Company Statements of Changes 
in Shareholders’ Equity and the related notes 1 to 28. The financial reporting framework that has been applied in their 
preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union  
and, as regards the parent Company financial statements, as applied in accordance with the provisions of the Companies  
Act 2006.
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies 
Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are 
required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not 
accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit 
work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditor
As explained more fully in the Directors’ Responsibilities Statement set out on pages 40, the directors are responsible for the 
preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit 
and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing 
(UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give 
reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. 
This includes an assessment of: whether the accounting policies are appropriate to the Group’s and the parent Company’s 
circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting 
estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial 
and non-financial information in the Annual Report and Accounts to identify material inconsistencies with the audited financial 
statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, 
the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material 
misstatements or inconsistencies we consider the implications for our report.
Opinion on financial statements
In our opinion:
• the financial statements give a true and fair view of the state of the Group’s and of the parent Company’s affairs as at  
31 December 2015 and of the Group’s profit for the year then ended;
• the Group financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union; 
• the parent Company financial statements have been properly prepared in accordance with IFRSs as adopted by the 
European Union and as applied in accordance with the provisions of the Companies Act 2006; and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Strategic Report and the Directors’ Report for the financial year for which the 
financial statements are prepared is consistent with the financial statements. Strategic Report  |  Governance  |  Financial Statements
48
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, 
in our opinion:
• adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been 
received from branches not visited by us; or
• the parent Company financial statements are not in agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
David Wilson (Senior Statutory Auditor)
for and on behalf of Ernst & Young LLP, Statutory Auditor
London
11 March 2016
Notes:
1 The maintenance and integrity of the StatPro Group plc website is the responsibility of the directors; the work carried out by the auditors does not 
involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the 
financial statements since they were initially presented on the website.
2 Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other 
jurisdictions.
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF STATPRO GROUP PLC 
(CONTINUED...) 49
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2015
Notes
2015
£’000s
2014
£’000s
Revenue 2 30,187 32,018
Operating expenses before amortisation of intangible assets and exceptional items (23,722) (25,529)
Amortisation of acquired intangible assets 11 (32) (188)
Amortisation of other intangible assets 11 (3,734) (3,640)
Operating expenses 3 (27,488) (29,357)
Operating profit 2,699 2,661
Finance income 6 9 12
Finance expense 6 (299) (303)
Net finance expense (290) (291)
Profit before taxation 2 2,409 2,370
Taxation 7 (788) (774)
Profit for the year 1,621 1,596
Earnings per share – basic 10 2.4p 2.4p
Earnings per share – diluted 10 2.4p 2.4p
GROUP STATEMENT OF COMPREHENSIVE INCOME 
FOR THE YEAR ENDED 31 DECEMBER 2015
2015
£’000s
2014
£’000s
Profit for the year 1,621 1,596
Other comprehensive income to be reclassified to the income statement:
Net exchange differences (4,012) (946)
Total comprehensive (loss)/income for the year (2,391) 650 Strategic Report  |  Governance  |  Financial Statements
50
BALANCE SHEETS 
AT 31 DECEMBER 2015
Notes
Group
2015
£’000s
Group
2014
£’000s
Company
2015
£’000s
Company
2014
£’000s
Non-current assets
Goodwill 11 42,460 46,724 – –
Other intangible assets 11 6,153 5,822 60 511
Property, plant and equipment 12 2,233 2,470 – –
Other receivables 14 147 109 14,602 15,781
Deferred tax assets 17 807 988 6 –
Investments 13 – – 43,494 43,385
51,800 56,113 58,162 59,677
Current assets
Trade and other receivables 14 8,264 7,722 14 123
Financial instruments – other 18 – 27 – 27
Current tax assets 198 – – –
Cash and cash equivalents 2,203 2,692 224 897
10,665 10,441 238 1,047
Liabilities
Current liabilities
Financial liabilities – borrowings 18 (118) (12) – –
Financial instruments – other 18 (41) (15) (41) (15)
Trade and other payables 15 (4,654) (6,088) (12,709) (15,945)
Current tax liabilities (1,106) (828) (616) (227)
Deferred income (13,217) (12,603) – –
Provisions 16 (642) (725) (642) (676)
(19,778) (20,271) (14,008) (16,863)
Net current liabilities (9,113) (9,830) (13,770) (15,816)
Non-current liabilities
Financial liabilities – borrowings 18 (801) – (639) –
Other creditors 15 (47) (76) – –
Deferred tax liabilities 17 (233) (449) (10) (84)
Deferred income (89) (60) – –
Provisions 16 – (13) – –
(1,170) (598) (649) (84)
Net assets 41,517 45,685 43,743 43,777
Shareholders’ equity
Share capital 20 678 677 678 677
Share premium 23,537 23,474 23,537 23,474
Shares to be issued 63 63 63 63
Treasury shares (249) (249) (249) (249)
Other reserves 2,692 6,704 2,369 2,369
Retained earnings 14,796 15,016 17,345 17,443
Total shareholders’ equity 41,517 45,685 43,743 43,777
The financial statements were approved by the Board of Directors on 11 March 2016 and were signed on its behalf by: 
Justin Wheatley     Andrew Fabian
Director     Director 51
STATEMENT OF CASH FLOWS 
FOR THE YEAR ENDED 31 DECEMBER 2015
Notes
Group
2015
£’000s
Group
2014
£’000s
Company
2015
£’000s
Company
2014
£’000s
Operating activities
Cash generated from operations 22 6,548 7,705 316 1,698
Finance income 9 12 3 5
Finance costs (93) (22) (81) (20)
Tax paid (832) (1,173) (154) (110)
Net cash flow from operating activities 5,632 6,522 84 1,573
Investing activities
Investment in intangible assets 11 (4,127) (4,053) – (665)
Purchase of property, plant and equipment 12 (881) (1,863) – –
Proceeds from the disposal of property, plant and equipment 9 12 – –
Dividends received from subsidiaries – – 500 545
Net cash flow (used in)/from investing activities (4,999) (5,904) 500 (120)
Financing activities
Net proceeds from bank loan 639 – 639 –
Net proceeds from finance leases 269 – – –
Proceeds from issue of ordinary shares 20 64 2 64 2
Dividends paid to shareholders 9 (1,960) (1,889) (1,960) (1,889)
Net cash flow used in financing activities (988) (1,887) (1,257) (1,887)
Net decrease in cash and cash equivalents (355) (1,269) (673) (434)
Cash and cash equivalents at 1 January 2,692 4,014 897 1,331
Effect of exchange rate movements (134) (53) – –
Cash and cash equivalents at 31 December 2,203 2,692 224 897 Strategic Report  |  Governance  |  Financial Statements
52
Share  
capital
£’000s
Share  
premium
£’000s
Shares to  
be issued
£’000s
Treasury  
shares
£’000s
Other  
reserves
£’000s
Retained  
earnings
£’000s
Total  
equity
£’000s
At 1 January 2014 677 23,472 63 (249) 7,650 15,295 46,908
Profit for the year – – – – – 1,596 1,596
Other comprehensive income – – – – (946) – (946)
Total comprehensive income – – – – (946) 1,596 650
Transactions with owners:
Share-based payment transactions – – – – – 26 26
Tax relating to share option scheme – – – – – (12) (12)
Shares issued – 2 – – – – 2
Dividends – – – – – (1,889) (1,889)
– 2 – – – (1,875) (1,873)
At 31 December 2014 677 23,474 63 (249) 6,704 15,016 45,685
Share  
capital
£’000s
Share  
premium
£’000s
Shares to  
be issued
£’000s
Treasury  
shares
£’000s
Other  
reserves
£’000s
Retained  
earnings
£’000s
Total  
equity
£’000s
At 1 January 2015 677 23,474 63 (249) 6,704 15,016 45,685
Profit for the year – – – – – 1,621 1,621
Other comprehensive income – – – – (4,012) – (4,012)
Total comprehensive income – – – – (4,012) 1,621 (2,391)
Transactions with owners:
Share-based payment transactions – – – – – 121 121
Tax relating to share option scheme – – – – – (2) (2)
Shares issued 1 63 – – – – 64
Dividends – – – – – (1,960) (1,960)
1 63 – – – (1,841) (1,777)
At 31 December 2015 678 23,537 63 (249) 2,692 14,796 41,517
Other reserves include merger reserves of £2,369,000 (2014: £2,369,000) and translation reserve of £323,000 (2014: 
£4,335,000). The merger reserve arose on acquisitions and represents the difference between the fair value of shares issued 
and the nominal value of the shares. The translation reserve incorporates the gains and losses on revaluation of the net 
assets and liabilities of subsidiary undertakings and other currency gains and losses that are treated as part of equity. 
GROUP STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2015 53
COMPANY STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY 
FOR THE YEAR ENDED 31 DECEMBER 2015
Share 
capital
£’000s
Share 
premium
£’000s
Shares to 
be issued
£’000s
Treasury 
shares
£’000s
Other 
reserves
£’000s
Retained 
earnings
£’000s
Total  
equity
£’000s
At 1 January 2014 677 23,472 63 (249) 2,369 16,706 43,038
Profit for the year – – – – – 2,612 2,612
Other comprehensive income – – – – – – –
Total comprehensive income – – – – – 2,612 2,612
Transactions with owners:
Share-based payment transactions – – – – – 26 26
Tax relating to share option scheme – – – – – (12) (12)
Shares issued – 2 – – – – 2
Dividends – – – – – (1,889) (1,889)
– 2 – – – (1,875) (1,873)
At 31 December 2014 677 23,474 63 (249) 2,369 17,443 43,777
Share 
capital
£’000s
Share 
premium
£’000s
Shares to 
be issued
£’000s
Treasury 
shares
£’000s
Other 
reserves
£’000s
Retained 
earnings
£’000s
Total  
equity
£’000s
At 1 January 2015 677 23,474 63 (249) 2,369 17,443 43,777
Profit for the year – – – – – 1,743 1,743
Other comprehensive income – – – – – – –
Total comprehensive income – – – – – 1,743 1,743
Transactions with owners:
Share-based payment transactions – – – – – 121 121
Tax relating to share option scheme – – – – – (2) (2)
Shares issued 1 63 – – – – 64
Dividends – – – – – (1,960) (1,960)
1 63 – – – (1,841) (1,777)
At 31 December 2015 678 23,537 63 (249) 2,369 17,345 43,743
Other reserves are merger reserves of £2,369,000 (2014: £2,369,000). The merger reserve arose on acquisitions and 
represents the difference between the fair value of shares issued and the nominal value of the shares. Share-based payment 
transactions in reserves include a credit of £109,000 (2014: 23,000) relating to investments in subsidiaries. Strategic Report  |  Governance  |  Financial Statements
54
NOTES TO THE FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2015
1 Principal accounting policies 
The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies 
have been consistently applied to all the years presented unless otherwise stated.
Accounting convention
These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and 
IFRIC interpretations endorsed by the European Union (‘EU’) and those parts of the Companies Act 2006 applicable to 
companies reporting under IFRS. The financial statements have been prepared under the historical cost convention modified 
to include the measurement of financial assets and liabilities at fair value through profit or loss. A summary of the significant 
Group accounting policies is set out below, together with an explanation of where changes have been made to previous 
policies on the adoption of new accounting standards in the year.
As permitted by Section 408 of the Companies Act 2006, the Company has not presented its own income statement  
or statement of comprehensive income. The profit after taxation for the financial year of the Company was £1,743,000  
(2014: £2,612,000). 
The Group and parent Company financial statements are presented in sterling and all values are rounded to the nearest 
thousand pounds (£’000s) except where otherwise indicated.
