momentum
ANNUAL REPORT & ACCOUNTS 2006   ANALYTICS ON DEMAND™  momentum
ANNUAL REPORT & ACCOUNTS 2006
3 StatPro Overview
4 Highlights
6 Our Market
7 Chairman’s Statement
8 Product Overview
10 New Products
12 Product Suite
16 Coming in 2007
19 Client Services and Training
20 Chief Executive’s Review
24 Financial Review
30 Board of Directors
31 Group Executive Board
31 Other Key Executives
32 Map and Client References
35 Directors’ Report
38 Corporate Governance
41 Remuneration Report
45 Independent Auditors’ Report
46 Group Income Statement
46 Group Statement of
Recognised Income and Expense
47 Balance Sheets
48 Cash Flow Statements
49 Notes to the Financial Statements
76 Five Year Record
77 Financial Calendar
77 Directors and Advisers
79 StatPro Oﬃce Locations “StatPro fulﬁlled our dream of
ﬁnding a vendor that had the calibre
of a consultancy and with whom we
could work as partners.”
Baring Asset Management UK     3 statpro momentum annual report & accounts 2006
StatPro was founded in 1994 by Justin 
Wheatley. The Company’s initial product was 
TAP, which was sold as an add-on module 
to the Standard & Poor’s Micropal database 
service and was used for sophisticated fund 
analysis. StatPro subsequently developed 
a suite of products including StatPro 
Composites that is used to help fund 
managers comply with Global Investment 
Performance Standards (“GIPS®”). GIPS® are 
designed to ensure that the presentation 
by fund managers of their performance 
to investors is consistent, complete and 
ethical. StatPro Composites adds value 
by centralising the required data and 
having significant scalability. It allows 
fund managers to produce tailored and 
sophisticated reports analysing and 
benchmarking their performance.  
With its acquisition of AMS S.A. in 2000, 
a product called StatPro Performance & 
Attribution (SPA) was added. Since the 
acquisition annual recurring licence fees for 
SPA have grown from around £0.1 million 
to over £4.7 million today, due in large 
part to the extensive functionality of the 
system. Financial markets are constantly 
developing new investment products 
and SPA’s proven ability to deal with the 
most exotic instruments has secured us 
many clients.
In May 2000, StatPro ﬂoated on the Oﬃcial 
List of the London Stock Exchange and 
raised the finance to build the sales 
infrastructure enabling the business to 
grow internationally.  
In 2002, StatPro invested in a 51% stake in 
an Australian business that had developed 
a Fixed Income Attribution system. StatPro 
exercised its option on 1 November 2005 
to acquire the remaining 49% not already 
owned. The StatPro Fixed Income solution 
(SFI) was greatly enhanced during 2005 
and has signiﬁcant potential to become 
a leading multi-currency ﬁxed income 
attribution system.
In June 2003, StatPro’s listing was transferred 
to the Alternative Investment Market 
of the London Stock Exchange (“AIM”) 
from the Official List of the UK Listing 
Authority. The directors believe this move 
has allowed, and will continue to allow, the 
Company to take advantage of the greater 
degree of ﬂexibility aﬀorded by AIM in 
implementing its strategy of acquiring 
additional products.
In 2003, StatPro invested in a 51% stake in 
an Italian business RiskMap Srl (renamed 
StatPro Italia). StatPro Italia’s key product 
is StatPro Risk Management (SRM).  Since 
the investment the annualised recurring 
revenues of SRM have increased from 
around £0.2 million to around £2.3 million. In 
March 2007 StatPro acquired the remaining 
49% not already owned.
In 2004, StatPro invested in an advanced 
internet-based technology solution - StatPro 
Composites Manager - by subscribing for 
a 51% stake in a French business SiSoft 
Sarl. Under the terms of the transaction, 
StatPro has an option (exercisable between 
31 March 2009 and 31 December 2014) to 
acquire the remaining 49%.   
In 2005, StatPro acquired 100% of Delve 
Limited, which has developed a highly 
regarded enterprise and web reporting 
solution.  
In April 2006 StatPro acquired an Australian 
business called Alphai Pty Ltd that develops 
performance software. This product is being 
integrated into the Web Service platform 
and is expected to be launched in late 2007. 
This acquisition has also given StatPro a 
foothold in the Australian market.
In May 2006 StatPro acquired a South 
African business called Kizen (Pty) Ltd based 
in Cape Town that develops compliance 
software. The acquisition has helped 
reinforce StatPro’s strong existing position 
in the South African asset management 
market.
In October 2006 StatPro completed its 
largest acquisition to date of a company 
called FRI Corporation (“FRI”) based in 
Canada. FRI has two principal lines of 
business; one is a price feed service for 
asset managers and custodians; the other 
a portfolio management system for asset 
managers. StatPro has identified that 
there is signiﬁcant synergy between the 
data requirements of existing clients and 
the FRI service. 
StatPro is a leading provider of portfolio analytics and data solutions for the global asset management industry. 
Having grown from a one-product company we now oﬀer our clients eight core products including data and 
integrated enterprise reporting solutions. This range of products enables StatPro to provide a unique integrated 
product oﬀering with a strong competitive advantage. 
analytics on demand…
STATPRO OVERVIEW Turnover Free cash ﬂow Proﬁt before tax
(before exceptional items)
Proﬁt before tax
(after exceptional items)
www.statpro.com 4
Year ended
31 December
2006
Year ended
31 December
2005 Change
Turnover £14.60 million £10.79 million +35%
Proﬁt before tax (before exceptional items) £2.56 million £1.64 million +56%
Proﬁt before tax (after exceptional items) £1.14 million £1.64 million -31%
Basic earnings per share 3.3p 4.6p -28%
Adjusted earnings per share* 5.8p 4.6p +26%
Dividend per share – ﬁnal proposed for year 0.7p 0.5p +40%
Dividend per share – total proposed for year 1.0p 0.5p +100%
Financial highlights
• Recurring annualised revenue up by 75% to £17.66 million (2005: £10.10 million)
• Recurring revenue recognised in the year of £12.48 million
 (2005: £9.13 million) represents 85% of total revenue (2005: 85%)
• Net operating margin was 18.1% before exceptional items (2005: 15.4%) overall
 and 19.2% on continuing operations before exceptional items  
• Strong free cash ﬂow (cash generated from operations less investment in internally
 generated intangible assets) of £1.95 million (2005: £1.42 million)
• Year end net debt of £7.68 million (2005: net cash £1.82 million) lower than expected
 due to cash generation ahead of expectations and currency gain on debt 
• Increased ﬁnal dividend recommended of 0.7p per share resulting in
 total dividend of 1.0p (2005:  ﬁnal and total for year 0.5p)
Operational highlights
• Completion of three strategic acquisitions in 2006 transforming the business resulting in:
 • Increased opportunities in large North American market
 • StatPro’s widest ever range of products 
 • Ability to oﬀer integrated data and software solutions
• FRI integration and reduction of annualised costs by £1.0 million in
 line with expectations – active cross selling underway
• Average number of products for top 30 clients is now 3.7 products per client
* Adjusted earnings per share is deﬁned as earnings per share before exceptional items - see note 20 of ﬁnancial statements
HIGHLIGHTS
statpro 2006… “We are convinced that we made the right 
decision in choosing StatPro” Kepler Austria StatPro’s products provide `middle oﬃce´ portfolio analytics 
solutions for the global asset management industry. 
Approximately $55 trillion is now managed by asset management 
companies globally. All of them need to analyse the portfolios they 
manage whether those portfolios are large or small.
Some asset managers have only a few portfolios, while others, 
such as private banks, have thousands. The challenge for all asset 
managers is to extract clean, `analysis-ready´ data and then measure 
performance and risk in a wide variety of ways.
Historically, asset managers have used internal systems and 
spreadsheets, but as the scale of assets has climbed and complexity 
increased, it has become essential to have eﬃcient systems to reduce 
the manual workﬂow and to manage the process of generating 
this information. Regulation will remain the key driver, as demand 
for more information on risk and return from complex instruments 
continues to increase.
As the necessity for portfolio analytics solutions has grown, so too 
has the number of companies supplying products. However, the 
breadth of the product oﬀering by each company varies greatly and 
StatPro is one of the few companies that is able to oﬀer its clients a 
full range of integrated data and solutions to meet their needs
The acquisition of FRI signiﬁcantly strengthens StatPro’s position in 
the North American market and creates a number of cross-selling 
opportunities to our clients. FRI is one of the leading sources of bond 
data and the acquisition will enable the Group to provide a total 
solution for our clients. The acquisition continues our stated strategy 
to grow by acquiring new products and investing in such products 
for growth, rather than developing products from inception.
measured performance…
OUR MARKET     7 statpro momentum annual report & accounts 2006
Acquisitions
Your Company acquired three businesses in 
2006, the most signiﬁcant of which was FRI, 
a company based in Canada, the acquisition 
of which completed in October 2006.
FRI provides data for asset managers and 
custodians and portfolio management 
systems for asset managers. There are 
significant synergies bet ween the 
increasing data requirements of both 
our existing and prospective clients and 
the FRI data service. 
In May 2006 we acquired a business based 
in Cape Town called Kizen which develops 
compliance software, thus cementing our 
market leading position in South Africa 
and adding an additional product we can 
distribute to existing clients.
In April 2006 we acquired a business based 
in Sydney called Alphai that develops 
performance software, providing an entry 
into the Australian market and a further 
product that can be integrated into our 
Web Service platform. 
Financing
Your company successfully raised further 
equity during the year amounting to 
£14.9 million and bank debt amounting 
to £12 million (before expenses) to finance 
the acquisition of FRI.
Products
In my report for 2005, I commented on the 
launch of our Fixed Income Attribution 
product (SFI) in January 2006. This proved 
to be successful and together with our 
Risk product (SRM) produced a good sales 
performance. We are well placed to beneﬁt 
from the increasing demands generated by 
the growing market in complex assets.       
Board of Directors
As previously reported, Dominic Wheatley 
resigned from the Board of directors in 
January 2007. Dominic has been a non-
executive director of StatPro since 1999 and 
has helped guide your Company through 
its major transition from an unquoted loss-
making business to a successful proﬁtable 
dividend paying AIM listed Company. I 
would like to express my deep gratitude 
to Dominic for his contribution, advice 
and support and wish him well in his other 
business ventures.
People
It has been my good fortune to welcome 
many new employees to StatPro during 
2006; our achievements rely heavily on 
the enthusiasm and commitment of all 
our employees and my thanks go to 
all of them.
Dividend
Your Board is proposing a ﬁnal dividend of 
0.7p per share for 2006 payable on 30 May 
2007 to those shareholders on the register 
on 27 April 2007 taking the total dividend 
to 1.0p per share (2005: 0.5p per share) 
an increase of 100% on the dividend for 
2005.  We intend to maintain a progressive 
dividend policy reflecting the balance 
between the investment needs of the 
business and growth in underlying cash 
and earnings per share.
Prospects
We enter 2007, as we did in 2006, with 
considerable conﬁdence. Again we have 
a large pipeline of prospects, a growing 
number of existing clients and a wider 
range of products and data that meet 
the complex requirements of increasingly 
demanding asset managers.     
Carl Bacon Chairman 
30 March 2007
Progress 2006 proved to be a milestone year for StatPro; we increased turnover organically and via 
acquisition by 35% to £14.6 million (2005: £10.8 million), increased total annualised recurring revenues by 
75% to £17.7 million (2005: £10.1 million) and increased profit before tax and exceptional items by 56% to 
£2.6 million (2005: £1.6 million). 
“It has been my good fortune to welcome
many new employees to StatPro during 2006”
statpro momentum…
CHAIRMAN’S STATEMENT StatPro is a global provider of portfolio 
analytics for the asset management 
industry. We offer data and software 
for risk management, fixed income 
analysis, performance measurement, 
attribution analysis, GIPS®, compliance 
and reporting.
Our strategy remains to provide a coherent 
product platform that delivers both better 
value and analysis to our clients. 
8
PRODUCT OVERVIEW In 2007, StatPro will focus on the following areas:
• Expanding Fixed Income and Risk opportunities
• Developing ASP solutions
• Developing new Data Services 
“We are convinced of the quality of StatPro’s software solutions
and see StatPro as a strategic partner for our new developments.”
ERSTE Sparinvest Austria
statpro 2007 … www.statpro.com 10
Data: Security Master data & prices / bonds / equities / derivatives / FX rates / indices
Front Oﬃce Back Oﬃce Middle Oﬃce Reporting
• Portfolio Modelling
 • Pre-Trade 
Compliance
 • Trade Order 
Management 
 • Master Module
 • General Ledger 
& NAVs
 • Security Master
 • Corporate Actions
 • Reconciliation
 • Custodian 
Notiﬁcation
 • Audit Central
 • Performance 
 • Equity Attribution
 • Fixed Income 
Attribution
 • Risk Management
 • UCITS III VaR
 • GIPS® Composites
 • Post Trade 
Compliance
 • Client & Portfolio 
Managers’ 
Reporting
 • Web Reporting 
portfolio management 
(SPM)
Market Drivers
In today’s constantly changing global 
financial marketplace, investment 
professionals are faced with new challenges 
every day. Demands created by increased 
international investing, the proliferation 
of new security types, and increased 
management and regulatory reporting 
are just some of the issues fund managers 
have to cope with on a daily basis. 
As a result of the acquisitions made in 2006, StatPro has incorporated three new products: StatPro Portfolio 
Management, StatPro Data Services and StatPro Portfolio Compliance, into the product suite and has another 
under development for late 2007.
“We concluded that StatPro Portfolio Management and StatPro Data Services were
the best solution for our requirements.” Optimum Asset Management Canada
central to our strategy…
PRODUCT OVERVIEW…CONTINUED 
Product Description
StatPro Portfolio Management (SPM) is a fully 
integrated suite of front, middle, and back-
oﬃce applications for portfolio management 
and investment accounting. SPM uses an 
industry-standard, scalable, relational database, 
resulting in eﬃcient real-time processing in 
a open environment. All applications within 
SPM are backed by a ﬂexible set of tools for 
creating customised reports or views of data 
and data interfaces.  