Basis of preparation – going concern
The Group operates in the asset management sector of the financial services industry and whilst many of our clients are part 
of banking groups most of them are relatively resilient to the challenging economic backdrop. This is because, like StatPro itself, 
they themselves have recurring revenue business models and, to a large extent, the services and software provided by 
StatPro are reasonably embedded within their core operations. StatPro has a client base of around 500 (2014: 500), which is 
diversified geographically and by product and with no significant client concentration. The largest client group, which comprises 
a number of contracts for a variety of products and in a number of territories, represents less than 6% of recurring revenue. 
StatPro has a level of cancellations each year but most of our contracts are multi-year agreements which roll into subsequent 
commitments unless written notice is given to terminate the contract. For most software contracts the annual licence fee is 
payable in advance and for data contracts the fees are monthly in advance. For these reasons, we have good visibility on any 
potential deterioration in our trading outlook and potential risks to our business.
Renewals occur throughout the year although there is a slightly greater weighting in the fourth quarter. The Board closely 
monitors clients that are potentially at risk of cancellation as well as the pipeline of new business. 
The Group has both cash and undrawn credit facilities available to support its business operations and therefore the Board 
believes that the Group is well-positioned to manage the business risks. In reaching their conclusion the Board has reviewed 
cash flow forecasts. After making appropriate enquiries, the directors have a reasonable expectation that the Group has 
adequate resources to continue in operational existence for the foreseeable future. For these reasons, the Board continues to 
adopt the going concern basis in preparing the Group and Company financial statements.
Critical accounting estimates and judgements
The preparation of financial statements under IFRS requires management to make estimates and assumptions concerning 
the future. The resulting accounting estimates will, by definition, therefore not necessarily equate to the actual outcome. 
Estimates are made by the directors based on experience and estimates believed to be reasonable expectations of future 
outcomes. Critical accounting estimates and judgements are made in the following areas:
• Impairment of goodwill;
• Carrying value of development assets; and
• Deferred tax recognition. 55
The accounting policies in respect of these items are set out below and further details can be found in notes 11 and 17.
Impairment of goodwill
The Group’s impairment test for goodwill and intangible assets with indefinite useful lives is based on a value in use calculation. 
The value in use calculation is based on a discounted cash flow model. The cash flows are derived from the budget and 
projections for the next five years and do not include restructuring activities that the Group is not yet committed to or 
significant future investments that will enhance the asset’s performance of the cash generating unit being tested. The 
recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well as the expected 
future cash-inflows and the growth rate used for extrapolation purposes. The key assumptions used to determine the 
recoverable amount for the different cash generating units, including a sensitivity analysis, are disclosed further in note 11.
Carrying value of development assets
Development costs are capitalised in accordance with Group accounting policy. Initial recognition is based on management’s 
judgement that technological and economical feasibility is confirmed, usually when a product development project has 
reached a defined milestone according to an established project management model. In determining the amounts to be 
capitalised, management makes assumptions regarding the expected future cash generation of the assets, discount rates to 
be applied and the expected period of the benefits.
Uncertain tax positions
The Group establishes provisions, based on reasonable estimates, for possible consequences of audits by tax authorities of 
the respective countries in which it operates. The amount of such provisions is based on various factors, such as experience 
with previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority. 
Management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the 
likely timing and the level of future taxable profits together with an assessment of the effect of future tax planning strategies. 
The level of deferred tax assets recognised and potentially recognisable is disclosed in note 17.
New and amended accounting standards and interpretations
There were no new or amended IFRS and IFRIC interpretations effective as of 1 January 2015.
Interpretations and revised standards that are not yet effective and have not been early adopted by the Group
The following interpretations to existing standards have been published that are mandatory for the Group’s future accounting 
but which the Group has not adopted early. Management has not yet fully assessed the impact of these new standards.
• IFRS 9 Financial Instruments – Classification and Measurement – 1 January 2018;
• IFRS 14 Regulatory Deferral Accounts – 1 January 2016;
• IFRS 15 Revenue from Contracts with Customers – 1 January 2018; and
• IFRS 16 Leases – 1 January 2019.
Basis of consolidation 
The Group financial statements consolidate the financial statements of the Company and its subsidiary undertakings all made 
up to 31 December each year. Subsidiaries are entities over which the Group has the power to govern the financial and 
operating policies generally accompanying a shareholding of more than one half of the voting rights. Strategic Report  |  Governance  |  Financial Statements
56
Revenue 
Revenue represents the invoiced value of goods and services, excluding value added tax, of the following: 
a) Licence revenue and related software support contracts 
Licence revenue and software support contract income relating to obligations under contracts is recognised in the income 
statement over the period of the contract, on a monthly basis, from the start of the month in which the licence commences. 
Any balance not relating to the accounting period is carried forward as deferred income on the balance sheet. 
b) Data fees
Data fee income is recognised in the income statement over the period of the contract, on a monthly basis, from the start of 
the month in which the contract commences. Any balance not relating to the accounting period is carried forward as deferred 
income on the balance sheet. Data overage revenue on data contracts (data revenue in excess of contracted amount) is 
recognised in the period that the overage was incurred.
c) Professional services revenue 
Income relating to consultancy projects is recognised in the income statement as a right to consideration is established as  
a result of performance.
d) Royalty revenue 
Income is recognised in the income statement as rights to consideration accrues.
Segmental reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision 
maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the 
operating segments, has been identified as the Group Executive Board (see note 2).
Research and development 
Expenditure on research and development comprises salaries and related costs of personnel involved in software 
programming and development activities. Development costs are capitalised where the appropriate recognition criteria in 
accordance with IAS 38 are met including the asset and related costs being separately identifiable, the use of the asset being 
technically feasible and intended and the asset being expected to generate future benefits. As a result there is an intangible 
asset relating to capitalised development costs (both internally developed and acquired) recognised on the Group’s balance 
sheet where the Board expects the benefits to be recovered through incremental revenue from future sales. The carrying 
values, which are analysed by product, are considered carefully by the Board and are reviewed for impairment whenever 
events or changes in circumstances indicate that the carrying amount may not be recoverable. 
Intangible assets – customer contracts
Customer contracts acquired with acquisitions are valued based on the net contribution expected to be realised over the 
estimated life of the contracts and discounted at an appropriate discount rate, taking into account any tax effects. The 
carrying values are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount 
may not be recoverable. 
Goodwill 
For business combinations before 1 January 2010, goodwill is calculated as the difference between the fair value of the 
consideration including all costs relating to the acquisition and the fair value of the Group’s share of the identifiable net assets 
of the acquired entity. In accordance with IFRS 3 (Revised), the calculation of goodwill relating to any acquisitions that 
completed after 1 January 2010 will not include any acquisition related costs. Goodwill is not amortised but is subject to annual 
impairment reviews. Goodwill arising on acquisitions prior to 1 January 2004 has been frozen with effect from 1 January 2004 
and is no longer amortised but subject to annual impairment reviews. 
NOTES TO THE FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2015
(CONTINUED...) 57
Business combinations
The results and net assets of subsidiary undertakings acquired are included in the Group income statement and balance 
sheet using the acquisition method of accounting from the effective date of acquisition, the date control is gained over the 
subsidiary. The results, and net assets of subsidiary undertakings disposed of, are included in the Group income statement 
and balance sheet using the acquisition method of accounting to the effective date of disposal. Income and expenditure 
relating to transactions between Group undertakings are eliminated on consolidation. 
Amortisation
The cost of other intangible assets are amortised on a straight-line basis over the expected useful lives of the assets  
as follows:
Development costs internally generated – 33% per annum
Customer contracts – over the period of the contracts (between 3 and 7 years) 
Other intangibles – software – between 14% and 33% per annum
Other intangibles – website development costs – 33% per annum 
Other intangibles – trademarks – 10% per annum 
Depreciation
The cost of property, plant and equipment is depreciated on a straight-line basis over the expected useful lives of the assets 
as follows:
Improvements to short leasehold property – over the period of the lease (between 3 and 12 years)
Office equipment  – between 10% and 20% per annum 
Fixtures and fittings – between 10% and 20% per annum 
Computer equipment – 33% per annum 
Investments 
Investments in subsidiary undertakings are stated at cost including estimated contingent consideration less any provisions  
for impairment.
Current and deferred taxation 
The tax expense for the period comprises current and deferred tax. The current tax charge is calculated on the basis of the 
tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company’s subsidiaries 
operate and generate taxable income. Deferred taxation is recognised in respect of all temporary differences between the 
tax bases of assets and liabilities and their carrying amounts in the financial statements at the balance sheet date and where 
these transactions or events result in an obligation to pay more tax, or a right to pay less tax in the future. Temporary 
differences are differences between the Group’s taxable profits and its results as stated in the financial statements. Deferred 
taxation assets are only recognised when their recoverability is more probable than not. Deferred taxation is measured at the 
average tax rates that are expected to apply in the periods in which the temporary differences are expected to reverse, 
based on tax rates and laws that have been enacted or substantively enacted at the balance sheet date. Recognised 
deferred tax is measured on a non-discounted basis. 
Leased assets 
Rentals applicable to operating leases are charged to the income statement on a straight-line basis over the term of the 
lease. Assets held under finance leases, which transfer to the Group substantially all the risks and benefits incidental to 
ownership of the leased item, are capitalised at the inception of the lease, with a corresponding liability being recognised for 
the lower of the fair value of the leased asset and the present value of the minimum lease payments. Lease payments are 
apportioned between the reduction of the lease liability and finance charges in the income statement. Strategic Report  |  Governance  |  Financial Statements
58
Financial instruments 
Financial assets
The Group classifies its financial assets in the following categories: fair value through profit or loss, loans and receivables, and 
available for sale. The classification depends on the purpose for which the financial assets were acquired. The directors 
determine the classification of its financial assets at initial recognition.
a) Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss are financial assets held for trading. A financial asset is classified in this 
category if acquired principally for the purpose of use in the short-term. Derivatives are also categorised as held for trading 
unless they are designated as hedges. Assets in this category are presented as current assets.
b) Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an 
active market. They are presented in current assets, except for those with maturities greater than 12 months after the 
balance sheet date, which are presented as non-current assets. 
c) Available-for-sale financial assets
The Company does not hold any assets available for sale (other than investments in subsidiaries which are deemed to be 
assets available for sale).
Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at 
amortised cost; any difference between the proceeds (net of prepaid transaction costs) and the redemption value (including 
interest) is recognised in the income statement over the period of the borrowings using the effective interest method. 
Borrowings are classified as current liabilities unless the facility is committed such that the Group has an unconditional right  
to defer settlement for at least 12 months from the balance sheet date.
Cash and cash equivalents
The Group considers all bank deposits and highly liquid investments of less than three months’ maturity (which are considered 
to have insignificant risk to a change in value) to be cash equivalents. Bank overdrafts are excluded from cash and cash 
equivalents and are presented within borrowings in current liabilities on the balance sheet.
Provisions 
A provision is recognised when the Group has a legal or constructive obligation as a result of a past event; it is probable that 
an outflow of economic benefits will be required to settle the obligation; and a reliable estimate can be made of the amount 
of the obligation. If the effect is material, expected future cash flows are discounted using a current pre-tax rate that reflects, 
where appropriate, the risks specific to the liability.
Pensions 
The Group provides contributions on behalf of certain directors and employees to a defined contribution pension scheme. 
Contributions payable in the year are charged to the income statement.
Share-based payments 
In common with many high-growth technology enterprises, the Company has issued a number of share options to executives 
and employees. Under IFRS, the equity-settled share-based payment awards are valued at fair value at inception and this 
cost is recognised over the option vesting period (typically three years). As there is no readily available market price for the 
options the Board has used an independent model to estimate the fair value of the options. There are a number of 
assumptions that affect the value and the Board has carefully considered these assumptions in order to derive an 
appropriate charge for the cost of options (note 20). The financial effects of awards by the Company of options over its 
equity shares to employees of subsidiary undertakings are recognised by the Company in its individual statements as an 
increase in its investment in subsidiaries with a credit to equity equivalent to the IFRS 2 cost in subsidiary undertakings. 