Modular and flexible in design, StatPro 
Portfolio Management is scalable for use by 
ﬁrms ranging in size from small enterprises 
to the largest of global institutions. 
Key Features
• Trade Generation/Order Entry 
• Securities and Valuation 
• Accounting 
statpro introduces…
NEW PRODUCTS Market Drivers
The valuation of complex assets is a key risk for 
asset managers and custodians. Regulators 
are pressing them to demonstrate they have 
multiple, accurate and independent pricing 
for all valuations in order to minimise the 
risk of mis-pricing. StatPro is well placed 
to provide such a service, not only with 
its existing service but also its expertise 
in complex assets.
    11 statpro momentum annual report & accounts 2006
Product Description
StatPro has inherited one of the leading 
sources of bond data through the acquisition 
of FRI. By providing data for the ﬁrst time, 
we are now able to offer a total solution 
to our clients. StatPro Data Services oﬀers 
comprehensive, timely, and accurate end-
of-day, intra-day and historical prices and 
valuations for clients’ complete securities 
universe. StatPro’s customised delivery 
allows clients to determine both when they 
receive the data, and in what format the data 
is delivered to them. SDS can also be used for 
price conﬁrmations, price challenges and/or 
additional research on particular events.
Key Features
• Access to over 500,000 securities
• Both in-house and broker
 contributed ﬁxed income pricing
• Utilises client derived pricing
 algorithms to deliver ﬁnal
 valuation price
• Supports all security identiﬁcation
 conventions and accepts clients’
 own internal identiﬁers
• Flexible snap time 
• Values “hard to price” securities
Market Drivers
As investment ﬁrms develop ever more 
complex products, they in turn face 
increasing levels of scrutiny from vigilant 
regulators and discerning customers. As a 
result, the need to understand and manage 
risk better has moved rapidly to the top of 
the agenda for most investment ﬁrms.   
One of the key challenges in achieving 
an integrated compliance process across 
the business is managing the different 
sources of data in the various business 
portfolio compliance 
(SPC)
areas. Many compliance implementations 
have stumbled at this hurdle resulting in 
the compliance team feeling their ‘hands 
are tied’ by data limitations.  
Complete and accurate data for compliance 
purposes is one of the key challenges in 
successfully implementing a compliance 
system. The system needs to have the 
ability to manage an extensive range of 
data from a potential variety of diﬀerent 
sources, required to monitor all the rules and 
secure in the knowledge…
data services 
(SDS)
NEW PRODUCTS…CONTINUED 
risks across the business. Data management 
should also include checks and balances 
to ensure the integrity of data, with any 
exceptions being highlighted as part of the 
compliance process.  Further, the complexity 
and varied nature of the diﬀerent monitoring 
rules mean that compliance systems require 
additional and enhanced data. 
Product Description
StatPro Portfolio Compliance manages and 
enriches the data required for compliance 
checks to ensure the accuracy and 
reliability of the source data. This enables a 
successful compliance monitoring process, 
providing results that stakeholders can 
have conﬁdence in.
Key Features
• Powerful and ﬂexible rule deﬁnition
• Full support for all regulatory
 environments
• Full audit trail of breaches
 and resolutions
• Sophisticated breach
 management workﬂow
• Customised reporting and
 enquiry management
 Breach Analysis Enquiry   
Portfolio Holdings Enquiry  www.statpro.com 12
Compliance and risk are increasingly 
important, but without a fully integrated 
centralised performance database, senior 
management may not identif y risks 
and trends in sufficient time to take 
appropriate action. SPA provides a full 
range of “ex-post” risk statistics that 
assist the control and assessment of a 
fund manager’s activities.
Product Description
SPA is a highly technical product that 
quantiﬁes the investment decision 
processes of asset managers, thus providing 
a detailed analysis of the factors that add 
value in an investment portfolio. SPA 
can identify whether performance was 
due to stock selection, asset allocation, 
currency movements or other factors. This 
enables fund managers to understand 
their performance better and assists a 
meaningful dialogue with clients. 
performance & attribution 
(SPA) VERSION 5.0 SERIES
lead by performance…
Market Drivers As the asset management industry has grown, it has also become more competitive. Fund 
managers need to provide a better service to their clients. That means better quality, more detailed analysis, 
faster. SPA enables a fund manager to do just this. 
Beneﬁts
SPA is a transaction-based, daily, stock 
level attribution system. Most other 
systems on the market use the limited 
`Buy-Hold´ or top level methodologies, 
which are inherently less precise. SPA has 
an extremely ﬂexible way of categorising 
assets, which allows the analysis to follow 
the investment process. This is vital as it 
is pointless assessing a top-down fund 
manager using a bottom-up model. Whilst 
there are many fund managers, they all 
seek to diﬀerentiate themselves by using 
various investment methods and SPA can 
deal with virtually all of these.
Key Features 
• Daily transaction-based
 performance analysis calculating
 highly accurate returns.
• Improved tree structure creation
 and maintenance, allows users
 unlimited levels of analysis
 and mix of any attributes.
• New attribution models enable closer
 integration of the management
 process with performance analysis.
• Segment and security results
 combine to allow the user to obtain
 all analytical answers in one place.
• New .NET innovative
 architecture provides greater
 ﬂexibility and usability.
PRODUCT SUITE
“Thanks to SPA´s comprehensive
analysis capabilities we have been
able to analyse and evaluate our investment 
process in the way desired by us.”
AMB Generali Asset Managers Germany
Tree Structure     
 Results Grid
  Monthly Summary Report   In the meantime, the industry has innovated 
with more and more complex instruments. 
This, in turn, has made investment strategy 
more complex and analysis more important. 
In this environment, SFI can help managers to 
identify areas of risk in their investments and 
improve their investment decisions.
Product Description
StatPro Fixed Income is a performance 
measurement and portfolio analysis system, 
speciﬁcally designed for bond managers. 
It allows the user to decide what level 
of analysis can be performed for each 
portfolio and provides a set of reports to 
describe each aspect of the bond universe 
management process. 
SFI is able to analyse speciﬁc ﬁxed interest 
management processes, which are usually 
quite diﬀerent from the stock processes. 
With the help of SFI, ﬁxed income managers 
can relate their performance to the various 
management decisions they have made 
based on their yield curve movement 
strategies (shift, twist and butterﬂy) and 
on other choices. Using a standard set of 
reports, they can organise the information 
to report to their clients or to devise 
investment strategies.
ﬁxed income 
(SFI) VERSION 5.0 SERIES
Market Drivers Over the last few years, many fund managers have increased their investments in ﬁxed 
interest securities. As a result, bond investments have grown rapidly and now often represent the bulk of 
asset managers’ portfolios. 
 Bond Performance
Attribution Report   
 Yield Curve Graph   
Scenario Screen showing Yield Curve Settings    
  Fixed Income Attribution  
It is well known in the performance industry 
that a large part of the excess return comes 
from price diﬀerences, but very few models 
can identify this eﬀect like SFI does.
To replicate each single asset manager’s 
investment process precisely, SFI comes 
with a choice of diﬀerent attribution models 
(e.g. duration based, yield curve positioning, 
contribution of yield curve movements, 
spread management) and diﬀerent yield 
curve ﬁtting techniques. Allocation and 
currency overlay decisions can be measured 
separately whenever required.
Market conditions with low yields have 
forced managers to invest in riskier bonds. 
SFI, therefore, focuses particularly on 
analysing spread eﬀects by ratings, economic 
sectors or using swap yield curves.
SFI is an extremely user-friendly and ﬂexible 
system that enables the user to roll up or 
drill down into data and to group data by 
any combination of factors. This speeds 
up analysis as the desired information is 
always just a few clicks away.
Key Features
• 
One of SFI’s major strengths is
 precision and speed. Returns are
 calculated at security level on
 a daily basis and transactions
 are taken into account. 
• 
.NET technology oﬀers
 increased speed in a highly
 ﬂexible user interface. 
• 
All returns are fully time-weighted.
• 
Return for any type of asset can 
 be modelled and analysed into
 eﬀects depending on the precision
 required by asset managers.
shift, twist and butterﬂy…
    13 statpro momentum annual report & accounts 2006 www.statpro.com 14
enterprise reporting 
(SER)
SER also manages reporting to an asset 
manager’s clients via the web. All asset 
managers have built some kind of web site 
to communicate externally and some are 
already able to present portfolio data to 
their clients. However, the maintenance of 
these websites is often extremely complex 
and hard to adapt. 
SER has the ability to generate and maintain 
as many websites as an asset manager has 
clients. So if a private bank has 30,000 clients, 
SER will be able to build 30,000 websites and 
populate each one with the precise reports 
tailored to each client’s requirements.
SER can be customised to fit seamlessly 
into the asset manager’s existing website, 
maintaining the asset manager’s unique 
brand identity, and it can automatically 
deliver emails to each client with information 
from the asset manager.
The combination of SER and StatPro’s 
analytics makes a very powerful reporting 
solution. SER also comes with an “out-of-
the-box” solution that will satisfy 90% of 
the needs of most asset managers without 
further modiﬁcation.
“…a vast improvement in terms of the look and feel
of the design, the functionality and also the depth
and breadth of information we provide.”
J O Hambro Capital Management UK
 Web Reporting   
 Fund Fact Sheets   
 Client Valuation Statement  
Product Description SER is a sophisticated, ﬂexible reporting solution for asset managers. SER generates and 
distributes customised factsheets, personalised client reports and client valuations. SER guarantees consistent 
communication and control of an asset manager’s internal information.
elegant reporting…
PRODUCT SUITE…CONTINUED      15 statpro momentum annual report & accounts 2006
These are good models for speciﬁc types of 
portfolios, e.g. a pure equity portfolio, but 
problems arise when options or other types of 
more exotic instruments are incorporated. 
Currently the demand in the market is for 
asset managers to quantify the general level 
of risk for all their portfolios. There is also a 
strong trend towards looking at absolute risk 
rather than at relative risk. This is evidenced 
by the rapid growth of hedge funds, which 
generally aim to outperform the return on 
cash rather than track the movements of 
an index such as FTSE 100.
With increasing regulations, investment 
professionals, regulatory authorities and 
investors now all require portfolio risk 
information. The risk model must therefore 
be able to provide forward-looking (ex-ante) 
risk estimates at security and portfolio level, 
with a variety of risk measures available 
for analysis. SRM aims to address these 
needs without necessarily replacing 
the need for the traditional risk systems 
outlined above.
Product Description
SRM V5.0 provides this functionality within 
a single system, allowing a wide variety of 
portfolio risk analysis to be created on a daily 
automated basis. Underlying SRM V5.0 is a 
world-class risk model which provides very 
broad coverage of global markets, backed by 
an expert team of quantitative analysts.
risk management 
(SRM) VERSION 5.0 SERIES
SRM uses the new StatPro Historical Simulation 
Model, which operates on all types of assets 
whether they are equities, bonds, options, 
property, credit derivatives, inﬂation-linked 
bonds, mortgage-backed securities or another 
asset class. This enables an asset manager 
to have, say, 1,000 portfolios with 30,000 
different assets and be able to quantify 
which portfolios are breaching their risk 
limits (both in absolute and relative terms) 
and which assets in those portfolios are 
responsible for the breach.
Key Features 
• Comprehensive coverage
 of global assets
• Single integrated framework
 capturing the complex relations
 among market risk, default risk
 and default correlation risk. 
• Daily security risk proﬁle update,
 using StatPro Data Services.
• Multiple ex-ante risk measures 
• Complete UCITS III risk reporting
 service to ensure compliance with
 UCITS III risk regulations in Europe.
Indeed, one of our clients uses SRM to 
monitor 300,000 portfolios on a daily basis. 
Given the recent controversies caused by 
volatile asset values, authorities globally 
are looking to force asset managers not 
only to demonstrate that they can control 
the level of risk taken, but also to inform 
their clients about it. UCITS III (a European 
directive that regulates unit trusts and 
mutual funds) stipulates that all unit trusts 
will have to communicate the level of risk 
in the fund by 2007.
StatPro has gained a number of clients 
in the UK, USA, Canada, Germany, Italy, 
Austria and Luxembourg as a result of these 
initiatives as we provide a cost eﬀective 
way to meet these new regulations. Most 
managers see the positive benefits of 
improved risk control, but are keen to 
implement solutions that are cost eﬀective. 
Therefore we see this as an important 
market opportunity for StatPro.
StatVaR
StatVaR is a service launched by StatPro in 
2006  to take advantage of the market need 
for a cost eﬀective solution to meet these 
new regulations. StatVaR provides a simple 
service whereby fund managers can send 
us their fund holdings and we will return 
the Value at Risk (VaR) report to meet the 
requirements of the regulations. StatVaR 
also provides a range of enhanced portfolio 
and risk reports if required.
Market Drivers The great majority of risk systems that are currently installed throughout the asset management 
industry are based on the Capital Asset Pricing Model (“CAPM”) and Parametric models. 
 Portfolio Overview   Stress Test Decomposition    
power demands respect… www.statpro.com 16
Key Features
SPA-Direct can deliver cutting edge 
analytics to clients anywhere in the 
world - an internet connection is all 
that is needed. For many customers, the 
decision to implement a performance 
system is compounded by the need to 
procure, implement and integrate new 
hardware and software. StatPro Direct, 
direct
PERFORMANCE & ATTRIBUTION
Product Description
SPA-Direct is a web-ASP delivery of portfolio analytics through a secure website called StatPro Direct. SPA-Direct 
is expected to be launched towards the end of 2007 with a new Performance Attribution solution. 
removes this concern as all hardware and 
software is hosted in the powerful and 
secure StatPro Data Centre, available 24 
hours a day, 7 days a week. Another major 
attraction of SPA-Direct is that it comes 
packaged with market data which is normally 
a huge cost to procure and implement for 
new performance customers. Like StatPro 
Portfolio Management and StatPro Data 
Services, SPA-Direct originated as a result 
of the strategic purchases of Alphai and FRI 
during 2006. Alphai has provided a proven 
web based performance and attribution 
framework whilst FRI has enabled the ﬂow 
of market indices and security level data 
from leading investment markets. 