NOTES TO THE FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2015
(CONTINUED...) 59
Dividend distribution
Dividend distribution to the Company’s shareholders is recognised as a liability in the Group’s financial statements in the 
period in which the dividend becomes a liability of the Company. In the case of an interim dividend this is on the payment date; 
for final dividends this arises on the passing of the relevant resolution at the Annual General Meeting of the shareholders.
Exceptional items
Significant items which are separately disclosed on the face of the income statement by virtue of their size or incidence to 
enable a full understanding of the Group’s financial performance.
Foreign currencies 
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities 
denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences 
are taken to the income statement. The assets and liabilities of overseas subsidiary undertakings are translated at the rate of 
exchange ruling at the balance sheet date. The profit and loss for the year is translated at the average rate for the year. The 
exchange differences arising on retranslation of opening net assets are taken to other comprehensive income. The difference 
between the profit and loss at the average rate and closing rate are taken to other comprehensive income. All other 
translation differences are taken to the income statement. 
2 Segmental information
The Group’s operating segments have been determined based on the information regularly reviewed by the Group Executive 
Board, which has been identified as the chief operating decision maker (‘CODM’). The Group Executive Board considers the 
business to be split into two primary geographical markets: EMEAA and North America. Central costs relate to the expenses 
related to the Group’s headquarters and costs directly associated with the parent Company, which are managed by the 
Group management team. The external debt is held within Central. 
All revenue, profit/(loss) before taxation and total assets are attributable to the principal activity of the Group, being the 
development, marketing and distribution of software systems and the provision of web-based portfolio analysis and asset 
pricing services to the global asset management industry. Segment assets represent those assets arising from the operating 
activities of those segments. Segment results exclude the impact of any intercompany recharges of revenues or costs. 
Revenue was generated in the UK of £6.6 million (2014: £6.2 million) with non-current assets held by UK entities totalling  
£28.9 million (2014: £30.9 million). Strategic Report  |  Governance  |  Financial Statements
60
For the year ended 31 December 2015:
EMEAA
£’000s
North 
America
£’000s
Central
£’000s
Total
£’000s
Revenue 19,802 10,385 – 30,187
Segment expense (15,621) (9,330) (2,537) (27,488)
Operating profit/(loss) 4,181 1,055 (2,537) 2,699
Finance net income/(expense) 6 (5) (291) (290)
Profit/(loss) before taxation 4,187 1,050 (2,828) 2,409
Statement of financial position
Assets 28,785 32,844 836 62,465
Liabilities (13,220) (4,803) (2,925) (20,948)
Net assets 15,565 28,041 (2,089) 41,517
Other
Purchase of property, plant and equipment 392 489 – 881
Net investment in intangible assets 3,926 201 – 4,127
Depreciation of property, plant and equipment 569 427 – 996
Amortisation of intangibles 3,455 311 – 3,766
For the year ended 31 December 2014:
EMEAA
£’000s
North 
America
£’000s
Central
£’000s
Total
£’000s
Revenue 20,820 11,198 – 32,018
Segment expense (16,453) (10,810) (2,094) (29,357)
Operating profit/(loss) 4,367 388 (2,094) 2,661
Finance net income/(expense) 3 1 (295) (291)
Profit/(loss) before taxation 4,370 389 (2,389) 2,370
Statement of financial position
Assets 29,162 36,444 948 66,554
Liabilities (13,698) (5,452) (1,719) (20,869)
Net assets 15,464 30,992 (771) 45,685
Other
Purchase of property, plant and equipment 1,198 665 – 1,863
Net investment in intangible assets 2,786 602 665 4,053
Depreciation of property, plant and equipment 557 635 – 1,192
Amortisation of other intangibles 3,504 324 – 3,828
 
NOTES TO THE FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2015
(CONTINUED...) 61
The movement in Annualised Recurring Revenue (‘ARR’) in the year was as follows:
Annualised Recurring Revenue
ARR 2015
 £ million
ARR 2014
 £ million
As at 31 December 2014 29.39 28.72
Net impact of exchange rates (1.06) (0.42)
At 1 January 2015 (at December 2015 rates) 28.33 28.30
New contracted revenue 4.13 3.87
Cancellations/reductions/conversions (3.76) (2.78)
Net increase 0.37 1.09
ARR at 31 December 2015 28.70 29.39
Revenue by type of service was as follows:
2015
£ million
2014
£ million
Change
%
Revenue
Software licences – StatPro Seven 19.49 21.65 (10%)
Software licences – StatPro Revolution 5.72 3.66 56%
Software licences – Total 25.21 25.31 (0%)
Data fees 3.34 3.95 (15%)
Total recurring revenue 28.55 29.26 (2%)
Professional services and other revenue 1.64 2.76 (41%)
Total revenue 30.19 32.02 (6%)
Percentage of total revenue that is recurring 95% 91%
 
The revenue distribution profile for StatPro Revolution is as follows:
StatPro Revolution 
Annualised revenue bands
Annualised 
revenue
2015
£’000s
Number of 
clients
2015
Number
Average 
revenue per 
client
2015
£’000s
 Annualised
  revenue*
 2014
 £’000s
Number of 
clients
2014
Number
Average 
revenue per
client*
2014
£’000s
<£2k 73 69 1.1 146 127 1.1
£2k–£10k 344 73 4.7 430 97 4.4
£10k–£50k 1,812 85 21.3 1,386 62 22.4
£50k–£100k 2,158 29 74.4 1,324 19 69.7
>£100k 3,409 19 179.4 2,066 10 206.6
Total 7,796 275 28.3 5,352 315 17.0
* At constant currency. Strategic Report  |  Governance  |  Financial Statements
62
3 Operating expenses
2015
£’000s
2014
£’000s
Operating expenses relate to:
Staff costs 
– Research and development 4,930 4,985
– Other staff costs 9,633 10,962
– Share-based payments 121 26
– Internal development costs capitalised (note 11) (4,052) (3,615)
Total staff costs (note 4) 10,632 12,358
Depreciation of property, plant and equipment 996 1,192
Amortisation of intangible assets 3,766 3,828
Operating lease rentals in respect of:
– Land and buildings 1,512 1,670
– Other 19 57
Auditors’ remuneration (see below) 199 172
Other operating expenses 10,384 10,097
Exchange differences (20) (17)
Total operating expenses 27,488 29,357
Auditors’ remuneration
During the year the Group (including its overseas subsidiaries) obtained the following services from the Group’s auditor:
2015
£’000s
2014
£’000s
Audit of the financial statements 78 73
Local statutory audits of subsidiaries 32 35
Total Group audit fees 110 108
Audit-related assurance services 16 16
Taxation compliance services 23 13
Taxation advisory services 50 35
199 172
NOTES TO THE FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2015
(CONTINUED...) 63
Adjusted profit before taxation, adjusted operating profit margin and adjusted EBITDA
In order to provide the reader of the accounts with profit measures that more clearly demonstrate the underlying business 
performance from year-to-year a number of adjusted profit measures are shown below.
a) Adjusted profit before taxation
2015
£’000s
2014
£’000s
Profit before taxation 2,409 2,370
Add back: Amortisation on acquired intangible assets 32 188
Add back: Share-based payments 121 26
Adjusted profit before tax 2,562 2,584
b) Adjusted operating profit
2015
£’000s
2014
£’000s
Operating profit 2,699 2,661
Add back: Amortisation on acquired intangible assets 32 188
Add back: Share-based payments 121 26
Adjusted operating profit 2,852 2,875
c) Adjusted EBITDA
2015
£’000s
2014
£’000s
Operating profit 2,699 2,661
Add back: Depreciation of property, plant and equipment 996 1,192 
Add back: Amortisation on purchased intangible assets 196 292
Add back: Amortisation on acquired intangible assets 32 188
Add back: Share-based payments 121 26
Adjusted EBITDA 4,044 4,359
Adjusted EBITDA margin 13.4% 13.6%
d) Gross profit margin analysis
Gross profit margin analysis helps us assess the profitability of incremental revenue as the business evolves into a pure cloud 
business and the costs drivers begin to change. As there are a number of methodologies for allocating costs, we have 
described how we have allocated the cost elements. The cloud segment currently has a lower margin than the non-cloud part 
given the investment that is being undertaken, however, the Board’s view is that, as the business grows, the inherent scalability 
of cloud technology will lead to greater profitability in the future.
 2015 2014
Revenue 100.0% 100.0%
Cost of services (38.6%) (37.7%)
Gross profit margin 61.4% 62.3%
R&D costs (4.2%) (4.2%)
Sales & Marketing costs (11.3%) (11.0%)
General & Administration costs (32.9%) (33.6%)
(48.4%) (48.8%)
Share-based payments 0.4% 0.1%
Adjusted EBITDA 13.4% 13.6% Strategic Report  |  Governance  |  Financial Statements
64
Definition of cost category for gross margin analysis:
Cost of services includes Clients Services employee salaries, Data employee salaries, Development employee salaries related 
to support, contractors costs, data costs, costs of software and hardware maintenance.
R&D includes the element of Development employee salaries that relates to new research and development.
Sales and marketing includes Sales and Marketing employee salaries, external marketing costs and sales commissions.
General and administration includes the Finance, HR and IT employee salaries, communications costs, occupancy costs, 
professional fees, travel and expenses, and other costs. These are analysed in further details below.
General and Administration costs
2015 2014
Finance, HR and Administration (4.6%) (5.6%)
IT and Internal projects (5.1%) (3.7%)
Executive management (2.3%) (2.3%)
Employee related costs including travel (5.8%) (8.3%)
(17.8%) (19.9%)
Property and communications (10.3%) (9.9%)
Professional fees, insurance and other (4.8%) (3.8%)
(15.1%) (13.7%)
Total General and Administration costs (32.9%) (33.6%)
e) Free cash flow
2015
£’000s
2014
£’000s
Cash generated from operations 6,548 7,705
Net interest paid (84) (10)
Net tax paid (832) (1,173)
Purchase of property, plant and equipment (881) (1,863)
Investment in intangible assets (4,127) (4,053)
Free cash flow 624 606
4 Employees
The average number of full time equivalent employees, including executive directors, employed by the Group during the year 
was as follows:
2015
Number 
2014
Number 
By activity 
Selling, distribution and client services 130 134
Research and development 80 79
Operations, management and administration 32 38
242 251
NOTES TO THE FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2015
(CONTINUED...) 65
The number of employees at the end of December 2015 was 236 (2014: 245). The number of full time equivalent employees 
directly employed by the Company was 1 (2014: 1).
2015
£’000s
2014
£’000s
Staff costs:
Wages and salaries 12,334 13,610
Share-based payments (note 20) 121 26
Social security costs 1,811 1,890
Other pension costs 418 447
14,684 15,973
Capitalisation of internal development costs (4,052) (3,615)
Employee costs charged to income statement (note 3) 10,632 12,358
5 Directors’ emoluments 
Details of the remuneration of each director, pension entitlements and share options are included in the Remuneration Report 
on pages 44 to 46. For the remuneration of key management personnel see note 21.
6 Net finance costs
2015
£’000s
2014
£’000s
Bank interest receivable 9 12
Bank interest payable (155) (106)
Amortisation of arrangement fees (144) (197)
Net finance expense (290) (291)
7 Taxation 
2015
£’000s
2014
£’000s
Current tax
Current tax on profits for the year (1,223) (1,303)
Adjustments in respect of prior years 272 (125)
Total current tax (951) (1,428)
Total deferred tax 163 654
Income tax expense (788) (774)
The portion of exchange differences taken to equity as shown in the Group Statement of Comprehensive Income that has  
a tax impact solely relates to the exchange differences arising on the translation of the borrowings as disclosed in note 18.  
In 2015, the tax debit relating to these items is £40,000 (2014: credit of £16,000).
The tax on the Group’s profit before tax differs from the standard rate of corporation tax in the UK of 20.25% (2014: 21.5%)  
as follows:
2015
£’000s
2014
£’000s
Profit before tax 2,409 2,370
Tax charge on profit before tax at standard rate of corporation tax in the UK of 20.25% (2014: 21.5%) (488) (510)
Tax effects of:
Non-taxable income and non-deductible expenses (552) 272
Unrecognised deferred tax movement (183) (232)
Recognition of previously unrecognised deferred tax asset 260 523
Adjustments in respect of prior years 272 (125)
Effect of overseas taxes on current taxes (157) (311)
Effect of overseas taxes on deferred taxes 60 (391)
Tax charge (788) (774) Strategic Report  |  Governance  |  Financial Statements
66
8 Non-controlling interests 
The Group exercised its option to acquire a 49% non-controlling interest in SiSoft in June 2010, and in July 2013 we completed 
the acquisition of 55% of the minority interest (i.e. approximately 27% of the shares). Vendors representing approximately  
22% of the shares (i.e. 45% of the 49% minority interest) are disputing certain aspects of the valuation and we are in a legal 
process in the French Commercial Court to resolve the matter. There is therefore a risk that the final consideration 
determined by the Court including related costs will be higher than the amount provided – see notes 16 and 26. We will provide 
a further update if the position changes materially or on the completion of the acquisition.
9 Dividends 
Dividends of £1.96 million (2014: £1.89 million) were paid during the year as follows:
Dividend
Dividend 
rate
p/share
2015
Amount
£’000s
Final dividend 2014 2.05 1,386 
Interim dividend 2015 0.85 574 
1,960 
Dividend
Dividend 
rate
p/share
2014
Amount
£’000s
Final dividend 2013 1.95 1,316 
Interim dividend 2014 0.85 573 
1,889 
The directors have recommended a final dividend of 2.05p per ordinary share for 2015 (2014: 2.05p) resulting in a total 
dividend for the year of 2.9p per ordinary share (2014: 2.9p). If the 2015 final dividend is approved at the Annual General 
Meeting in May 2016 the dividend will be paid on 25 May 2016 to shareholders on the register at the close of business on  
29 April 2016 (ex-div date 28 April 2016). In accordance with IFRS, the dividend is not provided for as a liability in the accounts 
until it becomes a legal liability of the Company and will therefore be recorded in the interim and annual accounts for 2016. 
10 Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to ordinary shareholders by the weighted average 
number of ordinary shares in issue during the year. Diluted earnings per share is calculated by adjusting the weighted number 
of ordinary shares outstanding to assume conversion of all dilutive potential shares into ordinary shares. The Company has 
two categories of dilutive potential ordinary shares: shares to be issued and share options. For the share options, a calculation 
is performed to determine the number of shares that could have been acquired at fair value (determined as the average 
annual market share price of the Company’s shares) based on the monetary value of the subscription rights attached to the 
outstanding share options. The number of shares calculated as above is compared with the number of shares that would 
have been issued assuming the exercise of the share options. 
Earnings per share – basic and diluted
Earnings
2015
£’000s
Weighted 
average 
number of 
shares 
2015
£’000s
Earnings per 
share 
2015
pence
Earnings
2014
£’000s
Weighted 
average 
number of 
shares 
2014
£’000s
Earnings per 
share 
2014
pence
Earnings per share – basic 1,621 67,568 2.4 1,596 67,479 2.4
Potentially dilutive shares – 551 (0.0) – 60 (0.0)
Earnings per share – diluted 1,621 68,119 2.4 1,596 67,539 2.4
NOTES TO THE FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2015
(CONTINUED...) 67
Earnings per share – adjusted 
Earnings
2015
£’000s
Weighted 
average 
number of 
shares
2015
£’000s
Earnings per 
share 
2015
pence
Earnings
2014
£’000s
Weighted 
average 
number of 
shares
2014
’000s
Earnings per 
share 
2014
pence
Earnings per share – basic 1,621 67,568 2.4 1,596 67,479 2.4
Add back: amortisation of acquired intangibles 32 – 0.0 188 – 0.3
Add back: share-based payments 121 – 0.2 26 – 0.0
Adjusted earnings per share 1,774 67,568 2.6 1,810 67,479 2.7
Potentially dilutive shares – 551 (0.0) – 60 (0.0)
Adjusted earnings per share – diluted 1,774 68,119 2.6 1,810 67,539 2.7
The adjusted earnings per share information has been provided in order to assist the reader to understand the underlying 
performance of the business on a comparable basis. Potentially dilutive shares exclude any anti-dilutive share options.
11 Intangible assets
Group goodwill
Cost £’000s
At 1 January 2014 47,927
Exchange differences (1,203)
At 31 December 2014 46,724
Exchange differences (4,264)
At 31 December 2015 42,460
The movement on goodwill relates to exchange differences of £4.26 million (2014: £1.20 million). The total goodwill of  
£42.46 million includes goodwill for the North American region of £27.30 million (2014: £30.95 million) and goodwill for  
the EMEAA region of £15.16 million (2014: £15.77 million).
Goodwill impairment review
The carrying value of goodwill arising on acquisition is reviewed at each balance sheet date to assess whether there has been 
any impairment. Goodwill arising on acquisitions is allocated to cash generating units (‘CGUs’) by considering the Group’s share 
of the cash that is expected to be generated by the business or product that was acquired. The evaluation is based on 
management forecasts over the period five years forward and assuming a terminal value based on 3% growth thereafter. 
Discount rates are based upon a prudent risk-adjusted pre-tax weighted average cost of capital. The discount rates were 
increased in 2015 following a review of external market data.
2015 2014
Discount rate for CGUs 
EMEAA 11% 9%
North America 12% 10%
To assess for impairment, the value in use of the CGU is compared to the goodwill. If the resultant net present value of the 
discounted cash flows is less than the carrying value for goodwill the difference is written off through the income statement. 
Key assumptions in the projection of cash flows are: levels of new sales, renewal rates, growth in expenses and the discount 
rate. Management base these projections on the latest budgets and forecasts which take into account market conditions and 
economic factors. The headroom is therefore dependent upon sensitivities to these and other assumptions. The directors 
believe that there is no reasonable possible change in estimates that would lead to an impairment of goodwill in the EMEAA 
region. The largest element of goodwill is in the North American region and if EBITDA in the region were 35% below forecast 
then this could result in impairment. Strategic Report  |  Governance  |  Financial Statements
68
2015 2014
Sensitivity for North America
Headroom at 12% discount rate (2014: 10%) £9 million £12 million
Headroom at 10% discount rate (2014: 7.5%) £21 million £39 million
Discount rate indicating impairment 15% 13%
The fair value measure is also sensitive to exchange rates, and could have an impact on the goodwill impairment assessment. 
In particular the value of goodwill related to the FRI acquisition is linked to the Canadian dollar, whereas the underlying 
projection of cash flows is linked to exchange rates for several currencies. As a result, a strengthening Canadian dollar could 
have an adverse impact on the measured headroom. The goodwill on all acquisitions has been reviewed and, in the opinion of 
the directors, there is no impairment to the carrying value at 31 December 2015 (2014: nil). 
Other intangible assets
Group
Development 
costs 
– internally 
generated 
£’000s
Customer 
contracts
– acquired 
£’000s
Other 
intangibles
– purchased
£’000s
Intangible 
assets
– total 
£’000s
Cost 
At 1 January 2015 23,948 2,893 1,311 28,152
Additions 4,052 – 75 4,127
Exchange differences – – (125) (125)
At 31 December 2015 28,000 2,893 1,261 32,154
Amortisation 
At 1 January 2015 18,700 2,861 769 22,330
Charge for the year 3,538 32 196 3,766
Exchange differences – – (95) (95)
At 31 December 2015 22,238 2,893 870 26,001
Net book value     
At 31 December 2015 5,762 – 391 6,153
Included within internally generated development costs are costs capitalised of £3.03 million in relation to StatPro Revolution 
(2014: £2.13 million), the amortisation charge during 2015 was £2.14 million (2014: £1.84 million).
NOTES TO THE FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2015
(CONTINUED...) 69
Development 
costs 
– internally 
generated 
£’000s
Customer 
contracts
– acquired 
£’000s
Other 
intangibles
– purchased
£’000s
Intangible 
assets
– total 
£’000s
Cost 
At 1 January 2014 20,333 2,934 898 24,165
Additions 3,615 – 438 4,053
Exchange differences – (41) (25) (66)
At 31 December 2014 23,948 2,893 1,311 28,152
Amortisation 
At 1 January 2014 15,352 2,714 502 18,568
Charge for the year 3,348 188 292 3,828
Exchange differences – (41) (25) (66)
At 31 December 2014 18,700 2,861 769 22,330
Net book value     
At 31 December 2014 5,248 32 542 5,822
Company 
Development
costs
– internally 
generated 
£’000s
Other
intangibles
– purchased
£’000s
Intangible 
assets
– total
£’000s
Cost
At 1 January 2015 9,360 19 9,379
Additions – – –
At 31 December 2015 9,360 19 9,379
 At 1 January 2015 8,860 8 8,868
Charge for the year 449 2 451
At 31 December 2015 9,309 10 9,319
Net book value    
At 31 December 2015 51 9 60
Development
costs
– internally
generated 
£’000s
Other
intangibles
– purchased
£’000s
Intangible 
assets
– total
£’000s
Cost
At 1 January 2014 8,695 19 8,714
Additions 665 – 665
At 31 December 2014 9,360 19 9,379
Amortisation 
At 1 January 2014 8,354 6 8,360
Charge for the year 506 2 508
At 31 December 2014 8,860 8 8,868
Net book value    
At 31 December 2014 500 11 511 Strategic Report  |  Governance  |  Financial Statements
70
Acquired and internally generated development costs
Expenditure on research and development comprises salaries and related costs of personnel involved in software 
programming and development activities. Development costs are capitalised, where recognition criteria are met. As a result, 
there is an intangible asset relating to capitalised development costs (both internally developed and acquired) recognised on 
the Group’s balance sheet where the Board expects the benefits to be recovered through incremental revenue from future 
sales. Development expenditure is amortised over a three year period as, in the opinion of the directors, this is the period over 
which the benefits arise. The carrying values, which are analysed by product, are considered carefully by the Board and if 
there has been any impairment in any development costs then the carrying value is written down accordingly. There was no 
impairment in 2015 (2014: nil). 
Customer contracts
Customer contracts acquired were valued on acquisition by estimating the future cash flows to be derived from those 
contracts over a period varying between three and seven years depending on the type of contract and discounting cash flows 
at a discount rate of 10% (2014: 10%), adjusting for any tax impact. The resultant fair value for the acquired customer contracts 
is amortised over a period of between three and seven years as, in the opinion of the directors, this is the period over which 
the benefits arise. At each balance sheet date the current values of the original contracts are reviewed against the carrying 
values to assess for impairment. The acquired customer contracts have been reviewed and, in the opinion of the directors, 
there is no impairment to the carrying value at 31 December 2015 (2014: nil). 