Asset managers are also under increasing 
pressure to reduce costs. SC provides tools 
that eﬃciently collate, store and maintain 
performance data.
Product Description
StatPro Composites (SC) is the market 
leading product for assisting asset managers 
to achieve and maintain compliance with 
composites 
(SC) VERSION 5.0 SERIES
Market Drivers GIPS® have established a new global standard for presenting performance data to 
prospective clients. Asset managers are realising that to participate in the global market they will have 
to achieve GIPS® compliance.
Global Investment Performance Standards 
(GIPS®) or Association for Investment 
Management and Research (AIMR) 
standards. SC also assists in the eﬃcient and 
eﬀective distribution of performance data 
and statistics within ﬁrms. Fund managers 
need to provide compliant performance 
statistics. GIPS® requires that managers 
group together portfolios with similar 
investment strategies into composites to 
avoid the charge of ‘cherry picking’ good 
performing portfolios to demonstrate 
a superior track record. GIPS® provides 
guidelines on how this should be done and 
SC is ﬂexible enough to handle the diﬀerent 
styles of each manager and provide an audit 
trail to allow the eﬀective independent 
veriﬁcation of these track records.
Key Features
SC is able to take data from multiple 
sources, normalise the data and put 
it into appropriate composites, whilst 
maintaining audit trails and appropriate 
controls on the presentation of returns. 
Some of StatPro’s clients are processing 
in excess of 100,000 accounts, whilst 
others are using as many as 12 sources of 
data. SC has a remarkable reporting tool 
that provides customisable reports of a 
very sophisticated nature. These reports 
enable the fund manager to turn GIPS® 
into a marketing advantage instead of 
being simply a regulatory burden.
distinctive solutions…
PRODUCT SUITE…CONTINUED 
a new solution…
COMING IN 2007
 Composite Details   
Firm Disclosures   direct
PERFORMANCE & ATTRIBUTION
“StatPro’s system helps us maintain an environment of 
control, which is critical to a successful composite process.”
 Brown Brothers Harriman USA “Client Services and Support are the key to our positive
experience with StatPro.” Turner Investment Partners USA     19 statpro momentum annual report & accounts 2006
clients remain the primary
inﬂuence on our product development… 
CLIENT SERVICES AND TRAINING
User groups
We hold global user group meetings to 
ensure that clients remain the primary 
inﬂuence on our product development 
strategy. These meetings are chaired and 
hosted by clients and provide them with 
a good networking opportunity. User 
group meetings provide us with welcome 
feedback from clients regarding the service 
they have received and any suggestions 
they may have for further improvements. 
The key beneﬁts of the user groups are 
the visibility they provide the clients on 
our development progress as well as the 
opportunities to interact with the product 
managers, thereby inﬂuencing the order in 
which extra functionality is developed.
Account management
Each StatPro client has a dedicated account 
manager, an experienced individual from 
the portfolio analytics industry who 
understands their needs. The account 
manager is responsible for assessing how 
well our applications are integrated at client 
sites and advising clients how to automate 
processes and gain additional business 
eﬃciencies. The account manager makes 
clients aware of additional analytics services 
available from StatPro and co-ordinates 
StatPro professional services.
Client support
We continue to meet our suppor t 
commitment response times and constantly 
monitor our performance in this area to 
ensure that we maintain our high standards 
of service and support. In order for us 
to offer excellent on-going support to 
our clients, StatPro has recruited staff 
with industry experience and expertise 
in portfolio analytics, risk and reporting 
technologies.
StatPro provides clients with the option 
to log cases via telephone, email or via 
eSupport directly to our CRM system. 
StatPro also hosts a Forum for clients which 
centralises all product documentation 
and is a medium for them to discuss 
topics, ask questions of industry leaders 
and contribute to current or upcoming 
functionality and methodology.
Project management
Our project management team has extensive 
experience in software implementation 
and working with clients of all sizes globally 
and nationally. We use the PRINCE 2/PNP 
methodologies which cover the project 
life cycle including pre-project preparation, 
milestones reached and project risks. We 
always clearly communicate the project 
plans and have a full `end of project´ review 
with the clients.
Our focus is on the clients’ implementation 
objectives and integrating the software in 
the most eﬃcient manner. Data quality is 
key to a successful implementation project. 
StatPro also oﬀers its services to assist with 
the analysis, validation and migration of 
the client data.
Training
StatPro has an excellent reputation for 
delivering training that enables clients 
to successfully utilise the full beneﬁts of 
StatPro products. Many of our trainers are 
published authors and recognised leaders in 
their ﬁeld. We have successfully developed 
and deployed training solutions for blue-
chip clients around the world. 
StatPro also has a team of performance 
and risk consultants who provide specialist 
performance and risk consulting expertise for 
implementation and other client projects.
Our Client Services team focuses on ensuring StatPro’s products are well integrated within our clients’ businesses. 
This enables them to achieve the maximum beneﬁt from subscribing to StatPro’s services. Typically, this involves 
helping clients to implement automated portfolio analysis processes, thereby improving their eﬃciency. We continue 
to oﬀer functional enhancements in the form of upgrades to our applications as part of the software licence and 
support agreement. In most instances, StatPro manages the upgrade process for the client.
Support is provided by:
Telephone . Email . e-Support . Client Forums www.statpro.com 20
More importantly, proﬁt before tax and 
exceptional items increased by 56% to 
£2.56 million (2005: £1.64 million) and 
adjusted earnings per share increased 
by 26% to 5.8p (2005: 4.6p). The net 
operating margin in 2006 was 18.1% before 
exceptional items (2005: 15.4%) overall 
and 19.2% (2005: 15.4%) on continuing 
operations before exceptional items.  
The exceptional costs for 2006, totalling 
£1.42 million (2005: nil), primarily relate to 
restructuring costs incurred as a result of 
the acquisition of FRI. Prior to the acquisition 
we had identiﬁed a series of cost savings 
we could make and we acted swiftly to 
implement these initiatives reducing costs 
for the combined business going forward 
by approximately £1.0 million per annum. 
Following the acquisition, we implemented 
our accounting policies on software revenue 
recognition at FRI.  This policy, which is 
more conservative than FRI’s in terms of 
revenue recognition, has had the eﬀect 
of reducing its contribution compared to 
that expected at the time of the acquisition.  
We issued 15.25 million of new shares 
raising £13.16 million before expenses in 
two placings of ordinary shares during the 
year to strengthen the balance sheet and 
to part fund the acquisition of FRI and we 
welcome all our new shareholders.
At the end of 2006 StatPro’s annualised 
recurring revenue contracts amounted 
to £17.66 million up from £10.10 million 
at the start of the year and recognised 
recurring revenue accounted for 85% of 
total revenues (2005: 85%). Cash generation 
was strong with £1.95 million free cash ﬂow 
(2005: £1.42 million). In October 2006 we 
borrowed £12.0 million to complete the 
acquisition of FRI, but net debt at the end 
of 2006 was lower than expected at £7.68 
million (2005: net cash £1.82 million) due to 
improved cash generation and a currency 
gain on our Canadian dollar debt.
Acquisitions 
FRI  We made three acquisitions in 2006 
the most signiﬁcant of which was FRI based 
in Canada which was completed on 24 
October 2006 for a total consideration 
including expenses of CAD56.46 million 
(£26.62 million). FRI has two principal lines 
of business; one is a price feed service for 
CHIEF EXECUTIVE’S REVIEW
asset managers and custodians; the other 
a portfolio management system for asset 
managers. StatPro has identiﬁed that there 
is signiﬁcant synergy between the data 
requirements of our existing clients and 
the FRI service. 
Furthermore, the directors believe we 
can develop a series of new services by 
combining StatPro’s expertise with FRI’s 
products. Most important amongst these 
is a planned service to price complex 
assets such as Credit Default Swaps (CDS), 
Collateralised Debt Obligations (CDO) and 
Over-The-Counter structured products 
(OTCs) and many others besides. There 
has been a signiﬁcant proliferation of these 
assets over the last few years to the extent 
that more and more asset managers use 
them. Having independent valuations of 
these assets is vital in order to comply with 
the many new regulations that have been 
introduced. We are planning to launch this 
service at the end of 2007.
We also will be providing our clients with 
other data services such as an index service 
and a ﬁxed income data feed for our product 
StatPro Fixed Income (SFI). This is in addition 
to improving and expanding the existing 
excellent price feed service already oﬀered 
by FRI. Early indications suggest that this 
data service will make a positive contribution 
to our numbers in 2007.
FRI’s portfolio management system (Raison) 
has been renamed StatPro Portfolio 
Management (SPM). This is a market leading 
product with a strong client base in Canada. 
We intend to market this initially in North 
America only and we have changed the 
business model from a licence fee and 
support model to an annual licence model. 
Whilst this has a short term impact on 
the revenue, the directors believe that in 
the long run this is the best way to build 
signiﬁcant shareholder value. SPM has a 
solid pipeline of prospects and is expected 
to make a positive contribution to our 
results for 2007.
Alphai In April 2006 we acquired an 
Australian business called Alphai that 
develops performance software. We are 
integrating this product into our Web 
Service platform and we expect to launch 
this late in 2007. This acquisition has also 
given us a foothold in the Australian market 
and we recently won a significant new 
client there for our SPA and SFI products 
which we hope will be the ﬁrst of many 
in the territory.
Kizen In May 2006 we acquired this South 
African business based in Cape Town 
that develops compliance software. The 
acquisition has helped reinforce StatPro’s 
strong existing position in the South African 
asset management market where the Group 
now has recurring revenues of around £1.4 
million. We have been pleased with Kizen’s 
progress to date having sold ﬁve systems 
since the acquisition and we expect to 
build on this in 2007.
New Business
Sales were strong in all regions in 2006 
compared with 2005 and previous years. 
In Europe we had another good year with 
our Risk, Fixed Income and Performance 
products all doing well. In South Africa we 
had an outstanding year with eight new 
clients and many sales to existing clients. 
The UK market was good, but a number of 
opportunities were delayed into 2007. The 
US market ﬁnally improved following a few 
diﬃcult years with new sales up strongly 
with a number of signiﬁcant deals signed 
with custodian banks.
60% of new business by value came from 
new clients and 40% from existing clients. 
The average number of products per client is 
1.6. Following our acquisitions this ratio tends 
to fall (as a result of an increased number 
of clients with initially only one product), 
but the average number of products per 
client for our top 30 clients by total recurring 
revenue is now 3.7 products and those top 
30 represent about 50% of our recurring 
revenues.
Sales progress was made for all products, 
but the best performers were Risk (SRM) 
and Fixed Income (SFI). Indeed there is a 
strong interrelationship between these two 
products as they are both required by clients 
to help analyse the risk and return from 
complex credit instruments and StatPro’s 
continued expertise in this domain has 
helped cement our position in the market 
as a leading supplier.
Highlights This year has been another one of solid performance by StatPro with strong organic growth complemented 
by three signiﬁcant acquisitions. Organic revenue grew by 18% from £10.79 million to £12.74 million and including 
acquisitions, revenue increased by 35% (2005: 19%) to £14.60 million.  
another solid performance… “I warmly congratulate all my colleagues 
on an excellent performance in 2006” “…few competitors possess both the expertise and
the geographical infrastructure to deliver the 
level of global service that we oﬀer.”     23 statpro momentum annual report & accounts 2006
Since StatPro was founded in 1994 we 
have made eight acquisitions in total, all 
of them adding a new product, new skills, 
new clients and new territories.
The acquisition of FRI allows us to provide 
our clients with data for the ﬁrst time so 
that we will now be able to oﬀer a complete 
service. As we expand our product base, we 
believe that our oﬀering becomes more 
attractive not least because our critical 
mass is now such that we can oﬀer the 
highest quality service to asset managers 
of all sizes. Including FRI our regional 
balance now means that approximately 
43% of our recurring revenue comes from 
North America and 48% from the UK and 
Continental Europe with the Rest of the 
World (predominantly South Africa and 
Australia) having about 9%.
Completing the acquisition of a company is 
the ﬁrst step; integration and maximisation 
of efficiencies in the enlarged Group is 
the vital process to generate value. Four 
months after completion, the integration 
of FRI is progressing well and we have a 
number of speciﬁc integration projects 
for each functional area of our business 
processes. Not least amongst these is to 
promote our existing products to the FRI 
clients and the FRI products to the StatPro 
clients in order to achieve cross-sales. Sales 
processes typically take an average of six 
months to a year, so we are very pleased 
that we already have our ﬁrst cross sell of 
a StatPro product to an FRI client and that 
the pipeline for further cross sells is looking 
promising. The integration stage will be 
substantially completed by the end of the 
third quarter of 2007 when we will be able 
to launch a new range of services which 
combine software with data.
The focus of our expertise is now ﬁrmly on 
the burgeoning market of complex assets 
and we believe that StatPro is very well 
placed to beneﬁt from the expertise and 
intellectual property that is vested in our 
software. Barriers to entry into this market are 
becoming higher and we believe that few 
competitors possess both the expertise and 
the geographical infrastructure to deliver 
the level of global service that we oﬀer. We 
will seek to build on this lead in 2007.
People
As previously announced, Dominic Wheatley 
resigned from the Board in January 2007. 
Dominic had been a non-executive 
director since 1999 helping guide the 
Company through its major transition 
from an unquoted loss-making business 
to a successful proﬁtable dividend paying 
AIM listed Company. The business has been 
transformed over the past eight years 
and has grown both organically and by 
acquisition. The Board expresses its deep 
gratitude to Dominic for his contribution, 
advice and support and wishes him well 
in his other business ventures.