12 Property, plant and equipment
a) Group
Improvements 
to short 
leasehold 
property 
£’000s
Office 
equipment 
£’000s
Fixtures
and 
fittings 
£’000s
Computer 
equipment
£’000s
Total 
£’000s
Cost 
At 1 January 2015 2,207 212 1,116 3,183 6,718
Additions 153 27 90 611 881
Disposals/write offs (938) (7) – (86) (1,031)
Exchange differences (101) (7) (66) (311) (485)
At 31 December 2015 1,321 225 1,140 3,397 6,083
Depreciation
At 1 January 2015 1,532 145 661 1,910 4,248
Charge for the year 134 18 96 748 996
Disposals/write offs (938) (6) – (76) (1,020)
Exchange differences (73) (6) (67) (228) (374)
At 31 December 2015 655 151 690 2,354 3,850
Net book value      
At 31 December 2015 666 74 450 1,043 2,233
NOTES TO THE FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2015
(CONTINUED...) 71
Improvements 
to short
leasehold 
property 
£’000s
Office 
equipment 
£’000s
Fixtures
and 
fittings 
£’000s
Computer 
equipment
£’000s
Total 
£’000s
Cost 
At 1 January 2014 2,205 174 744 2,229 5,352
Additions 384 57 392 1,030 1,863
Disposals/write offs (335) (14) – (5) (354)
Exchange differences (47) (5) (20) (71) (143)
At 31 December 2014 2,207 212 1,116 3,183 6,718
Depreciation
At 1 January 2014 1,474 150 605 1,240 3,469
Charge for the year 376 11 79 726 1,192
Disposals/write offs (286) (11) – (3) (300)
Exchange differences (32) (5) (23) (53) (113)
At 31 December 2014 1,532 145 661 1,910 4,248
Net book value      
At 31 December 2014 675 67 455 1,273 2,470
The carrying value of plant and machinery held under finance leases at 31 December 2015 was £101,000 (2014: nil). Additions 
during the year include £193,000 (2014: nil) of plant and machinery under finance leases.
As part of the financing arrangement with Wells Fargo Capital Finance, the bank has security over certain Group assets.
b) Company 
The Company had no property, plant or equipment at 31 December 2015 (2014: nil). 
13 Investments in subsidiary undertakings
2015
£’000s
2014
£’000s
Company – cost and net book value
At 1 January 2015 43,385 43,362
Net increase in investments* 109 23
At 31 December 2015 43,494 43,385
* Included in increase in investments is £109,000 relating to share-based payments transactions with subsidiaries (2014: £23,000). Strategic Report  |  Governance  |  Financial Statements
72
The Company’s principal subsidiary undertakings at 31 December 2015 comprised the following:
Country of incorporation
Total 
percentage 
held by the 
Group 
Total 
percentage 
held by the 
Company 
StatPro Limited England and Wales 100% 100%
Performa Consultants UK Limited England and Wales 100% 100%
StatPro SA Luxembourg 100% –
StatPro International S.a.r.l. Luxembourg 100% –
StatPro (Deutschland) GmbH Germany 100% –
StatPro France SARL France 100% –
StatPro Italia Srl Italy 100% 100%
SiSoft Sarl
1
France 78% 78%
StatPro Suisse SARL Switzerland 100% –
StatPro Inc USA 100% 100%
StatPro Canada Inc Canada 100% –
StatPro North America Inc
2
Canada 100% 100%
StatPro South Africa (Pty) Ltd Republic of South Africa 100% 100%
StatPro Asia Ltd Hong Kong 100% 100%
StatPro Australia Pty Ltd Australia 100% 100%
1 StatPro Group plc has exercised its option to acquire the remaining 22% of SiSoft Sarl, however, the legal process for completion of the transfer is not 
complete as the remaining non-controlling holders are disputing the valuation (note 8).
2 StatPro North America Inc has been amalgamated into StatPro Canada Inc with effect from 1 January 2016.
All trading subsidiaries are involved in either the development, or marketing and distribution of software and data solutions 
and related professional services to the global asset management industry and have been included in the consolidation. 
14 Trade and other receivables
Current assets: trade and other receivables
Group 
2015
£’000s
Group 
2014
£’000s
Company 
2015
£’000s
Company 
2014
£’000s
Trade receivables 6,219 5,794 – –
Other receivables 111 58 3 –
Prepayments 1,464 1,376 11 123
Accrued income 286 228 – –
VAT recoverable 109 121 – –
Rental deposits 75 145 – –
8,264 7,722 14 123
The ageing of the Group’s trade debtors at 31 December 2015 is analysed as follows: 
2015
£’000s
2014
£’000s
Neither past due nor impaired 2,713 2,215
Not more than three months 3,062 3,150
More than three months and not more than six months 111 230
More than six months 333 199
6,219 5,794
NOTES TO THE FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2015
(CONTINUED...) 73
Trade receivables are non-interest bearing, are generally 30 – 60 days terms, and are shown net of a provision for 
impairment. As at 31 December 2015 trade receivables at nominal value of £9,000 (2014 £87,000) were determined to be 
impaired because of poor payment history of the debtor and fully provided for. Movements in the provision for impairment  
of receivables were as follows:
Group 
2015
£’000s
Group 
2014
£’000s
At 1 January 87 76
Charge for the year 36 66
Unused amounts reversed (78) (55)
At 31 December 45 87
The bad debt provision as a percentage of the trade receivables was 0.7% (2014: 1.5%).
Non-current assets: other receivables
Group 
2015
£’000s
Group 
2014
£’000s
Company 
2015
£’000s
Company 
2014
£’000s
Rental deposits 147 109 – –
Receivables from subsidiaries – – 14,602 15,781
147 109 14,602 15,781
15 Trade and other payables
Current liabilities: trade and other payables 
Group
2015
£’000s
Group 
2014
£’000s
Company
2015
£’000s
Company
2014
£’000s
Trade creditors 1,416 1,433 56 41
Other creditors and accruals 2,053 2,903 228 259
Other taxation and social security 1,185 1,752 – 1
Payable to subsidiaries – – 12,425 15,644
4,654 6,088 12,709 15,945
Non-current liabilities: other creditors
2015
£’000s
2014
£’000s
Other creditors 47 76
47 76
The non-current ‘Other creditors and accruals’ of £0.05 million (2014: £0.08 million) relates to lease inducements, which are 
amortised over the period of the relevant lease.
16 Provisions 
Provisions – Group
2015
Contingent 
consideration
£’000s
2015
Onerous 
contracts
£’000s
2015
Total
£’000s
2014
Total
£’000s
At 1 January 676 62 738 980
Utilised in the year – (55) (55) (190)
Exchange differences (34) (7) (41) (52)
At 31 December 642 – 642 738 Strategic Report  |  Governance  |  Financial Statements
74
The contingent consideration is the consideration on the SiSoft acquisition and is now expected to be utilised in 2016 although 
it is possible that it will fall beyond 12 months. 
The ageing of provisions at 31 December 2015 is analysed as follows:
Group 
2015
£’000s
Group
2014
£’000s
Company
2015
£’000s
Company
2014
£’000s
Current 642 725 642 676
Non-current – 13 – –
642 738 642 676
17 Deferred taxation 
Deferred tax comprises:
Deferred taxation – Group
Assets
2015
Recognised 
asset
£’000s
2014
Recognised 
asset
£’000s
2015
Unrecognised 
asset
£’000s
2014
Unrecognised 
asset
£’000s
Accelerated capital allowances – 4 – –
Overseas tax losses 583 529 219 477
Share-based payments 6 17 – –
Other temporary differences 218 438 273 –
As at 31 December 807 988 492 477
Liabilities
2015
(Recognised 
liability)
£’000s
2014
(Recognised 
liability)
£’000s
Fair value adjustment to intangible assets (10) (38)
Other temporary differences (223) (411)
As at 31 December (233) (449)
The potential underlying tax losses and other timing differences at the year end were £11.04 million (2014: £10.67 million).  
Of the potential deferred tax asset of £1.30 million (2014: £1.47 million), a total of £0.81 million (2014: £0.99 million) was 
recognised. This represents 62% (2014: 67%) of the Group potential deferred tax assets. A proportion of the deferred tax 
asset has been recognised as in the opinion of the directors, it is probable that this proportion of assets will be recovered 
against future taxable profits. Deferred tax has been calculated at an estimated average rate for the Group of  
20% (2014: 20%). 
NOTES TO THE FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2015
(CONTINUED...) 75
Deferred taxation – Company
Asset and liability
2015
Recognised 
asset/ 
(Recognised 
liability)
£’000s
2014
Recognised  
asset/ 
(Recognised 
liability)
£’000s
2015
Unrecognised 
asset
£’000s
2014
Unrecognised 
asset
£’000s
Share-based payments 6 17 – –
Other temporary differences (10) (101) – –
As at 31 December (4) (84) – –
Movements in deferred tax assets
Group
2015
Recognised 
asset
£’000s
Group
2014
Recognised 
asset
£’000s
Company
2015
Recognised 
asset
£’000s
Company
2014
Recognised 
asset
£’000s
As at 1 January 988 450 18 36
Differences in tax rates (48) (6) (1) (11)
Recognised/(utilised) in the year (9) 560 (9) 4
Tax credited directly to equity (2) (12) (2) (12)
Exchange differences (122) (4) – –
As at 31 December 807 988 6 17
Movements in deferred tax liabilities
Group
2015
(Recognised 
liability)
£’000s
Group
2014
(Recognised 
liability)
£’000s
Company
2015
(Recognised 
liability)
£’000s
Company
2014
(Recognised 
liability)
£’000s
As at 1 January (449) (549) (101) (68)
Differences in tax rates 22 72 5 9
Utilised/(recognised) in the year 194 28 86 (42)
As at 31 December (233) (449) (10) (101)
No deferred tax liability has been recognised with respect to unremitted earnings at the balance sheet date as any profits 
distributed to the UK should meet the requirements of the UK dividend exemption and should be exempt from UK corporation 
tax. No deferred tax liability has been recognised with respect of investments in subsidiaries since, in the event of any sale, any 
gain or loss on disposal should meet the requirements of the UK Substantial Shareholders Exemption and should be exempt 
from UK corporation tax. From 1 April 2015, the main UK corporation tax rate reduced from 21% to 20%. Further reductions 
were announced in the UK budget on 8 July 2015 which will reduce the standard rate of UK corporation tax to 19% from 1 April 
2017 and 18% from 1 April 2020. These changes in the UK rate were substantively enacted prior to the balance sheet date and 
therefore the impact of the changes are included within the current year tax charge. Strategic Report  |  Governance  |  Financial Statements
76
18 Financial instruments and financial risk management
The Company’s and Group’s key financial risks and its approach to managing these risks are described in the Financial Review 
on pages 26 and 27.
a) Financial instruments
The Group’s financial instruments comprise cash, money market deposits, bank loans, provisions, derivative financial 
instruments and various other accounts receivable and accounts payable, that arise directly from its operations.
Cash and money market deposits, when held, are carried at fair value. All financial assets except derivatives belong to the 
category ‘loans and receivables’ in IAS 39. All financial liabilities except derivatives are held at amortised cost. The only 
derivative financial instruments relate to forward currency contracts which are purchased from banks and are considered 
Level 2 financial instruments in accordance with IFRS 13.
Bank loans are recorded at the value of the proceeds received less any direct issue costs which, due to the short-term nature 
of these instruments, approximates to fair value. They are subsequently stated at cost plus accrued interest, less any 
repayments which, due to the short-term nature of these instruments, approximates to amortised cost using the effective 
interest rate method. 
Contingent consideration provision is considered a Level 3 financial instrument, further information on contingent 
consideration can be found in note 16.
Derivative financial instruments are used by the Group to hedge against various financial risks, such as foreign currency and 
interest rate risk. They are initially recognised at fair value and are designated by the entity at fair value through profit or loss. 
As at 31 December 2015, the Group held forward currency hedging contracts to mitigate the effects of currency exposure 
relating to non-sterling financial assets and liabilities, cash flows and investments. The fair value of forward currency contracts 
relating to commercial transactions is recognised through the income statement, the net unrealised loss in respect of these 
contracts as at 31 December 2015 was £26,000 (2014: £14,000). The fair value of forward currency contracts relating to 
hedging of net investments designated in hedge accounting relationships is recognised through equity, and the net unrealised 
loss relating to these contracts recognised through equity as at 31 December 2015 was £9,000 (2014: unrealised  
gain £26,000).
The Company recognises financial instruments in its accounts when it enters into a binding agreement to receive cash or other 
economic benefits and derecognises them once all parties to the agreement have discharged all of their obligations. 
Interest income and expenses are recognised in the income statement on an accruals basis. Realised gains and losses upon 
expiry of derivative financial instruments are recognised on settlement of the underlying contract. 
Financial assets
The Group’s and Company’s financial assets at the year-end are analysed as follows:
2015
Group
£’000s
2014
Group
£’000s
2015
Company
£’000s
2014
Company
£’000s
Cash and cash equivalents 2,203 2,692 224 897
Financial instruments – 27 – 27
Rental deposits falling due after more than one year 147 109 – –
Rental deposits falling due within one year 75 145 – –
Trade debtors 6,219 5,794 – –
Accrued income 286 228 – –
8,930 8,995 224 924
NOTES TO THE FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2015
(CONTINUED...) 77
Financial liabilities
Committed facilities
The Group signed in July 2015 a new financing facility with Wells Fargo Capital Finance available for acquisitions, share buy 
backs and general corporate purposes. The facility is committed to July 2020, subject to compliance with agreed covenants. 
At 31 December 2015, the Group had both net cash of £1.27 million and committed credit facilities of £10.0 million available. As 
part of the acquisition of Investor Analytics in January 2016, the financing facilities were increased and the key features of the 
facilities are:
• Five year commitment period to July 2020.
• £10 million committed revolving credit facility.
• US$7 million committed term loan.
• US$3 million committed deferred drawdown loan.
• £7.5 million uncommitted additional facility.
The primary financial covenants are linked to recurring revenue and adjusted EBITDA while allowing the Group to invest for 
growth. As part of the secured financing arrangement with Wells Fargo, the bank has security over certain Group assets, 
including pledges over shares in certain subsidiaries.
The maturity of the Group’s financial liabilities as at 31 December 2015 was as follows:
Payable in  
1 year or less
£’000s
Payable in 
more than  
1 but less  
than 2 years
£’000s
Payable in 
more than  
2 but less 
than 5 years
£’000s
31 December 
2015
Total
£’000s
Bank loans and overdrafts 11 – 639 650
Finance leases 107 107 55 269
Financial instruments 41 – – 41
Trade creditors 1,416 – – 1,416
Other creditors and accruals 2,053 – – 2,053
Provisions – contingent consideration 642 – – 642
4,270 107 694 5,071
The maturity of the Group’s financial liabilities as at 31 December 2014 was as follows:
Payable in  
1 year or less
£’000s
Payable in 
more than  
1 but less  
than 2 years
£’000s
Payable in 
more than  
2 but less 
than 5 years
£’000s
31 December 
2014
Total
£’000s
Bank loans and overdrafts 12 – – 12
Financial instruments 15 – – 15
Trade creditors 1,433 – – 1,433
Other creditors and accruals 2,903 – – 2,903
Provisions – contingent consideration 676 – – 676
Provisions – onerous contracts 49 – 13 62
5,088 – 13 5,101
All trade creditors are due in less than three months.
  Strategic Report  |  Governance  |  Financial Statements
78
The maturity of the Company’s financial liabilities as at 31 December 2015 was as follows:
Payable in 
1 year or less
£’000s
Payable in 
more than 
1 but less 
than 2 years
£’000s
Payable in 
more than 
2 but less 
than 5 years
£’000s
31 December 
2015
Total
£’000s
Bank loans and overdrafts – – 639 639
Financial instruments 41 – – 41
Trade creditors 56 – – 56
Other creditors and accruals 228 – – 228
Payable to subsidiaries 12,425 – – 12,425
Provisions – contingent consideration 642 – – 642
13,392 – 639 14,031
The maturity of the Company’s financial liabilities as at 31 December 2014 was as follows:
Payable in 
1 year or less
£’000s
Payable in 
more than 
1 but less 
than 2 years
£’000s
Payable in 
more than 
2 but less 
than 5 years
£’000s
31 December 
2014
Total
£’000s
Financial instruments 15 – – 15
Trade creditors 41 – – 41
Other creditors and accruals 259 – – 259
Payable to subsidiaries 15,644 – – 15,644
Provisions – contingent consideration 676 – – 676
16,635 – – 16,635
Net investment in foreign operations
As part of our liability management, in order to provide a partial currency hedge against movements in the fair value of 
investments in overseas subsidiaries, we have made use of currency swaps to create synthetic currency hedges denominated 
in a mixture of currencies (USD, CAD, and EUR).  At 31 December 2015, the Group had currency swaps in place, with a notional 
principal amount of £4.90 million (2014: £5.11 million) as synthetic loan hedges. The Group recognised a net gain on the hedging 
instrument of £0.20 million (2014: £0.08 million) in equity.
b) Financial risk management
Interest rate risk
Financial assets as at 31 December 2015
At floating 
interest rates
£’000s
At fixed 
interest rates
£’000s
Non interest- 
bearing
£’000s
Total
£’000s
Weighted 
average 
interest rate
%
Sterling 295 – 212 507 0.5%
US dollar – – 233 233 –
Euro 57 – 723 780 0.3%
Swiss franc – – 73 73 –
Australian dollar – – 12 12 –
Canadian dollar – – 196 196 –
South African rand 3 – 375 378 3.8%
Hong Kong dollar – – 24 24 –
355 – 1,848 2,203
Financial assets are shown net of overdrafts under the Group Account (Currency) Terms of the Company’s loan facility  
with RBS.
NOTES TO THE FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2015
(CONTINUED...) 79
Financial assets as at 31 December 2014
At floating 
interest rates
£’000s
At fixed 
interest rates
£’000s
Non interest- 
bearing
£’000s
Total
£’000s
Weighted 
average 
interest rate
%
Sterling 1,228 – 114 1,342 0.4%
US dollar – – 189 189 –
Euro 77 – 896 973 0.5%
Swiss franc – – (13) (13) –
Australian dollar – – 216 216 –
Canadian dollar – – (85) (85) –
South African rand 84 – 74 158 4.3%
Hong Kong dollar – – (88) (88) –
1,389 – 1,303 2,692
Floating rate financial assets comprise cash, rental deposits and short-term bank deposits bearing interest based on bank 
base rates. The non-interest bearing financial assets represent rental deposits and cash balances held in non-interest bearing 
accounts in overseas entities. Trade debtors of £6.22 million (2014: £5.79 million) have been excluded from the above tables 
and are non-interest bearing. 
Financial liabilities as at 31 December 2015
At floating 
interest rates
£’000s
At fixed 
interest rates
£’000s
Non interest-
bearing
£’000s
Total
£’000s
Weighted 
average 
interest rate
%
Sterling 908 – – 908 4%
Euro 11 – 642 653 –
919 – 642 1,561
Financial liabilities as at 31 December 2014
At floating 
interest rates
£’000s
At fixed 
interest rates
£’000s
Non interest-
bearing
£’000s
Total
£’000s
Weighted 
average 
interest rate
%
Canadian dollar – – 62 62 –
Euro 12 – 676 688 –
12 – 738 750
Trade creditors, other creditors and accruals and other taxes of £4.65 million (2014: £6.09 million) have been excluded from 
the above tables and are non-interest bearing. 
Floating rate financial liabilities predominantly relate to bank loans in sterling, Canadian dollars, US dollars and euros. Some 
debt is denominated in currencies in order to provide a currency hedge for profits generated by overseas subsidiaries and the 
investments in those overseas net assets. 
As at 31 December 2015 the Group had no material borrowings and therefore it has not assumed any risk sensitivity to 
reasonably possible changes in interest rates (with all other variables held constant) on the Group’s profit before tax through 
the impact of floating rate borrowings.  The Group did not assume any risk sensitivity in 2014 as it had no material borrowings. Strategic Report  |  Governance  |  Financial Statements
80
Currency risk
The Group’s principal exposure to exchange rate fluctuations arises on the translation of overseas net assets and trading 
results into sterling for accounting purposes. The Group has a minimal transaction risk as most of the transactions are 
invoiced by the entities in their local currency. Where there are material exposures, these are covered by taking out currency 
contracts to eliminate the exposure. However, offsetting revenues against costs in the same currency reduces this risk so that 
only the residual accounting profit translation element is at risk. The balance sheet exposures are minimised by reducing the 
net asset exposure, for example, by arranging borrowings in local currency where appropriate. Where the resulting hedge 
qualifies for hedge accounting under IAS 39 the gains and losses on the translation of both the loan and the investment are 
deferred in equity. As the Group continues to grow and generates greater net profits overseas this exchange rate exposure 
will increase. Following the increase in the percentage of the Group’s operations that are overseas, the exposure to US dollars 
and euros in particular has increased. 
The table below shows the estimated sensitivity of the profit before tax and the net assets to movements in the key exchange 
rates to which the Group is exposed. If the US dollar and the euro strengthen/(weaken) against sterling this is expected to 
increase/(decrease) profits as shown below. 
Change in 
Currency vs.
 GBP
Effect 
on profit 
before tax 
£’000s
2015
US dollar/sterling +5% 58
-5% (53)
Euro/sterling +5% 209
-5% (189)
2014
US dollar/sterling +5% 77
-5% (70)
Euro/sterling +5% 257
-5% (233)
The main balance sheet translation exposure is to the revaluation of goodwill denominated in foreign currency; the largest 
component relates to the goodwill arising on the acquisition of FRI, a Canadian business and is denominated in Canadian 
dollars. A depreciation of 10% in sterling against the Canadian dollar would result in a £2.9 million increase in net assets and  
an appreciation of 10% in sterling against the Canadian dollar would result in a £2.3 million decrease in net assets.
The fair value of all financial assets and liabilities is approximately equal to book value. The Group has a forward foreign 
exchange facility which allows the Group to hedge foreign exchange exposures. The Group does not permit anyone in the 
Group to trade in financial instruments.
Counterparty credit risk
This is the risk that a counterparty will be unable to pay amounts in full when due. Credit risks are associated with deposits 
with banks and receivables from customers. The Group takes into account the credit risk of the counterparty to any major 
bank deposits but currently the level of bank deposits is such that this is not considered a material risk. There is no large 
concentration of credit risk with customers as the largest customer group currently represents less than 6% of projected 
Group revenues. The maximum exposure to credit risk comprises the value of the Group’s cash and debtor balances from 
time to time.
NOTES TO THE FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2015
(CONTINUED...) 81
Liquidity risk
This is the risk that the Group will have insufficient funds to meet its cash obligations when due. The Group manages this risk 
by close monitoring of projected cash collection from customers and cash obligations to suppliers and salary payments to 
staff, as well as all other cash commitments. At 31 December 2015, the Group also had £10 million headroom under its 
committed revolving credit and overdraft facility in addition to cash reserves to reduce the risk that an unforeseen change in 
the Group’s liquidity position will result in a breach of statutory or other payment obligations. 
The table below summarises the maturity of the Group’s financial liabilities as at 31 December 2015 and 2014 based on 
contractual undiscounted payments. 