StatPro’s continuing success is all about 
people and the expertise in the business. I 
welcome new colleagues who have recently 
joined and warmly congratulate all my 
colleagues on an excellent performance 
in 2006 and once more urge everyone to 
make 2007 StatPro’s best year yet.
Dividend
We paid our maiden dividend for 2005 
in May 2006 of 0.5p per share and an 
interim dividend for 2006 of 0.3p per 
share in November 2006 and the Board 
now recommends the payment of a ﬁnal 
dividend of 0.7p for 2006 on 30 May 2007 
to those shareholders on the register on 27 
April 2007 making a total dividend of 1.0p 
per share for 2006 (2005: 0.5p per share). We 
intend to maintain a progressive dividend 
policy reﬂecting the balance between the 
investment needs of the business and 
growth in underlying cash and earnings 
per share.
Outlook
We enter 2007, as we did in 2006, with 
considerable conﬁdence.  We have a large 
pipeline of prospects, a growing number of 
clients and a wider range of products and 
data that meet the complex requirements 
of increasingly demanding asset managers, 
who we believe are planning to increase 
investment in their portfolio analytics 
systems. The average value of contracts 
is expected to be higher than in previous 
years and our goal remains to achieve net 
operating margins of over 20%.
StatPro is now a truly international business 
with just 16% of recurring revenue deriving 
from UK based clients. This has resulted 
in an increased exposure to currencies, 
predominantly US dollar, Canadian 
dollar and euro. Whilst we have costs in 
all these currencies, we have a residual 
profit exposure on the translation of 
results into sterling. We will continue to 
take reasonable measures to hedge our 
exchange risk including matching currencies 
of loans against net overseas investments 
and expected cash ﬂows.  
We have had a satisfactory start to the 
current ﬁnancial year with further progress 
on the integration of FRI and our cross selling 
initiatives, and overall performance is in line 
with our expectations. We will provide a 
further update on trading at the AGM on 
16 May 2007.
Justin Wheatley Chief Executive
30 March 2007
Strategy Our strategy remains to build strong relationships with our clients and provide them with a coherent product 
platform that delivers both better value and better analysis. This means that we have grown the Group by acquiring 
new products and investing in such products for growth, rather than developing products from inception.    
CHIEF EXECUTIVE’S REVIEW…CONTINUED
the focus of our expertise… www.statpro.com 24
Overview Three acquisitions were completed during the year including a major transformational acquisition 
in North America (FRI). The recurring annualised value of new contracts signed during 2006 was 52% higher 
than that achieved in 2005. 
With organic revenue growth and through 
acquisitions the Group has increased its 
recurring revenue substantially to £17.66 
million (2005: £10.10 million) and there is 
now a greater weighting of contracts in the 
US and Canada. The Group increased its 
operating proﬁt before exceptional items 
by 59% to £2.65 million (2005: £1.66 million) 
and by 47% on the continuing operations 
before exceptional items.    
Acquisition of FRI Corporation
The acquisition of FRI Corporation was 
ﬁnanced through a mixture of debt and 
equity. The balance sheet was strengthened 
by the issue of equity and the gearing 
was increased as a result of the bank debt 
ﬁnance but the directors believe that the 
shareholders will beneﬁt from the Group’s 
ﬁnancial gearing.  
Turnover
Group turnover increased to £14.60 million 
(2005: £10.79 million), of which £1.87 million 
related to acquired businesses. StatPro has 
maintained its record of growing revenue 
each year since its ﬂotation in 2000 and the 
growth rate has picked up in 2006 to 35% 
(2005: 19%) including the contribution from 
acquisitions of 17%.  
We have applied StatPro’s more conservative 
accounting policy to FRI in relation to revenue 
recognition. The impact of exchange rates 
on revenue and proﬁt was not material to the 
Group’s results for the year although the fall in 
the Canadian dollar in the last quarter of 2006 
by around 9%, combined with the change in 
accounting policy, did impact FRI’s reported 
revenue and proﬁt before tax compared to 
our original expectations.  
Recurring revenue
The annualised recurring revenue from 
software licences and data fees at the 
end of December 2006 grew to £17.66 
million (2005: £10.10 million), an increase 
of 75% year on year (21% before impact 
of acquisitions and exchange rate 
movements). Included within recurring 
revenue is revenue from data which is not 
committed but relates to “overage”. One 
of the initiatives since the completion 
of the acquisition of FRI is to endeavour 
to secure as much of this uncommitted 
recurring revenue as possible and to 
move data contracts, which tend to be 
only one year commitments, to longer 
term contracts to secure the recurring 
revenue further.
New contracts, net of cancellations, amounted 
to £2.10 million (2005: £1.37 million). Contracts 
acquired amounted to £6.51 million based on 
the exchange rate at the relevant acquisition 
date. The net impact of the revaluation of 
contracts to the year end exchange rates 
amounted to a reduction of £1.05 million due 
to a signiﬁcant fall in the value of currencies 
(principally the US dollar and Canadian 
dollar) against sterling at 31 December 2006 
compared with 31 December 2005.
 
The proportion by value of recurring 
software licences on multi-year contracts 
(licence agreements with more than one 
year remaining contractually committed) 
increased to 57% at the end of 2006 from 
53% at the end of 2005.  We now have 29 
(2005: 21) client groups each subscribing 
more than £150,000 per annum.  
The range of products in our current 
offering has been greatly enhanced in 
the last year with the addition of StatPro 
Portfolio Management (“SPM”), StatPro 
Portfolio Compliance (“SPC”) and StatPro 
Data Service (“SDS”). The directors believe 
that opportunities for selling data solutions 
in combination with our enhanced analytics 
product suite will lead to future growth for 
the business.
   
Year to
31 December
2006
£ million
Year to
31 December
2005
£ million
Growth 
year on
 year
%
Group revenue
Software licences 11.66 9.13 +28
Data fees 0.82 - n/a
Total recurring fees 12.48 9.13 +37
Professional services 2.12 1.66 +28
14.60 10.79 +35
Software licence revenue grew by 28% to 
£1 1.66 million (2005: £9.13 million).  Around 60% 
of new licence revenue was from new clients. 
Data revenue (derived from the acquisition of 
FRI), amounted to £0.82 million for the two 
months since the acquisition. Total recurring 
fees represent 85% (2005: 85%) of annual 
revenue. The level of professional services 
revenues of £2.12 million was up by 28% 
compared to the prior year (2005: £1.66 million) 
due to the higher level of new business and 
the contribution from acquisitions. 
 
Recurring revenues
At
31 December
2005
£ million
New
contracted 
revenue (net of 
cancellations)
£ million
Contracts
acquired with 
acquisitions
£ million
Net
impact of 
exchange
rates
£ million
At
31 December
 2006
£ million
Growth rate  
(excluding 
contracts 
acquired and 
exchange rate 
movements) 
%
Net
growth rate   
(including 
contracts 
acquired)
%
Annualised value
Software licences and data fees 10.10 2.10 6.51 (1.05) 17.66 +21 +75
transformational acquisition…
FINANCIAL REVIEW
The split of revenue for the year by type was as follows: Operating expenses and exceptional items
Operating expenses (before amortisation of intangibles and 
exceptional items) increased by 29% to £10.29 million (2005: £7.97 
million) as a result of a 44% increase in the average number of 
employees during the year from 98 to 141, predominantly as a result 
of acquisitions. The major increase resulted from the acquisition of FRI, 
which brought 1 10 people in two oﬃces (Toronto and Montréal). The 
Alphai acquisition resulted in us acquiring ﬁve new employees and 
a Sydney oﬃce, and the Kizen acquisition (six additional employees) 
allowed us to integrate our two oﬃces in Cape Town. 
We ended 2006 with 233 employees (2005: 105) situated in eleven 
oﬃces (London, Paris, Milan, Frankfurt, Luxembourg, Toronto, 
Montréal, New York, San Francisco, Cape Town and Sydney). 
Other costs for the business which have increased in the year 
relate to data acquired from third parties, exchange fees and 
other costs such as telecommunications required to deliver an 
integrated data and software service.
The operating expenses (excluding exceptional items) relating 
to the acquisitions amounted to £1.51 million.  As part of the 
restructuring of the business operations we incurred exceptional 
costs amounting to £1.42 million (2005: nil).  These costs relate to 
redundancies and other terminations, onerous lease commitments 
and other integration and restructuring costs and are expected 
to result in reduced annual operating expenses going forward by 
around £1.0 million, in line with expectations. The cash element 
incurred in 2006 was approximately £0.33 million.
Investment in research and development
The Group continues to increase its investment in research and 
development. The carrying value of development costs, including 
acquired technology and customer contracts, amounted to £4.55 
million (2005: £2.31 million). Development expenditure is amortised 
over a three year period as this is the period which the directors 
expect the beneﬁts to arise from the investments. The estimated 
useful life for customer contracts varies between three and seven 
years. The amortisation of intangibles amounted to £1.67 million in 
2006 (2005: £1.15 million). 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.  Interest
Prior to the acquisition of FRI, which was partly debt ﬁnanced, 
the Group was generating net interest income.  As a result of the 
interest on the loan drawn down in October 2006 to ﬁnance the 
acquisition of FRI there was a net interest expense for the year as 
a whole amounting to £0.09 million (2005: £0.02 million).
Proﬁt before tax
The proﬁt before taxation and exceptional items grew by 56% to £2.56 
million (2005: £1.64 million). The proﬁt before taxation after exceptional 
items reduced by 31% to £1.14 million (2005: £1.64 million).    
Taxation
There was a net credit to taxation amounting to £0.08 million as a result 
of the deferred tax credit exceeding the current tax charge of £0.05 
million. In 2005 there was a nil tax charge overall.  The Group level of 
deferred tax recognised increased mainly as a result of deferred tax 
arising on acquisitions in 2006 to £2.27 million (2005: £1.52 million). In 
the opinion of the directors this deferred tax asset will be recoverable 
with reasonable certainty against tax on trading proﬁts in future years 
and the level of the deferred tax balance is considered reasonable 
in the light of future probability of recovery of the whole amount of 
deferred tax. The recognised deferred tax asset amounts to 57% (2005: 
61%) of the potential deferred tax asset for the Group.  
Earnings per share
Basic earnings per share amounted to 3.3p (2005: 4.6p). Adjusted 
earnings per share before exceptional items were 5.8p (2005: 4.6p).  
Fully diluted earnings per share in 2006 were 3.2p (2005: 4.5p) 
based on potentially dilutive shares outstanding amounting to 
1,587,334 (2005: 426,591).  
Balance Sheet
The Group’s net assets increased substantially to £17.97 million at 31 
December 2006 from £3.03 million at 31 December 2005. This was 
mainly as a result of an increase in equity during the year of £14.94 
million (including exchangeable shares on FRI acquisition) and the 
net proﬁts attributable to equity shareholders of £1.32 million.      27 statpro momentum annual report & accounts 2006
Non-current and current assets Goodwill arising on acquisitions during the year amounted to £28.76 million; 
the principal component related to the acquisition of FRI.
The goodwill relating to the acquisition 
of Delve, which was completed in 2005, 
has been adjusted by £0.24 million 
reﬂecting an adjustment to the estimated 
deferred consideration. Goodwill arising 
on all acquisitions has been reviewed 
and there have been no impairments to 
any goodwill.  
Total capital expenditure amounted to £0.30 
million in 2006 (2005: £0.19 million). Included 
within non-current assets is deferred tax of 
£2.27 million (2005: £1.52 million). Deferred tax 
amounting to £0.49 million at 31 December 
2005 previously reported as current has been 
reclassiﬁed into non-current assets. The level 
of current assets increased to £8.68 million 
(2005: £5.61 million).  Increased new business 
and acquisitions resulted in an increase in 
trade debtors, the largest component of 
debtors, amounting to £3.78 million at the 
end of 2006 (2005: £3.09 million).  The level 
of cash and cash equivalents increased to 
£3.33 million (2005: £1.85 million).    
Current and non-current liabilities
The main movements in creditors have 
arisen following the increase in deferred 
income, creditors and accruals relating to 
the exceptional charges and the bank debt 
arising in 2006. There is also an estimated 
£4.07 million deferred consideration arising 
on acquisitions, which is the directors’ 
current projection of the fair value that 
will ultimately be due under the various 
transactions.  However, this amount is 
uncertain and the eventual payments may 
be higher or lower than this amount.  The 
directors will review this estimate at each 
balance sheet date and adjustments, if any, 
will be made to the goodwill carrying value 
and the deferred consideration. The level 
of trade and other payables (excluding 
ﬁnance leases, corporation tax and deferred 
income) increased to £4.77 million (2005: 
£1.99 million). Deferred income, which is a 
non-cash liability, amounted to £8.67 million 
(2005: £6.56 million).   
Cash ﬂow and ﬁnancing
There was another year of solid cash 
generation; cash generated from operations 
before investment in internally generated 
intangible assets during 2006 amounted to 
£3.89 million (2005: £3.16 million). The free 
cash ﬂow (cash generated from operations 
less investment in internally generated 
intangible assets) of £1.95 million (2005: 
£1.42 million), was 38% higher year on year 
(see note 2e) and this includes the impact of 
approximately £0.33 million of exceptional 
cash costs. The net cash investment in 
acquisitions amounted to £24.52 million 
during the year, the bulk of which related 
to the cash consideration and associated 
costs payable for FRI. The net proceeds of 
share issues during the year amounted to 
£12.84 million.  
The acquisition of FRI was part funded by a 
new £14.5 million facility with our existing 
bankers, replacing our existing facility.  £12 
million is a term loan repayable over ﬁve 
years in quarterly instalments, of which 
approximately £1.86 million is repayable 
during 2007; the remainder is a £2.5 million 
working capital facility. The net debt position 
at 31 December 2006 was £7 .68 million (2005: 
net cash £1.82 million). This net debt was 
lower than expected due to an improved 
cash generation and a currency gain on 
the Canadian dollar element of our debt. 
The directors believe that the gearing up 
of the balance sheet is in the best interests 
of the shareholders.
Share capital and reserves 
The issued share capital amounted to £0.52 
million (2005: £0.35 million) representing 
52,168,820 shares of 1p nominal value (2005: 
35,049,744) and the share premium account 
has increased to £13.57 million (2005: £0.89 
million) as a result of the issue of 17,119,076 
shares during the year. The bulk of this related 
to the two placings made in the year; 3.25 
million shares were placed in May 2006 at 
80p per share to strengthen the balance 
sheet and 12 million shares were placed 
at 88p per share for the acquisition of FRI. 
As part of the acquisition of FRI, 1,446,573 
exchangeable shares in FRI were created 
and retained by the sellers of FRI, which 
exchangeable shares are exchangeable for 
ordinary shares in StatPro. During November 
and December 2006 a total of 499,905 
were exchanged resulting in the issue of 
an equivalent number of StatPro shares. 
946,668 exchangeable shares in FRI were 
outstanding at 31 December 2006 and 
are classiﬁed as shares to be issued on the 
balance sheet. As part of the acquisition of 
Alphai, 1,000,000 shares were issued. 
The equity minority interests amounting to 
a net loss of £0.11 million (2005: net proﬁt of 
£0.07 million) relate to the minorities’ share 
of proﬁts less losses for the year. The equity 
minority interests of £0.14 million (2005: £0.05 
million) have been deducted in computing 
the total capital employed. 
future growth for the business…
FINANCIAL REVIEW…CONTINUED
The analysis of recurring software licence and data revenue by region, currency and by product is as follows: 
UK (2005: 23%) GBP (2005: 29%) Performance & Attribution* (2005: 45%)
Rest of Europe  (2005: 52%) EUR (2005: 46%) Composites (2005: 32%)
North America  (2005: 18%) USD (2005: 15%) Risk (2005: 16%)
Rest of the World  (2005: 7%) CAD (2005: 2%) Fixed Income (2005: 3%)
Others (2005: 8%) Enterprise Reporting (2005: 3%)
Compliance (2005: n/a)
Portfolio management (2005: n/a)
Data services (2005: n/a)
Other (2005: 1%)
Recurring software licence
and data revenue by region 
Recurring software licence
and data revenue by currency Recurring revenue by product/service
* Performance & Attribution includes revenues
  for MAX product acquired with Alphai www.statpro.com 28
Dividend
The directors are recommending a ﬁnal 
dividend for 2006 of 0.7p per share (2005: 
0.5p) making a total dividend for 2006 of 
1.0p per share (2005: 0.5p). It is intended 
to pay the dividend on 30 May 2007 to 
all shareholders on the register at the 
close of business on 27 April 2007. Under 
IFRS, this dividend is not accrued in these 
ﬁnancial statements. A dividend of the same 
amount per share will be payable by FRI 
on each exchangeable share that remains 
outstanding, subject to having suﬃcient 
distributable reserves in FRI. Dividends 
paid in 2006 amounted to £0.30 million. 
Going forward we intend to maintain a 
progressive dividend policy reﬂecting the 
balance between the investment needs of 
the business and the growth in underlying 
cash and earnings per share.
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 the business 
cash flows.  
The Company has a committed bank facility 
amounting to £14.5 million from a prime 
bank on competitive terms. £12 million of 
the facility is a term loan and was drawn 
down in October 2006 to part ﬁnance the 
FRI acquisition. The remaining £2.5 million 
facility is primarily available for working 
capital purposes and was undrawn at 31 
December 2006. The ﬁnancial risk proﬁle 
of the business has changed as the balance 
sheet is now geared but the directors believe 
that this ﬁnancial structure is in the best 
interests of the shareholders given the 
strong recurring revenue and operating 
cash inﬂow during the last four years. 
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. The 
Group’s debt is predominantly denominated 
in Canadian dollars in order to hedge the 
investment in the Canadian operations (FRI). 
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 translation 
exposures. As the Group continues to grow 
and generates proﬁts overseas in foreign 
currencies this exchange rate exposure 
will increase and the acquisitions made 
in 2006, in particular of FRI Corporation, 
has increased the exposure of the Group’s 
proﬁts to movements in exchange rates, in 
particular to the US dollar.  
Interest rate risk management
The Group’s interest rate risk has increased 
as a result of the £12 million debt arising in 
the year. An increase in interest rates would 
increase the interest payable on the Group’s 
banking facility.  The Company purchased 
an out-of-the-money interest rate cap on 
a proportion of the debt to protect the 
Group from a signiﬁcant increase in interest 
rates at a commercial cost. The interest rate 
risk would also 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. 
Key performance
indicators for the business
Amongst the key performance indicators 
that are monitored (both on an actual historic 
basis against budget and a forecast basis) 
by the Board as part of the regular monthly 
management reporting are:
• Level of recurring revenue and 
weighted average contract duration
• New sales of licences, data 
and consulting
• Notices of contract cancellations
• Revenue and costs per employee
• Net operating margin 
• Operating cash ﬂow and 
working capital
Principal risks and uncertainties
The directors have evaluated the principal 
business risks and uncertainties aﬀecting 
the Group, which are documented in a 
Group Risk Manual. The following is a 
summary of the principal business risks 
and uncertainties, although it is not intended 
to be an exhaustive list:
• Loss of key customer contracts
• Insuﬃcient level of new 
business contracted or delays 
in contract completion
• Competitor products 
• Inability to recruit or retain high 
calibre management and employees
• Loss of good reputation 
• Development failure or 
undetected errors in software
• Technological change
• Insuﬃcient working capital 
or other ﬁnancing 
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.
Andrew Fabian Finance Director
30 March 2007
Post balance sheet events The Company paid out £0.24 million of deferred consideration in early January 2007 
being the ﬁrst instalment of the deferred consideration for Delve completed in July 2005. During March 2007 the 
Company paid approximately £1.20 million consideration for the 49% of StatPro Italia that is not currently owned 
by the Company, of which approximately £0.12 million was reinvested by the recipients in StatPro shares issued 
at 97.5 pence per share as announced on 21 December 2006 and the balance in cash.  
progressive dividend…
FINANCIAL REVIEW…CONTINUED “StatPro has maintained its record of growing revenue each year since 
its ﬂotation in 2000 and the growth rate has picked up in 2006 to 35%” www.statpro.com 30
Carl Bacon CIPM 
1 2  3
 
Non-Executive Chairman
 
Carl, 44, was appointed Chairman in 2000. 
Previously he 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®, an executive committee member 
of investment-performance.com, and an 
associate tutor for 7city Learning. Carl is 
ex-chair of both the IPC Interpretations and 
IPC Veriﬁcation Sub-Committees, and is a 
member of the Advisory Board of the Journal 
of Performance Measurement. Carl is also the 
author of `Practical Portfolio Performance 
Measurement & Attribution´.
Justin Wheatley
Chief Executive
Justin, 42, began his career in the ﬁnancial 
services industry in 1988 with Micropal, 
selling performance measurement software 
to fund managers in the UK. In 1991, he 
founded an agency in Switzerland to 
distribute Micropal products and in 1993 he 
wrote the ﬁrst version of TAP , after identifying 
a requirement for such a product in the 
market. In 1994, he founded StatPro to 
develop portfolio analysis software systems. 
The same year he also took over Micropal’s 
French business through the acquisition of 
Micropal France SA, and turned around the 
business, increasing its turnover four fold 
in 4 years. In 1999, he sold Micropal France 
to S&P for £1.7 million, which was used to 
partly ﬁnance StatPro’s growth. He took 
StatPro to IPO in May 2000 raising over £5.0 
million to build up StatPro’s international 
operations. He has day-to-day responsibility 
for the management of the Group. 
Andrew Fabian FCA FCT
Finance Director
Andrew, 45, was appointed Finance Director 
in 2000.  Prior to joining StatPro, he was 
Group Financial Controller at William Baird 
PLC.  Andrew has signiﬁcant experience in 
the ﬁnancial services sector, both through 
senior ﬁnance roles at William Baird PLC and 
De La Rue plc, and also through advising 
financial institutions as a management 
consultant at Deloitte & Touche.  Andrew 
is a chartered accountant and qualiﬁed 
corporate treasurer. He is a Fellow of the 
Association of Corporate Treasurers and 
served for three years on the ACT’s governing 
council. Andrew is responsible for the 
ﬁnance and operations functions at StatPro, 
including HR and IT.
Charles Fairbairn ACA 
1 2  3
Non-Executive Director
Charles, 44, has many years’ experience 
in the media sector and in growing 
entrepreneurial companies. Previously 
he worked for Pearson plc, both as ﬁnance 
director of Pearson New Entertainment 
Limited, a start-up division with interests 
in computer publishing which was sold 
to Apax Partners in 1998 for £142 million, 
and as Group Chief Accountant.  Charles is 
currently also a non-executive director of 
AIM listed company Research Now Plc and 
Chairman of Brightview Group plc. Charles 
chairs the Group’s Audit Committee and 
chaired the Remuneration Committee up 
to 1 January 2007.
Mark Adorian 
1 2  3
Non-Executive Director
Mark, 44, was appointed to the Board in 
2002. He 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, a business 
created through the merger of Micropal 
together with two existing Standard & 
Poor’s businesses and another acquisition. 
His speciﬁc responsibilities included the 
global development of the enlarged entity. 
With effect from 1 January 2007 Mark 
now chairs the Group’s Nominations and 
Remuneration Committees.
1 Member of the Audit Committee
2  Member of the Remuneration Committee
3  Member of the Nominations Committee
strength to strength…
BOARD OF DIRECTORS GROUP EXECUTIVE BOARD
OTHER KEY EXECUTIVES
Frédéric Bardoux Product Strategy Director
Didier Cabon Director of Product Architecture
Michael Chan Senior Vice President, Development, North America
Simon Cheung Director, Client Services, North America
Robert Chung Director, South Africa
Dario Cintioli Director, Global Head of Risk
Professor Andrew Colin Fixed Income Research Director
Graeme Condie UK Sales Director
Karen Dehlavi Group Development Director
Elke Fidler Internal Projects Consultant
Bruce Graham Managing Director, Australia
Neil Hampton Director, South Africa
Alison Hughes Senior Vice President, Client Services, North America
Robin Kemper Director, South Africa
Laurent Laclaverie Director, Client Services, Europe
Sylvie Leclerc Vice President, Sales, North America
Andrew Peddar Managing Director, South Africa
Daryl Peddar Director, South Africa
Carsten Steimer Managing Director, Germany
Eon Williams CFO, North America
Justin Wheatley
Chief Executive
Andrew Fabian
Finance Director
Mark Bramley
CEO, North America
Simon Johns
Chief Operating Oﬃcer
Michel Lempicki
CEO, Europe
Domenic Santini
Executive Vice President
and CTO, North America
Robert Strike
Executive Vice President,
Development, North America
“We enter 2007, as we did in 2006, with 
considerable confidence. We have a 
large pipeline of prospects, a growing 
number of clients and a wider range of 
products and data…”
Justin Wheatley Chief Executive luxembourg
london
new york
san francisco
paris
frankfurt
milan
cape town
sydney
toronto
montreal
MAP AND CLIENT REFERENCES
statpro has eleven ofﬁces
supporting clients in 25 countries…
“Having implemented the system, all 
our project objectives have been 
met. We are 200% ahead of where 
we were a year ago.”
Guardian Group of Funds
Canada
“We value the StatPro user group 
meetings as they reassure us that 
StatPro is continuing to develop 
their products in line with client and 
industry requirements.”
Rand Merchant Bank
South Africa
“Both during the implementation 
phase as well as in the ongoing client 
support, whether it is of a technical or 
performance related nature, we can 
only conﬁrm the positive experience 
we’ve had with StatPro.” 
AMB Generali Asset Managers 
Germany  ﬁnancial statements     35 statpro momentum annual report & accounts 2006
DIRECTORS’ REPORT
FOR THE YEAR ENDED 31 DECEMBER 2006
The directors present their annual report and the audited ﬁnancial statements for the year ended 31 December 2006.
Principal activity
The principal activity of the Company and its subsidiaries during the year was the development, marketing and distribution of software systems 
and related professional services to the global asset management industry. Following the acquisition of FRI Corporation in October 2006, the Group 
now provides data solutions to clients.
Review of business and future developments
The directors are pleased with the performance of the Group, which has achieved further growth in revenue, an increase in proﬁt before tax and 
exceptional items and has generated increased operating cash inﬂow during 2006. A review of the business and likely future developments is 
contained in the Chairman’s Statement on page 7 and Chief Executive’s Review on pages 20 to 23.
Business risks
The principal business risks and uncertainties are outlined in the Financial Review on page 28. 
Financial risk management
The principal ﬁnancial risks that the Group is exposed to and the approach to risk management is described in the Financial review on page 28.
Research and development 
The Group continues to invest in developing improved software products. Development expenditure incurred during the year was £2.63 million 
(2005: £1.97 million). Under IFRS, development costs are capitalised where recognition criteria are met and written oﬀ over the useful life, currently 
estimated by the directors at three years. The amount capitalised in the year was £1.94 million (2005: £1.74 million) and the amount amortised was 
£1.57 million (2005: £1.15 million). The amount of amortisation relating to other intangibles (customer contracts) was £0.10 million (2005: nil).
Results, dividends and transfers to reserves
The Group’s proﬁt attributable to equity shareholders for the ﬁnancial year was £1.32 million (2005: £1.57 million). A ﬁnal dividend of 0.7p per ordinary 
share (2005: 0.5p) has been recommended by the directors taking the total dividend for the year to 1.0p (2005: 0.5p). If approved by the passing of 
a resolution at the 2007 Annual General Meeting, it is intended to pay the dividend on 30 May 2007 to all shareholders on the register at close of 
business on 27 April 2007. The proﬁt for the year has been transferred to reserves.