The Group’s liquidity risk – 31 December 2015
On demand
£’000s
Payable in 1 
year or less
£’000s
Payable in 
more than 1 
but less than 
2 years
£’000s
Payable in 
more than 2 
but less than 
5 years
£’000s
31 December 
2015
Total
£’000s
Non-derivative financial liabilities
Interest bearing loans and overdrafts – 11 – 639 650
Finance leases – 107 107 55 269
Trade creditors and other payables – 3,469 – – 3,469
Other liabilities – 642 – – 642
– 4,229 107 694 5,030
Derivative financial liabilities
Foreign exchange forward contracts outflow – 5,574 – – 5,574
Foreign exchange forward contracts inflow – (5,539) – – (5,539)
– 35 – – 35
The Group’s liquidity risk – 31 December 2014
On demand
£’000s
Payable in 1 
year or less
£’000s
Payable in 
more than 1 
but less than 
2 years
£’000s
Payable in 
more than 2 
but less than 
5 years
£’000s
31 December 
2014
 Total
£’000s
Non-derivative financial liabilities
Interest bearing loans and overdrafts – 12 – – 12
Trade creditors and other payables – 4,336 – – 4,336
Other liabilities – 725 – 13 738
– 5,073 – 13 5,086
Derivative financial liabilities
Foreign exchange forward contracts outflow – 5,923 – – 5,923
Foreign exchange forward contracts inflow – (5,939) – – 5,939
– (16) – – (16) Strategic Report  |  Governance  |  Financial Statements
82
The Company’s liquidity risk – 31 December 2015
On demand
£’000s
Payable in 1 
year or less
£’000s
Payable in 
more than 1 
but less than 
2 years
£’000s
31 December 
2015
 Total
£’000s
Non-derivative financial liabilities
Trade creditors and other payables – 284 – 284
Other liabilities – 642 – 642
Payable to subsidiaries – 12,425 – 12,425
– 13,351 – 13,351
Derivative financial liabilities
Foreign exchange forward contracts outflow – 5,574 – 5,574
Foreign exchange forward contracts inflow – (5,539) – (5,539)
– 35 – 35
As noted in the Financial Review, the Group has a further £10 million of undrawn facilities available to it under the terms of its 
revolving credit and working capital facilities.
The Company’s liquidity risk – 31 December 2014
On demand
£’000s
Payable in 1 
year or less
£’000s
Payable in 
more than 1 
but less than 
2 years
£’000s
Payable in 
more than 2 
but less than 
5 years
£’000s
31 December 
2014 
Total
£’000s
Non-derivative financial liabilities
Trade creditors and other payables – 300 – – 300
Other liabilities – 676 – – 676
Payable to subsidiaries – 15,644 – – 15,644
– 16,620 – – 16,620
Derivative financial liabilities
Foreign exchange forward contracts outflow – 5,923 – – 5,923
Foreign exchange forward contracts inflow – (5,939) – – (5,939)
– (16) – – (16)
Capital risk
The Board’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to 
sustain further development of the business. The Board monitors the composition of investors as well as the return on capital, 
measured as earnings per share (profit attributable to shareholders divided by the weighted average number of ordinary 
shares in issue during the year). The capital managed by the Group comprises equity of £41.52 million (2014: £45.69 million) 
and borrowings of £0.92 million (2014: £12,000) as capital.
NOTES TO THE FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2015
(CONTINUED...) 83
19 Obligations under operating leases
The total of future minimum lease payments under non-cancellable operating leases are:
2015
£’000s
2014
£’000s
Land and buildings
Due within one year 1,431 1,296
Due between one year and five years 3,475 4,395
Due beyond five years 992 1,177
5,898 6,868
2015
£’000s
2014
£’000s
Other leases
Due within one year 39 56
Due between one year and five years 48 74
Due beyond five years – –
87 130
The carrying value of finance leases was £0.27 million (2014: nil). The total of future minimum lease payments under finance 
leases are shown below:
2015
£’000s
2014
£’000s
Computer equipment
Due within one year 113 –
Due between one year and five years 170 –
Due beyond five years – –
283 –
20 Called up share capital
2015
£’000s
2014
£’000s
Authorised
125,000,000 (2014: 125,000,000) ordinary shares of 1p each 1,250 1,250
Allotted, called up and fully paid
67,813,650 (2014: 67,707,650) ordinary shares of 1p each 678 677
The Company has only one class of ordinary shares in issue and there are no restrictions regarding voting or other distribution 
or repayment rights. At 31 December 2015, the Company held 225,000 shares in treasury (2014: 225,000), and therefore 
67,588,650 ordinary shares is the number of shares that may be used by shareholders in the Company as the denominator 
for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, 
the share capital of the Company under the FSA’s Disclosure and Transparency Rules, and for earnings per share calculations. 
The share premium account has increased to £23.54 million (2014: £23.47 million).
Shares in issue at 1 January 2015 67,707,650
Share options exercised 106,000
Shares in issue at 31 December 2015 67,813,650
Proceeds of £63,600 (2014: £2,400) were received in 2015 following the exercise of 106,000 share options (2014: 4,000 share 
options) at 60p. Strategic Report  |  Governance  |  Financial Statements
84
At 31 December 2015, the following options over shares/share awards in the Company were outstanding: 
2015 2014
Number of
options
‘000s
Weighted 
average
exercise price
Number of
options
‘000s
Weighted 
average
exercise price
Outstanding at 1 January 5,619 107p 6,245 109p
Granted 710 0p – –
Exercised (106) 60p (4) 60p
Lapsed (723) 94p (622) 123p
Outstanding at 31 December 5,500 96p 5,619 107p
Exercisable at 31 December 1,230 124p 1,004 90p
For options and share awards outstanding at 31 December 2015, the exercise price and weighted average remaining 
contractual lives were as shown below:
 
 
 
 
Options Outstanding Options Exercisable
No of
shares
 Weighted 
average
remaining life 
(yrs)
No of
shares
Weighted 
average
remaining life 
(yrs)
Exercise price 
0p 710,000 2.7 – –
88p 100,000 0.8 100,000 0.8
98p 340,000 7.2 – –
100p 1,070,000 2.4 250,000 –
108p 2,400,000 6.2 – –
135p 880,000 1.4 880,000 1.4
5,500,000 4.2 1,230,000 1.0
Share-based payments
Under the approved and unapproved option schemes the Remuneration Committee can grant options to employees of the 
Group. Options have been granted with a fixed exercise price which is typically issued at a premium to the market price. The 
contractual life is generally ten years from date of grant although occasionally a shorter period has been chosen. Options 
become exercisable after three years although exceptionally the period is shorter. Options issued to directors and senior 
executives carry performance criteria. There are other vesting conditions for options identified in the scheme rules, including 
performance conditions which are in the option terms with typically eps growth above a minimum hurdle, share price growth 
above a minimum level and a vesting period of three years. Options are valued using the Black-Scholes option-pricing model 
and the fair market value after consideration of market based performance conditions has been estimated using the following 
key assumptions: 
There were no share options issued in 2014. Details of options/share awards issued in 2015 were:
2015
Issue
Average exercise price 0p
Average market price at date of grant 78.5p
Total number of options under grant (granted after November 2002) 710,000
Average vesting period (years) 3.5
Expected volatility 40%
Option life (years) 3.5
Expected life (years) 3.5
Risk free rate 1.29%
Expected dividend yield 3.69%
Expected lapse rate 13%
Fair value of options issued in year 78.5p
NOTES TO THE FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2015
(CONTINUED...) 85
The risk free rate is based on the yield to maturity of a UK government bond for a term consistent with the assumed life of the 
options. The average share price in the year was 77.5p. The expected volatility level was determined by comparing the historic 
and current volatility for the Company and comparing with the average volatility for companies in the same sector to 
determine a reasonable estimate for the future volatility. The total charge in the income statement for the year relating to 
employee share-based payments for the Group was £121,000 (2014: £26,000) and for the Company was £12,000  
(2014: £3,000).
There were 1,230,000 options exercisable at the balance sheet date (2014: 1,003,500), with a weighted average exercise price 
of 124p (2014: 90p). The weighted average remaining contractual life for options outstanding at the balance sheet date is 4.2 
years (2013: 4.9 years).
On 10 March 2015, the Company issued 106,000 shares following the exercise of options under the Approved and  
Unapproved schemes.
21 Related party transactions 
During the year, the Group paid a fee of £10,000 (2014: £3,000) for training courses and other services supplied by Otos 
Limited, of which Carl Bacon is a Director. The year-end creditor balance with Otos Limited was £3,600 (2014: nil).
StatPro Group plc made a financial support payment of £50,000 in 2015 (2014: £50,000) to The Freedom Index Company Ltd, 
Freedom Index benchmarks, which are made available free-of-charge to the asset management community. Carl Bacon 
receives no fee for his services as a director of The Freedom Index Company Ltd.
During the year, the Group paid a fee of £4,050 (2014: £10,800) for consultancy services supplied by Mark Adorian (Non-
Executive Director) in relation to StatPro Revolution sales initiatives including developing the sales function. The year-end 
creditor balance with Mark Adorian was nil (2014: nil).
The Company undertakes a range of transactions, including management recharges, with its subsidiaries, which are 
summarised as follows: 
Transactions with related parties
Balances 
(owed by)/ 
due to the 
Company  
as at 31 
December 
2015
£’000s
Balances 
(owed by)/ 
due to the 
Company 
as at 31 
December 
2014
£’000s
Payable to subsidiaries
StatPro Limited (2,519) (4,807)
Performa Consultants UK Limited – (2,328)
StatPro SA (29) (89)
StatPro France – –
StatPro Inc (3,354) (2,059)
StatPro Canada Inc (6,523) (6,361)
(12,425) (15,644)
Receivables from subsidiaries 
StatPro South Africa (Pty) Ltd 66 83
StatPro North America Inc 4,394 4,565
StatPro International S.a.r.l. 10,142 11,133
14,602 15,781 Strategic Report  |  Governance  |  Financial Statements
86
Nature of transactions
Value of 
transactions  
2015
£’000s
Value of 
transactions  
2014
£’000s
Revenue from subsidiaries 9,932 10,561
Expensed recharges from subsidiaries (11,284) (11,963)
Expenses recharged to subsidiaries 3,539 2,232
Interest paid to subsidiaries (765) (799)
Interest received from subsidiaries 920 884
Dividends received from subsidiaries 500 545
Key management includes the executive directors and other members of the Group Executive Board. The compensation paid 
or payable to the executive directors is shown in the directors’ Remuneration Report on pages 44 and 45 and the share-
based payment charge relating to the executive directors is £50,000 (2014: £35,000). The compensation paid or payable  
to key management for employee services is shown below:
Key management compensation
Year to
31 December
2015
£’000s
Year to
31 December
2014
£’000s
Salaries and other short-term employee benefits 1,246 1,446
Defined contribution pension benefits 60 43
1,306 1,489
Share-based payment 118 55
1,424 1,544
22 Reconciliation of profit before tax to net cash inflow from operating activities
Group
2015
£’000s
Group
2014
£’000s
Company
2015
£’000s
Company
2014
£’000s
Profit before taxation 2,409 2,370 2,205 2,373
Dividends received – – (500) (545)
Net finance expense 290 291 284 211
Operating profit 2,699 2,661 1,989 2,039
Depreciation of property, plant and equipment 996 1,192 – –
Loss on disposal of property, plant and equipment 11 42 – –
Amortisation of intangible assets 3,766 3,828 451 508
(Increase)/decrease in receivables (782) (1,597) 1,100 (32)
(Decrease)/increase in payables and provisions (1,402) 1,364 (3,236) (820)
Increase/(decrease) in deferred income 1,139 189 – –
Share-based payments 121 26 12 3
Net cash inflow from operating activities before exceptional items 6,548 7,705 316 1,698
NOTES TO THE FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2015
(CONTINUED...) 87
23 Analysis of changes in net cash
At 
1 January 
2015
£’000s
Cash flow
£’000s
Non-cash 
changes
£’000s
Exchange 
differences
£’000s
At 
31 December 
2015
£’000s
Cash and cash equivalents (per balance sheet) 2,692 (355) – (134) 2,203
Overdrafts – – – – –
Cash and cash equivalents (per statement of cash flows) 2,692 (355) – (134) 2,203
Finance leases – (269) – – (269)
Bank and other loans (12) (639) – 1 (650)
Net cash 2,680 (1,263) – (133) 1,284
At 
1 January 
2014
£’000s
Cash flow
£’000s
Non-cash 
changes
£’000s
Exchange 
differences
£’000s
At 
31 December 
2014
£’000s
Cash and cash equivalents (per balance sheet) 4,014 (1,269) – (53) 2,692
Overdrafts – – – – –
Cash and cash equivalents (per statement of cash flows) 4,014 (1,269) – (53) 2,692
Bank loans (net of issue costs deferred) (12) – – – (12)
Net cash 4,002 (1,269) – (53) 2,680
24 Reconciliation of net cash flow to movement in net cash
2015
Group
£’000s
2014
Group
£’000s
2015
Company
£’000s
2014
Company
£’000s
Increase in cash and cash equivalents in the year (355) (1,269) (673) (434)
Movement on bank loans (639) – (639) –
Movement on finance leases (269) – – –
Exchange movements (133) (53) – –
Movement in net cash (1,396) (1,322) (1,312) (434)
Net cash at beginning of year 2,680 4,002 897 1,331
Net cash at end of year 1,284 2,680 (415) 897
25 Pensions
The Company operates a defined contribution pension scheme for directors and certain employees. The total costs of 
pension contributions during the year were £418,000 (2014: £447,000). Contributions outstanding at the end of December 
2015 were £42,000 (2014: £60,000). 