Shares issued in year
During 2006 the Company issued 17,119,076 shares (2005: 1,850,500) as detailed in note 19.
Post balance sheet events
Post balance sheet events are described in the Financial Review on page 28.
Donations
The Group made charitable donations of £5,000 (2005: nil) during the year. No political donations (2005: nil) were made during the year.
Directors and their interests
The directors who held oﬃce during the year were:
CR Bacon Chairman
JMBT Wheatley Chief Executive
AM Fabian Finance Director
DMDA Wheatley Non-executive Director Resigned 17 January 2007
MC Fairbairn Non-executive Director
MC Adorian Non-executive Director
All directors are subject to election at the ﬁrst opportunity after their appointment, and to re-election thereafter 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. Accordingly, MC Fairbairn and MC Adorian seek re-election at the forthcoming 
Annual General Meeting. 
Directors’ interests in the Company’s share capital and share options are detailed on page 44.
 
Directors’ interests in signiﬁcant contracts
Directors’ interests in signiﬁcant contracts are described in note 22. www.statpro.com 36
DIRECTORS’ REPORT…CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2006
Policy and practice on payment of creditors
The Group recognises the importance of good relationships with its suppliers and sub-contractors and has established the following payment policy:
(a)  agree payment terms in advance of any commitment being entered into;
(b) ensure suppliers are made aware of these terms by inclusion of the terms of payment on the purchase order or the contract;
(c)  ensure that payments are made in accordance with the terms of the contract or order providing that the presented documentation is
  complete and accurate.
The number of days purchases outstanding at 31 December 2006 for the Group was 43 days (2005: 69) and for the parent Company was 21 days (2005: 32).
Statement of directors’ responsibilities 
Company law requires the directors to prepare ﬁnancial statements for each ﬁnancial year, which give a true and fair view of the state of aﬀairs of the 
Company and the Group as at the end of the ﬁnancial period and of the proﬁt or loss and the cash ﬂows of the Group for that period.  In preparing 
those ﬁnancial statements, the directors are required to:
 • select suitable accounting policies and then apply them consistently;
 • make judgements and estimates that are reasonable and prudent;
 • state whether applicable accounting standards have been followed subject to any material departures being disclosed and explained
  in the ﬁnancial statements; 
 • prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the Group will continue in business.
The directors conﬁrm that they have complied with the above requirements in preparing the ﬁnancial statements.
The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the ﬁnancial position 
of the Company and the Group and to enable them to ensure that the ﬁnancial statements comply with the Companies Act 1985.  They are also 
responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of 
fraud and other irregularities.
The directors have ensured that they have individually given all relevant information to the auditors and so far as each director is aware, there is no 
relevant audit information of which the company’s auditors are unaware, and each director has taken all the steps that he ought to have taken as a director 
in order to make himself aware of any relevant audit information and to establish that the company’s auditors are aware of that information.
The directors are responsible for the maintenance and integrity of the Company’s website. Information published on the internet is accessible in many 
countries with diﬀerent legal requirements. Legislation in the United Kingdom governing the preparation and dissemination of ﬁnancial statements 
may diﬀer from legislation in other jurisdictions.
Substantial shareholdings
The Company has been notiﬁed of the following major shareholdings of over 3% in the Company’s issued share capital as at 7 March 2007:
In addition to the above holdings, JMBT Wheatley and DMDA Wheatley together with GFMT Wheatley, hold 255,000 ordinary shares (representing 
0.49% of the ordinary share capital) in a family trust, each of them being a trustee and potential beneﬁciary of the trust.    
Ordinary shares beneficially owned 
Number of
shares
% of share
capital 
JMBT Wheatley 6,476,772 12.34%
AXA Framlington 5,203,133 9.91%
Herald Investment Trust 4,526,228 8.62%
Merrill Lynch & Co Inc 4,259,764 8.12%
Banque Paribas (Suisse) - PT Borel 1,830,000 3.49%
DMDA Wheatley 1,827,487 3.48%     37 statpro momentum annual report & accounts 2006
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 seek to train and 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 originally achieved in 
2001 in recognition of the investment the Company has made in its people.  The award demonstrates that we believe in and recognise the value of 
our staﬀ, their performance and their contribution to the success of the business. 
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. 
Auditors
A resolution to re-appoint PricewaterhouseCoopers LLP as auditors to the Company will be proposed at the Annual General Meeting.
By order of the Board
GFMT Wheatley
Company Secretary
30 March 2007 www.statpro.com 38
CORPORATE GOVERNANCE
Compliance with the Combined Code
The Company transferred its listing on 16 June 2003 from the London Stock Exchange Main List to the Alternative Investment Market of the London 
Stock Exchange (“AIM”). The directors believe that it was appropriate for the Company to move to AIM to take advantage of the greater degree of 
ﬂexibility aﬀorded by this market. As a result, the Company is not required to follow the Combined 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 for 
good corporate governance. This statement describes how the principles of corporate governance are applied to the Company and the Company’s 
compliance with the Code provisions. The Company has been in full compliance with the provisions set out in the 2003 FRC Combined Code during 
the year except as noted below.
The Workings of the Board and its Committees
The Board
The Board currently comprises the non-executive Chairman, the Chief Executive, the Finance Director and three non-executive directors (until 
Dominic Wheatley’s resignation on 17 January 2007) and is responsible to shareholders for the proper management of the Group. Whilst the Chairman 
has in the past had an executive role, performs consulting services for the Group and is a shareholder and option holder, the Board considers that 
he is independent. The Board considers Charles Fairbairn to be the senior independent director. Whilst Charles was employed in the past by the 
Company (on a temporary part-time basis), the directors consider him to be independent. Whilst Mark Adorian is a shareholder and option holder, 
the Board considers that he is also an independent director. Dominic Wheatley, a non-executive director (until his resignation on 17 January 2007), 
is the brother of Justin Wheatley, Chief Executive, but in all matters concerning the Group acted independently. Directors’ biographies appear on 
page 30 and demonstrate a range of relevant experience bringing independent judgement to bear on issues of strategy, performance, resources, 
industry knowledge and standards of conduct, which is vital to the success of the Group. 
All directors have access to the Company Secretary, who is responsible for all company secretarial matters and compliance with relevant statutory 
obligations. All executive directors receive adequate 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 these 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 Board has a process for evaluating the performance of each director. The performance of the executive directors is reviewed by the non-executive 
directors. The performance of the Chairman and each of the non-executive directors is reviewed on an individual basis by the other directors. The 
overall eﬀectiveness of the Board and its sub-committees is reviewed by the Board as a whole through completion of a formal questionnaire.
The following committees have been established to deal with speciﬁc aspects of the Group’s aﬀairs.
Group Executive Board
Following the acquisition of FRI which signiﬁcantly increased the North American operations of the Group the executive boards and sub-committees were 
restructured. The Group Executive Board was established as an executive committee, which comprises the executive directors together with other senior 
executives of the Group who meet at least six times per annum to discuss strategic and operational matters. Regional executive boards were established 
to deal with executive decisions within the Group’s regional operations, within clearly deﬁned terms of reference established by the Board.  
Audit Committee
The Audit Committee is chaired by Charles Fairbairn and also comprises the Chairman (Carl Bacon), and Mark Adorian, and meets at least twice 
annually. The Audit Committee provides a forum for reporting by the Group’s external auditors. Meetings are also attended, by invitation, by the 
Finance Director.   
The Audit Committee is responsible for reviewing a wide range of ﬁnancial matters including the half-year and annual accounts before their submission 
to the Board and monitoring the controls, which are in force to ensure the integrity of the ﬁnancial information reported to shareholders. The Audit 
Committee reviews the appointment of external auditors and their remuneration both for audit and non-audit work and discusses the nature and 
scope of the audit. The Audit Committee regularly reviews the level of non-audit work being performed by the auditors to ensure that they remain 
independent and the Audit Committee is satisﬁed that the current level of non-audit work being performed by the auditors is appropriate.     39 statpro momentum annual report & accounts 2006
Remuneration and Nominations Committees
The Remuneration Committee 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 Schemes. The Remuneration Committee was chaired 
by Charles Fairbairn throughout 2006 and the other members are Mark Adorian and Dominic Wheatley. With eﬀect from 1 April 2006 Carl Bacon 
was appointed to the Remuneration Committee and with eﬀect from 1 January 2007 Mark Adorian was appointed Chairman of the Remuneration 
Committee. Section B.2.1 of the code requires the Remuneration Committee to comprise only independent non-executive directors. Dominic 
Wheatley, a non-executive director, is the brother of Justin Wheatley, Chief Executive, but in all matters concerning the Group was considered by 
the Board to be independent. 
The Nominations Committee was chaired by Dominic Wheatley throughout 2006 and comprises Carl Bacon, Charles Fairbairn and Mark Adorian. 
With eﬀect from 1 January 2007 Mark Adorian was appointed chairman of the Nominations Committee. The Nominations Committee undertakes 
the function of nominating appointments to the Board, although all such appointments are reviewed and approved by the full Board. 
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 41 to 44. 
The number of full scheduled Board meetings and main sub-committee meetings attended by each director during the year were as follows:
Scheduled
Board
meetings
Audit
Committee 
meetings
Remuneration 
Committee 
meetings
CR Bacon 7 3 1
JMBT Wheatley 7
AM Fabian 7
DMDA Wheatley 4 2
MC Fairbairn 7 3 2
MC Adorian 7 3 2
There were no meetings of the Nominations Committee during 2006.
The Group Executive Board has three main sub-committees as follows:
European and North American Executive Boards
Operational decisions on implementing the Group’s strategy including sales strategy and expenditure and recruitment plans are delegated to senior 
executives in the Groups’ two main regions, within clearly deﬁned terms of reference and overall budgets established by the Board.  
Product Strategy Committee
The Group’s global product and development strategy is reviewed and controlled at a series of Product Strategy Committee meetings chaired by 
Frédéric Bardoux. This committee ensures products, whether acquired or developed internally, are designed to meet clients’ current and future 
requirements, and are developed in a cost eﬀective manner. 
Relations with shareholders
Communications with shareholders are given high priority. There is regular dialogue with institutional shareholders and market analysts including 
presentations after the Company’s preliminary announcement of the annual and interim results and other major announcements. 
Internal controls and risk management 
During the year, the Board has formally reviewed and reported on the eﬀectiveness of the Group’s system of internal controls in accordance with 
the Combined Code. This review is required to address not only internal ﬁnancial controls but 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. 
The Company has established risk management procedures, which the directors consider appropriate to a group of its size and complexity, and 
during the year, the internal controls and risk management procedures were reviewed by the directors. The Company has a Group Risk Manual, 
which sets out the key risks by function and by region and the controls in place to manage the risks and identiﬁes actions to be taken to improve 
risk management processes. Given the size and nature of the business the directors consider that the Group is compliant with the requirements of 
The Turnbull Report. www.statpro.com 40
CORPORATE GOVERNANCE…CONTINUED
Each senior executive is responsible for managing risks in his or her function or region and making regular reports on risk issues to both the main 
Board and Group Executive Board. This risk analysis 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. The Board is thus able to monitor the risk proﬁle for all 
signiﬁcant business risks. 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 page 36 and a statement on going concern is below. 
Risk awareness is further embedded within the business at a series of review meetings during the year extending to Group Executive Board and 
Regional Executive Board members and other senior managers.
 
Financial controls
The Group has established written expenditure approval, delegation of authority and authorisation levels, segregation of duties and other control 
procedures together with accounting policies and procedures, which are approved by the Board.
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 together with information on the key risk areas.
Investment appraisal 
Major capital and other project expenditure is controlled by a budgetary process and authorisation levels. For capital expenditure above speciﬁed 
levels, and for acquisitions and disposals, detailed written proposals have to 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 current size of the Group. 
However this situation will be reviewed by the Board from time to time.
Going concern
After making reasonable enquiries, 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. 
GFMT Wheatley
Company Secretary
30 March 2007     41 statpro momentum annual report & accounts 2006
REMUNERATION REPORT
The Group’s Remuneration Committee was chaired throughout 2006 by Charles Fairbairn and the other members are Dominic Wheatley until his 
resignation on 17 January 2007, Mark Adorian, and with eﬀect from 1 April 2006, Carl Bacon. With eﬀect from 1 January 2007 Mark Adorian was 
appointed Chairman of the Remuneration Committee. 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.  During the year the Committee has 
reviewed salary surveys and the policies of other companies of a comparable nature but has taken no external advice.  Following the Company’s 
transfer to AIM in 2003, the Company is continuing to make disclosures of directors’ remuneration as detailed below on a voluntary basis. 
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, benefits, share options, performance-
related bonuses, pensions and other benefits, with a significant proportion based on performance and dependent upon achievement of demanding 
targets. Consideration is given to pay and employment policies elsewhere in the Group. Details of the remuneration package of each director 
are set out on page 43.
The Group has needed to have a remuneration policy to steer the Group towards the objectives of all its shareholders. The current focus is on the 
achievement of Group revenue growth and proﬁt targets and bonuses will form a greater part of the overall remuneration package.
Basic salary and beneﬁts
Salaries are established by reference to prevailing market rates, adjusted to reﬂect individual performance, experience, responsibilities and skills. 
Salaries are normally reviewed annually in January. With eﬀect from 1 January 2007 the non-executive fees for Charles Fairbairn and Mark Adorian 
were increased by £5,000 per annum. All other directors’ salaries and fees remain unchanged for 2007.  
Share options 
Share options are granted to directors and eligible employees under established approved and unapproved employee share option schemes as the 
Company places emphasis on the encouragement and motivation of staﬀ. Details of the options outstanding under the schemes are provided in 
note 19. Options are awarded at the higher of market value at the date of grant and a minimum level established by the Remuneration Committee as 
being acceptable to all shareholders.  The Remuneration Committee ensures that awards are made within the overall limits authorised by shareholders 
and at an appropriate level for the individual, taking into account their role and contribution to the business, previous option grants and market 
practice. Share options issued to directors and senior managers include performance criteria as determined by the Remuneration Committee from 
time to time, primarily being that exercise is dependent on achieving a minimum share price. During 2006, Justin Wheatley was awarded 1,000,000 
options as detailed below. No other awards of options were made to executive directors.  In 2006 the committee introduced a new medium term 
performance related bonus scheme.
Annual performance-related bonus scheme
In addition to basic salary, executive directors and other senior executives participate in a performance-related bonus scheme. Performance targets 
are designed to both stretch and encourage individuals whilst aligning their interests to that of the Group.  
In 2006, the targets for performance-related bonuses for all main board executive directors related to the Group exceeding a demanding target for 
revenue growth. The Committee continues to review bonus plans. The Committee may also award individual discretionary bonuses. In 2006, an 
additional discretionary award of £36,000 (2005: nil) was made to Justin Wheatley and an additional discretionary award of £26,400 (2005: £4,000) 
was made to Andrew Fabian due to the successful completion of the acquisition of FRI. Bonuses do not form part of pensionable earnings. 
For 2007, bonuses will also be payable based upon the level of growth in revenue, subject to satisfactory performance for Group proﬁts.  It is anticipated 
that basic salary will be the substantial element of each package, unless revenue and proﬁts are substantially higher than the target.
Three year performance-related bonus scheme
In 2006, following a review of the impact of IFRS 2 Share Based Payments, the committee has decided to introduce a three year bonus scheme in addition 
to the current annual scheme for executive directors and other senior executives. For the executive directors, this will be a cash plan with at least half 
of each year’s annual bonus being deferred and the Company increasing the amount by a further 50%. Such an amount will be paid to the executive in 
three years time, providing the executive remains employed in the Group. In 2007, deferral will be voluntary but in 2008 it will be mandatory.
In addition, there will be a performance incentive element linked to the growth in earnings per share of the Company over the three year deferral period. 
Should earnings have risen by compound RPI plus 5% per annum over the three year period (approximately 25% at current RPI) the executive will 
receive an amount that increases the payment up to twice the bonus initially deferred. Should earnings have risen by compound RPI plus 12% per 
annum over the three year period (approximately 50% at current RPI) the executive will receive an amount that increases the payment up to three 
times the bonus initially deferred. A straight line interpolation will be applied between these levels. www.statpro.com 42
The Company may at its option at the end of the period issue the executive shares in lieu of cash. For executive directors the amount deferred will 
be limited to 50% of their annual salary. The committee considers that three year schemes with performance criteria in common with this executive 
plc scheme can be applied relatively straight forwardly across senior executives in all territories across the increasingly international StatPro Group. 
Pensions and other beneﬁts
The Company also operates a deﬁned contribution pension scheme for executive directors. Other beneﬁts include allowances, life assurance cover 
of four times basic salary 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 twelve months’ 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
JMBT Wheatley 18 June 1999 6 months
AM Fabian 10 July 2000 12 months
Non-executive directors do not have service contracts.  The directors submitted for re-election at the forthcoming Annual General Meeting are MC 
Fairbairn and MC Adorian. Biographical details of all directors can be found on page 30.
Performance graph
  
StatPro ﬂoated on the London Stock Exchange in May 2000 but transferred to AIM on 16 June 2003. Therefore, 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 2001 to 31 December 
2006 the total shareholder return for StatPro was 144.2%.  Over the same period the FTSE™ AIM total shareholder return was 22.5%.  
REMUNERATION REPORT…CONTINUED
FTSE AIM 
StatPro 
31 December 2001 = 100     43 statpro momentum annual report & accounts 2006
Directors’ remuneration 
This part of the Remuneration report is auditable.
2006
Salary/Fees 
£’000
Performance-
related 
bonus
£’000 
Discretionary 
bonus 
£’000
Beneﬁts* 
£’000
Total 
excluding 
pensions
£’000 
Pensions
£’000 
Total
2006 
£’000
CR Bacon 36 - - 1 37 - 37
JMBT Wheatley 180 75 36 23 314 12 326
AM Fabian 132 30 26 7 195 13 208
DMDA Wheatley 25 - - - 25 - 25
MC Fairbairn 30 - - - 30 - 30
MC Adorian 25 - - - 25 - 25
428 105 62 31 626 25 651
2005
Salary/Fees 
£’000
Performance-
related 
bonus
£’000
Discretionary 
bonus 
£’000
Beneﬁts* 
£’000
Total 
excluding 
pensions
£’000 
Pensions
£’000
Total
2005 
£’000
CR Bacon 48 - - 3 51 2 53
JMBT Wheatley 180 48 - 23 251 12 263
AM Fabian 132 20 4 7 163 13 176
DMDA Wheatley 25 - - - 25 - 25
MC Fairbairn 30 - - - 30 - 30
MC Adorian 25 - - - 25 - 25
440 68 4 33 545 27 572
*Beneﬁts in kind for CR Bacon, JMBT Wheatley and AM Fabian relate to travel and car allowances, private healthcare and life assurance. CR Bacon 
became non-executive with eﬀect from 1 March 2005. 
The remuneration of DMDA Wheatley consists wholly of fees paid to Ideal Partners, of which he is a partner. For the period from January to June 2005 
the remuneration of MC Fairbairn consisted of £11,000 fees paid to Crunchwell Services Limited, of which he is a director and £4,000 paid direct to 
MC Fairbairn. From 1 July 2005 onwards the fees were paid direct to MC Fairbairn. 
Directors’ pension arrangements 
This part of the Remuneration report is auditable.
The table below shows directors’ pension arrangements in respect of a deﬁned contribution scheme. 
Contribution
Rate 
Relevant
Salary 
£’000
Contributions 
2006
£’000
Contributions 
2005 
£’000
CR Bacon - - - 2
JMBT Wheatley 6.7% 180 12 12
AM Fabian 10% 132 13 13
With eﬀect from 1 January 2007 the contribution rate for JMBT Wheatley was increased to 10%. 
CR Bacon became non-executive with eﬀect from 1 March 2005 and the pension beneﬁts he received as an executive director ceased from that date.  www.statpro.com 44
REMUNERATION REPORT…CONTINUED
Directors’ interests 
Interests in shares
As at 
31 December 
2006 
Number 
As at 
31 December 
2005 
Number 
CR Bacon 317,727 295,000
JMBT Wheatley 6,476,772 6,437,000
AM Fabian 21,363 10,000
DMDA Wheatley 1,827,487 2,204,760
MC Fairbairn 299,590 265,500
MC Adorian 1,533,545 1,340,000
In addition to the above interests, JMBT Wheatley and DMDA Wheatley together with GFMT Wheatley hold 255,000 ordinary shares in a family trust, 
each of them being a trustee and potential beneﬁciary of the trust (2005: 255,000 ordinary shares). Included in the total for JMBT Wheatley are 211,772 
(2005: 172,000) ordinary shares are held in a retirement beneﬁt scheme, in which JMBT Wheatley has a beneﬁcial interest.
Interests in share options 
This part of the Remuneration report is auditable.
As at 
31 December 
2005
Number 
Granted
in year 
Number 
Exercised
in year 
Number
Lapsed
in year 
Number 
As at 
31 December 
2006
Number 
Exercise 
price
pence
Exercise
period
 
CR Bacon 425,000** - - - 425,000** 60 2006-2010
         
JMBT Wheatley - 1,000,000** - - 1,000,000** 97.5 2008-2013
AM Fabian 77,000 - - - 77,000 60 2006-2013
573,000** - - - 573,000** 60 2006-2010
24,816* - (24,816)* - - 68 2006-2007
674,816 - (24,816) - 650,000
DMDA Wheatley - - - - - - -
MC Fairbairn 62,500 - - - 62,500 80 2003-2010
MC Adorian 83,333 - - - 83,333 60 2005-2012
*SAYE scheme options 
**performance criteria are attached to these options with respect to the share price on exercise.
Gains made by directors on share options 
Options over 24,816 shares under a ﬁve year SAYE plan were exercised by AM Fabian in December 2006 and the gain arising was £7,000 (2005: nil). 
No other director exercised any share options during the year ended 31 December 2006. 
Share price 
The highest and lowest mid-market prices of the Company’s ordinary shares during the year were 106.5p and 61p respectively, and the mid-market 
price on 31 December 2006 was 104p. At the date of this report the mid-market share price was 86p.
MC Adorian
Chairman of Remuneration Committee 
30 March 2007     45 statpro momentum annual report & accounts 2006
We have audited the Group and parent Company ﬁnancial statements (the “ﬁnancial statements”) of StatPro Group plc for the year ended 31 December 
2006 which comprise the Group Income Statement, the Group and Parent Company Balance Sheets, the Group and Parent Company Cash Flow Statements, 
the Group Statement of Recognised Income and Expense and the related notes. These ﬁnancial statements have been prepared under the accounting 
policies set out therein. We have also audited the information in the Directors’ Remuneration Report that is described as having been audited. 
Respective responsibilities of directors and auditors
The directors’ responsibilities for preparing the Annual Report, the Directors’ Remuneration Report and the ﬁnancial statements in accordance with applicable 
law and International Financial Reporting Standards (IFRS) as adopted by the European Union are set out in the Statement of Directors’ Responsibilities. 
Our responsibility is to audit the ﬁnancial statements and the part of the Directors’ Remuneration Report to be audited in accordance with relevant legal 
and regulatory requirements and International Standards on Auditing (UK & Ireland). This report, including the opinion, has been prepared for and only 
for the Company’s members as a body in accordance with Section 235 of the Companies Act 1985 and for no other purpose. We do not, in giving this 
opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come 
save where expressly agreed by our prior consent in writing. 
We report to you our opinion as to whether the ﬁnancial statements give a true and fair view and whether the ﬁnancial statements and the part of the 
Directors’ Remuneration Report to be audited have been properly prepared in accordance with the Companies Act 1985 and, as regards the Group 
ﬁnancial statements, Article 4 of the IAS Regulation. We also report to you whether in our opinion the information given in the Directors’ Report is 
consistent with the ﬁnancial statements. 
In addition we report to you if, in our opinion, the Company has not kept proper accounting records, if we have not received all the information and 
explanations we require for our audit, or if information speciﬁed by law regarding directors’ remuneration and other transactions is not disclosed.
We review whether the Corporate Governance Statement reﬂects the Company’s compliance with the nine provisions of the Combined Code (2003) 
speciﬁed for our review by the Listing Rules of the Financial Services Authority, and we report if it does not. We are not required to consider whether 
the Board’s statements on internal control cover all risks and controls, or form an opinion on the eﬀectiveness of the Group’s corporate governance 
procedures or its risk and control procedures. 
We read other information contained in the Annual Report and consider whether it is consistent with the audited ﬁnancial statements. The other information 
comprises only the Directors’ Report, the unaudited part of the Directors’ Remuneration Report, the Chairman’s Statement, the Chief Executive’s Review, the 
Financial Review and the Corporate Governance Statement. We consider the implications for our report if we become aware of any apparent misstatements 
or material inconsistencies with the ﬁnancial statements. Our responsibilities do not extend to any other information.
Basis of audit opinion 
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit 
includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the ﬁnancial statements and the part of the Directors’ 
Remuneration Report to be audited. It also includes an assessment of the signiﬁcant estimates and judgements made by the directors in the preparation 
of the ﬁnancial statements, and of whether the accounting policies are appropriate to the Group’s and Company’s circumstances, consistently applied 
and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with 
suﬃcient evidence to give reasonable assurance that the ﬁnancial statements and the part of the Directors’ Remuneration Report to be audited are free 
from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of 
the presentation of information in the ﬁnancial statements and the part of the Directors’ Remuneration Report to be audited. 
Opinion 
In our opinion: 
 • the Group ﬁnancial statements give a true and fair view, in accordance with IFRS as adopted by the European Union, of 
  the state of the Group’s aﬀairs as at 31 December 2006 and of its proﬁt and cash ﬂows for the year then ended;
 • the parent Company ﬁnancial statements give a true and fair view, in accordance with IFRS as adopted by 
  the European Union as applied in accordance with the provisions of the Companies Act 1985, of the state 
  of the parent Company’s aﬀairs as at 31 December 2006 and cash ﬂows for the year then ended;
 • The ﬁnancial statements and the part of the Directors’ Remuneration Report to be audited have been properly prepared in
  accordance with the Companies Act 1985 and, as regards the Group ﬁnancial statements, Article 4 of the IAS Regulation; and
 • the information given in the Directors’ Report is consistent with the ﬁnancial statements.