26 Contingent liabilities
As is normal for a group of this size and scope of operations, Group companies are involved in a number of potential legal 
claims and disputes from time to time arising from our activities, none of which are expected to have a material impact on the 
Group’s financial results.
The Board expects the remaining contingent consideration payable to the 45% minority shareholder (22% of total shares) in 
Sisoft to be in the range of €0.7 million – €1.1 million (approximately £0.6 million – £0.9 million). It is possible that it will not be 
fully resolved during 2016. There is also a risk that the final consideration determined by the Court including related costs will 
be higher than the amount provided, although the Board’s estimate of the measurement of the liability has not changed 
(allowing for fluctuations in exchange rates).  Strategic Report  |  Governance  |  Financial Statements
88
27 Capital commitments
At 31 December 2015, the Group had expenditure committed but not yet incurred of £0.80 million (2014: nil). 
28 Post Balance Sheet Events
Acquisition of Investor Analytics
On 21 January 2016, StatPro Inc. (a wholly owned subsidiary of the Company) acquired the entire share capital of Investor 
Analytics LLC (‘IA’), the US-headquartered, cloud-based risk analytics’ company to hedge funds and asset managers for a 
cash consideration of US$10 million. There is an additional contingent payment of up to US$6 million, payable after one year, 
which is dependent on securing a number of new contract wins.
Highlights of the acquisition are:
• Complementary Risk Factor and Monte Carlo models to add to StatPro’s Historical Simulation risk model
• Significantly increases StatPro’s US presence, enhancing geographical reach
• Annualised Recurring Revenue (‘ARR’) of US$4.85 million (£3.3 million)
• Increases StatPro’s cloud-based ARR to 34% of total Group ARR from 27%
• Expected to be earnings enhancing in 2016 on a pro forma basis following completion of the integration programme
• 53 client contracts – all new client relationships for StatPro 
• Cash consideration:
• US$7 million on closing
• Two deferred payments – US$2 million after one year and US$1 million after two years 
• Additional contingent payment – up to US$6 million after one year, dependent on securing a number of new contract wins
Based on unaudited results for the year ended 31 December 2015, IA is expected to report revenue of US$5.0 million (of which 
approximately 94% was recurring) and an EBITDA loss of approximately US$0.3 million. Cost synergies are expected to be 
approximately US$1.0 million per annum (£0.7 million) for data feeds, administrative services and other costs. 
Acquisition of majority control of InfoVest
With effect from 1 March 2016, StatPro South Africa (Pty) Ltd. (a wholly owned subsidiary of the Company) acquired a 51% 
shareholding in InfoVest Consulting (Pty) Ltd (‘InfoVest’), a South African headquartered software provider, specialising in data 
warehouse, ETL and reporting software for the asset management industry. The purchase has been made via the transfer of 
StatPro Portfolio Control (‘SPC’) licence agreements to InfoVest, which StatPro provides to South African clients and which 
InfoVest currently supports on behalf of StatPro.
Highlights of the acquisition are:
• Acquisition of 51% of InfoVest 
• Purchase settled by the transfer of SPC licence contracts to InfoVest
• Joint marketing agreement signed to promote each other’s products and services
• Justin Wheatley, StatPro CEO and Craig Arenhold, CEO StatPro South Africa will join InfoVest Board, although the business 
will be managed independently
• Deal is expected to be earnings enhancing in 2016 
Given increased regulations there is a growing demand for compliance management solutions such as SPC, which is a module 
of one of StatPro’s products, StatPro Seven. By taking a majority stake in InfoVest, StatPro will benefit from this expanding 
market as well as improving the product and services it offers.
NOTES TO THE FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2015
(CONTINUED...) 89
InfoVest’s data warehouse software is a cost effective solution for asset managers and service providers to manage their 
internal data effectively in order to provide both input data to other systems and for reporting. The success of implementing  
a solution such as StatPro Revolution Performance depends on a client’s ability to provide data in a reliable manner. InfoVest’s 
software is designed to do precisely this.
In addition, StatPro and InfoVest have entered into a joint marketing agreement to promote each other’s products and 
services as part of StatPro. InfoVest products will keep their current branding, whilst benefiting from the marketing reach  
of StatPro.
Based on unaudited results for the year ended 28 February 2015, InfoVest reported revenue of ZAR 18.0 million 
(approximately £0.76 million), including approximately £0.13 million revenue for supporting SPC. 
Additional disclosures under IFRS 3 in relation to the fair value of the consideration, acquisition date assets and acquisition 
date liabilities have not been included in these accounts for either of the two investments as management are in the process 
of assessing these accounting values. Strategic Report  |  Governance  |  Financial Statements
90
FIVE YEAR RECORD
STATPRO GROUP PLC
2015
£’000s
2014
£’000s
2013
£’000s
2012
£’000s
2011
£’000s
Revenue
– Continuing operations 30,187 32,018 32,486 32,001 31,715
– Annualised Recurring Revenue (value at year end 2015 fx rates) 28,700 28,330 27,270 27,060 25,980
Operating profit
– Continuing operations (before exceptional items) 2,699 2,661 3,733 5,253 4,490
– Exceptional operating items – – (347) (978) –
2,699 2,661 3,386 4,275 4,490
Net finance expense (290) (291) (273) (493) (627)
Profit before taxation 2,409 2,370 3,113 3,782 3,863
Taxation (788) (774) (1,030) (1,102) (955)
Profit after taxation 1,621 1,596 2,083 2,680 2,908
Profit attributable to equity shareholders 1,621 1,596 2,083 2,680 2,908
Adjusted EBITDA* 4,044 4,359 5,463 6,728 6,118
Cash inflow from operating activities 6,548 7,705 9,403 9,233 9,925
Free cash flow 624 606 3,277 3,476 3,865
Net assets
Goodwill and other intangible assets 48,613 52,546 53,524 57,683 59,045
Property, plant and equipment 2,233 2,470 1,883 1,974 2,390
Other assets and receivables 9,416 8,846 6,883 7,609 7,227
Cash 2,203 2,692 4,014 3,681 2,447
Current liabilities (19,778) (20,271) (18,514) (19,927) (19,445)
Non-current liabilities (1,170) (598) (882) (1,400) (7,834)
Net assets 41,517 45,685 46,908 49,620 43,830
Shareholders’ equity
Share capital 678 677 677 677 616
Share premium 23,537 23,474 23,472 23,472 17,675
Shares to be issued 63 63 63 63 63
Treasury shares (249) (249) (249) (249) (249)
Other reserves 2,692 6,704 7,650 10,776 11,760
Retained earnings 14,796 15,016 15,295 14,881 13,965
Total shareholders’ equity 41,517 45,685 46,908 49,620 43,830
Net cash/(debt) 1,284 2,680 4,002 3,667 (3,399)
Earnings per share – basic 2.4p 2.4p 3.1p 4.3p 4.8p
Earnings per share – diluted 2.4p 2.4p 3.1p 4.3p 4.7p
Adjusted earnings per share* 2.6p 2.7p 4.5p 5.9p 5.7p
Dividends per share 2.9p 2.9p 2.8p 2.7p 2.6p
* Adjusted for amortisation of acquired intangibles, share-based payments and exceptional items.  91
FINANCIAL CALENDAR
Annual General Meeting  19 May 2016
Final dividend for 2015  25 May 2016
Interim Report for 2016  August 2016
Interim dividend for 2016  2 November 2016
Preliminary announcements of 2016 results    March 2017
Report and Accounts for 2016 April 2017 Strategic Report  |  Governance  |  Financial Statements
92
DIRECTORS AND ADVISERS
Directors
Carl Bacon Non-Executive Chairman
Justin Wheatley Group Chief Executive
Andrew Fabian Group Finance Director
Mark Adorian Non-Executive Director
Stuart Clark Non-Executive Director
Jane Tozer Non-Executive Director
Secretary and registered office
Andrew Fabian 
Mansel Court
Mansel Road
Wimbledon
London SW19 4AA
Registrars
Capita Asset Services
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
NOMAD and Broker
Panmure Gordon (UK)
One New Change
London EC4M 9AF
Solicitors
Boyes Turner 
Abbots House
Abbey Street
Reading RG1 3BD
Registered Auditors
Ernst and Young LLP
1 More London Place
London SE1 2AF
Bankers
Wells Fargo Capital Finance
5th Floor
1 Bread Street
London EC4M 9BE
The Royal Bank of Scotland plc
280 Bishopsgate
London EC2M 4RB
Financial PR Consultants
Instinctif Partners
65 Gresham Street  
London EC2V 7NQ
Company Registration no: 2910629
Incorporated in England & Wales STATPRO OFFICE LOCATIONS
NORTH AMERICA EUROPE REST OF THE WORLD
StatPro Inc.
100 High Street
Suite 1550
Boston
MA 02110
USA
StatPro Ltd.
Mansel Court
Mansel Road
Wimbledon
London
SW19 4AA
United Kingdom
StatPro South Africa Pty Ltd.
Suite 303, 3rd Floor
Clock Tower Office Suites
V&A Waterfront
Cape Town 8001
South Africa
T:  +1 617 692 1150 T:  +44 20 8410 9876 T: +27 21 443 2140
StatPro Inc.
(Investor Analytics)
55 Broad Street
25th Floor
New York
NY 10004
USA
StatPro France SARL
62 Rue de la
Chaussée d’Antin
75009 Paris
France
 
StatPro Asia Ltd.
Unit 4607-11
Level 46
The Center
99 Queen’s Road Central
Hong Kong
China
T:  +1 646 553 4500 T: +33 1 40 20 1200 T: +852 3796 7065
StatPro Canada Inc.
1801 McGill College Avenue
Suite 750
Montréal
Québec H3A 2N4
Canada
StatPro Italia Srl
Via Edmondo De Amicis 53
20123 Milan
Italy
StatPro Australia Pty Ltd.
Chatswood Chambers
Level 10
815 Pacific Highway
Chatswood, Sydney
NSW 2067
Australia
T:  +1 514 842 5091 T: +39 02 00 693 1 T: +61 2 9884 9045
StatPro Canada Inc.
33 Yonge Street
Suite 271
Toronto
Ontario M5E 1G4
Canada
StatPro (Deutschland) GmbH
Kirchnerstraße 6-8
60311 Frankfurt am Main
Germany
For enquiries please email:
info@statpro.com
www.statpro.com
T:  +1 416 598 9500 T:  +49 (0) 69 24 43 22 000
StatPro International S.a.r.l.
85-87 Grand Rue
L -1661 Luxembourg
Luxembourg
T: +352 28 37 1448
StatPro S.A.
85-87 Grand Rue
L -1661 Luxembourg
Luxembourg
T: +352 30 74 24 1
+44 (0)1244 304 030 StatPro Group plc
Mansel Court
Mansel Road
Wimbledon 
London
SW19 4AA
United Kingdom
T: +44 20 8410 9876
F: +44 20 8410 9877
info@statpro.com
www.statpro.com
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