PricewaterhouseCoopers LLP 
Chartered Accountants and Registered Auditors
London 
30 March 2007
INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF STATPRO GROUP PLC www.statpro.com 46
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2006
Notes 2006 2006 2006 2005
£’000 £’000 £’000 £’000
Continuing 
operations Acquisitions Total
Group Revenue 2 12,737 1,867 14,604 10,786
Operating expenses before amortisation of intangibles and 
exceptional items
(8,780) (1,508) (10,288) (7,969)
Amortisation of intangibles 10 (1,511) (158) (1,669) (1,154)
Exceptional items 3 (674) (747) (1,421) -
Operating expenses 3 (10,965) (2,413) (13,378) (9,123)
Operating proﬁt/(loss) 1,772 (546) 1,226 1,663
Interest receivable 6 106 18
Interest payable 6 (195) (42)
Proﬁt before taxation 2 1,137 1,639
Taxation 7 77 -
Proﬁt for the year 1,214 1,639
(Loss)/proﬁt attributable to minority interests 8 (110) 69
Proﬁt attributable to equity shareholders 1,324 1,570
1,214 1,639
Earnings per share from continuing operations – basic 20 3.3p 4.6p
                                                                                 – diluted 20 3.2p 4.5p
 2006
£’000
2005
£’000
Proﬁt after tax 1,214 1,639
Net exchange diﬀerences oﬀset in reserves net of tax (970) (81)
Total recognised income for the year 244 1,558
Attributable to:
Minority interests (91) 78
Equity shareholders 335 1,480
GROUP STATEMENT OF RECOGNISED INCOME AND EXPENSE      47 statpro momentum annual report & accounts 2006
BALANCE SHEETS
AS AT 31 DECEMBER 2006
Notes  Group
2006
£’000
Group
2005
£’000
Restated
Company 
2006
£’000
Company
2005
£’000
Restated
Assets 
Non-current assets 
Goodwill 10 29,869 3,053 - -
Intangible assets 10 4,550 2,308 1,674 1,475
Property, plant and equipment 11 846 466 - -
Other receivables 13 316 174 201 153
Deferred tax assets 13,16 2,269 1,522 - 279
Investments 12 - - 31,963 2,866
37,850 7,523 33,838 4,773
Current assets 
Trade and other receivables 13 5,352 3,759 113 23
Cash and cash equivalents 25 3,327 1,853 1,935 816
8,679 5,612 2,048 839
Liabilities 
Current liabilities
Financial liabilities - borrowings 14 (1,857) (35) (1,822) -
Trade and other payables 14 (4,767) (1,987) (2,890) (302)
Current tax liabilities 14 (53) (26) - -
Deferred income 14 (8,562) (6,487) - -
Provisions – contingent consideration 14 (1,484) - (1,484) -
14 (16,723) (8,535) (6,196) (302)
Net current (liabilities)/assets (8,044) (2,923) (4,148) 537
Non-current liabilities 
Financial liabilities – borrowings 15 (9,145) - (9,145) -
Deferred income 15 (109) (75) - -
Provisions – contingent consideration 15 (2,581) (1,500) (2,581) (1,500)
15 (11,835) (1,575) (11,726) (1,500)
Net assets 2 17,971 3,025 17,964 3,810
Shareholders’ equity 
Ordinary shares 19, 21 522 350 522 350
Share premium 21 13,570 891 13,570 891
Shares to be issued 21 896 - 63 -
Other reserves 21 116 (90) 1,197 2
Retained earnings 21 3,008 1,924 2,612 2,567
Total shareholders’ equity 21 18,112 3,075 17,964 3,810
Minority interest in equity 8 (141) (50) - -
Total equity 21 17,971 3,025 17,964 3,810
The consolidated balance sheet for 31 December 2005 has been restated (see note 1)
The ﬁnancial statements on pages 46 to 75 were approved by the Board of Directors on 30 March 2007 and were signed on its behalf by: 
Directors
JMBT Wheatley    AM Fabian www.statpro.com 48
CASH FLOW STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2006
Notes Group
2006
£’000
Group
2005
£’000
Company
2006
£’000
Company
2005
£’000
Cash ﬂows from operating activities 
Cash generated from operations 24 3,889 3,155 3,920 2,425
Interest received 106 18 84 12
Interest paid (12) (13) (12) (1)
Issue costs in respect of bank loan - (5) - (5)
Tax paid (105) (31) - -
Net cash from operating activities 3,878 3,124 3,992 2,431
Cash ﬂows from investing activities 
Acquisition of/increased investment in subsidiaries (net of 
cash acquired) 27 (24,517) (858) (26,231) (880)
Investment in intangible assets – development costs 3 (1,939) (1,738) (1,175) (1,119)
Proceeds from sale of property, plant and equipment - 22 - -
Purchase of property, plant and equipment 11 (302) (188) - -
Net cash used in investing activities (26,758) (2,762) (27,406) (1,999)
Cash ﬂows from ﬁnancing activities 
Repayment of bank loan - (1,200) - (1,200)
Net proceeds from bank loan 25 11,788 - 11,788 -
Proceeds from issue of ordinary shares 19 12,836 551 12,836 551
Capital element of ﬁnance lease payments - (2) - -
Dividends paid to equity shareholders 9 (298) - (298) -
Net cash from/(used) in ﬁnancing activities 24,326 (651) 24,326 (649)
Eﬀects of exchange rate changes 28 (7) 207 8
Net increase/(decrease) in cash and cash equivalents 1,474 (296) 1,119 (209)
Cash and cash equivalents at start of year 1,853 2,149 816 1,025
Cash and cash equivalents at end of year 25 3,327 1,853 1,935 816     49 statpro momentum annual report & accounts 2006
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2006
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.
Basis of preparation 
These ﬁnancial statements have been prepared in accordance with International Financial Reporting Standards and IFRIC interpretations endorsed 
by the European Union (EU) and with those parts of the Companies Act, 1985 applicable to companies reporting under IFRS.
The ﬁnancial statements have been prepared under the historical cost convention as modiﬁed by the revaluation of land and buildings, available for sale 
investments, ﬁnancial assets and liabilities held for trading. A summary of the more important 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.
The preparation of ﬁnancial statements in conformity with generally accepted accounting principles requires the use of estimates and assumptions 
that aﬀect the reported amounts of assets and liabilities at the date of the ﬁnancial statements and the reported amounts of revenues and expenses 
during the reporting period. Although these estimates are based on management’s best knowledge of the amount, event or actions, actual results 
ultimately may diﬀer from those estimates.
Critical accounting estimates and judgments
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 judgments are made in 
the following areas:
 • Goodwill
 • Intangible assets
 • Deferred consideration
 • Deferred tax recognised
The accounting policies in respect of these items are set out below and further details can be found in notes 10, 16 and 27.
New accounting standards and interpretations 
New accounting standards and interpretations have been issued during the year. The Group’s approach to these is as follows:
Standards, amendments and interpretations eﬀective in 2006 but not relevant 
The following standards, amendments and interpretations are mandatory for accounting periods beginning on or after January 1, 2006 but are not 
relevant to the Group’s operations: 
 • IAS 39 (Amendment), Cash ﬂow hedge accounting of forecast intragroup transactions; 
 • IAS 39 (Amendment), The fair value option; 
 • IAS 39 and IFRS 4 (Amendment), Financial guarantee contracts; 
 • IFRS 4, Financial guarantee contracts; 
 • IFRS 6, Exploration for and evaluation of mineral resources; 
 • IFRIC 2, Member share in co-operative entities and similar instruments; 
 • IFRIC 5, Rights to interests arising from decommissioning, restoration and environmental rehabilitation funds.   
Interpretations to existing 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 early adopted:   
 • IFRIC 10, Interim Financial Reporting and Impairment (eﬀective for accounting periods beginning on or after May 1, 2006); 
 • IFRS 7, Financial Instruments: Disclosure (eﬀective for accounting periods beginning on or after January 1, 2007). 
Interpretations to existing standards that are not yet eﬀective and not relevant for the Group’s operations 
The following interpretations to existing standards have been published that are mandatory for the Group’s accounting periods beginning on or 
after May 1, 2006 or later periods but are not relevant for the Group’s operations: 
 • IFRIC 7, Applying the restatement approach under IAS 29, Financial reporting in hyperinﬂationary economies; 
 • IFRIC 8, Scope of IFRS 2; 
 • IFRIC 9, Reassessment of embedded derivatives.  www.statpro.com 50
NOTES TO THE FINANCIAL STATEMENTS…CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2006
Turnover 
Turnover represents the invoiced value of goods and services, excluding value added tax, as follows: 
a)  Licence revenue and related software support contracts 
  Licence revenue and software support contract income relating to obligations under the contract is recognised in the income statement over
   the period of the licence, 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 in 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.
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 accrue.
Segmental reporting
The directors consider the business as operating as one operation managed under a regional reporting structure and therefore the segmental 
analysis is by region. 
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 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 estimated to be the useful economic life. 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.
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 intangible assets created are then written oﬀ over 
the same useful life which range from 3 to 7 years depending on the type of contract.
 
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. 
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. 
Depreciation
The cost of ﬁxed assets 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
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 deferred contingent consideration less any provisions for impairment.     51 statpro momentum annual report & accounts 2006
Deferred taxation 
Deferred taxation is recognised in respect of all temporary diﬀerences that have originated but not reversed 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 can be determined with a degree of certainty. 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 substantially 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 acquired under 
ﬁnance lease arrangements are capitalised and depreciated on a straight line basis over the shorter of the term of the lease and the economic life 
of the relevant asset. The interest element of the rental obligation is charged to the income statement over the period of the lease in proportion to 
the balance of the outstanding obligations. 
Goodwill 
Goodwill is based on the diﬀerence between the fair value of the consideration including all costs relating to the acquisition and the net assets of the 
acquired entity (after fair value adjustments).  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. 
Financial instruments 
In accordance with IAS 32 – “Financial instruments: Disclosure and presentation” and IAS 39 – “Financial instruments: Recognition and measurement”, the Group 
has taken advantage of the exemption available for short-term debtors and creditors. All other ﬁnancial assets and liabilities are recorded at historical cost. 
Cash and cash equivalents
The Group considers all bank deposits and highly liquid investments of less than three months’ maturity to be cash equivalents.
Pensions 
The Company 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, StatPro has issued a number of share options to executives and employees. Under IFRS, 
the options must be valued based on a market or estimated market value at inception and this cost is spread 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 evaluate the fair value of the 
options. There are a number of assumptions which aﬀect the value and the Board has considered carefully these assumptions in order to derive an 
appropriate charge for the cost of options (see note 19). There is no cash impact to the Group as a result of this accounting standard.
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
Amounts are disclosed as exceptional items when in the opinion of the directors the size or nature of the amounts are such that separate disclosure 
is considered necessary. 
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 ﬁnancial statements 
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 directly to reserves. The diﬀerence between the 
proﬁt and loss at the average rate and closing rate are taken directly to reserves. All other translation diﬀerences are taken to the income statement. 
Related party transactions 
The Group has taken advantage of the exemption under IAS 24 – “Related Party Disclosures” not to disclose transactions between Group 
companies.  www.statpro.com 52
NOTES TO THE FINANCIAL STATEMENTS…CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2006
Restatement of 2005 Group and Company balance sheets
The balance sheets for 31 December 2005 have been restated as follows. Deferred tax amounting to £0.49 million for the Group and £0.09 million for 
the Company previously classiﬁed as current has been reclassiﬁed as non-current. The translation reserve loss amounting to £0.09 million previously 
reported as part of retained earnings together with the warrant reserve amounting to £2,000 have been included in other reserves. 
2  Segmental information
All turnover, proﬁt/(loss) before taxation and net assets/(liabilities) are attributable to the principal activity of the Group, being the development, 
marketing and distribution of software, data solutions and related professional services to the global asset management industry. The directors consider 
the business as operating as one operation managed under a regional reporting structure and therefore the segmental analysis is by region. 
a) Turnover by destination: 2006
£’000
Continuing 
operations 
2006
£’000
Acquisitions
2006
£’000
Total 
2005
£’000
Total 
United Kingdom 2,784 - 2,784 2,478
Continental Europe 6,668 168 6,836 5,559
North America 2,193 1,357 3,550 1,778
Rest of the World 1,092 342 1,434 971
Total 12,737 1,867 14,604 10,786
b) Turnover by origin: 2006
£’000
Continuing 
operations 
2006
£’000
Acquisitions
2006
£’000
Total 
2005
£’000
Total 
United Kingdom 4,733 - 4,733 3,895
Continental Europe 5,893 - 5,893 5,054
North America 2,023 1,267 3,290 1,735
Rest of the World 88 600 688 102
Total 12,737 1,867 14,604 10,786
c) Proﬁt/(loss) before tax and net assets/(liabilities) are analysed as follows:
                                                                               Proﬁt/(loss) before tax Net assets/(liabilities)
2006
£’000
2005
£’000
2006
£’000
2005
£’000
United Kingdom 1,580 1,490 5,817 6,380
Continental Europe 398 462 1,149 72
North America (628) (351) 6,962 (3,276)
Rest of the World (213) 38 4,043 (151)
1,137 1,639 17,971 3,025
d) Proﬁt before taxation and exceptional items
2006 2005
£’000 £’000
Proﬁt before taxation 1,137 1,639
Add back: Exceptional items 1,421 -
Proﬁt before tax and exceptional items 2,558 1,639
The operating exceptional items of £1,421,000 included in total operating expenses in 2006 related to severance payments, onerous leases and other 
contracts, and costs relating to restructuring the operations of the combined Group. There were no exceptional items in 2005.       53 statpro momentum annual report & accounts 2006
e) Free cash ﬂow – reconciliation from statutory heading to business performance measure
2006
£’000
2005
£’000
Cash generated from operations 3,889 3,155
Investment in intangible assets – development costs (1,939) (1,738)
Cash generated from operations less investment in internally generated intangible assets 1,950 1,417
3 Operating expenses 
2006
£’000
2006
£’000
2005
£’000
2005
£’000
Operating expenses relate to:
- Continuing operations 10,965 9,123
- Acquisition 2,413 -
Total operating expenses 13,378 9,123
Operating expenses relate to:
Staﬀ costs 
- Research and development 2,634 1,969
- Other staﬀ costs 5,573 4,091
- Share based payment 58 59
- Internal development costs capitalised (see note 10)        (1,939) (1,738)
Total staﬀ costs (see note 4) 6,326 4,381
Depreciation of tangible ﬁxed assets 261 202
Amortisation of intangibles 1,669 1,154
Operating lease rentals in respect of:
- Hire of computer equipment 154 135
- Other operating lease rentals 656 628
Fees to Group auditors (see below) 110 94
Operating exceptional items 1,421 -
Other operating expenses 3,020 2,511
Exchange diﬀerences (239) 18
Total operating expenses 13,378 9,123
The operating exceptional items of £1,421,000 included in total operating expenses in 2006 related to severance payments, onerous leases and other 
contracts, and costs relating to restructuring the operations of the combined Group.  There were no exceptional items in 2005.  
Auditor remuneration
During the year the Group (including its overseas subsidiaries) obtained the following services from the Group’s auditor at costs as detailed below.
2006
£’000
2006
£’000
2005
£’000
2005
£’000
Fees to Group auditors 
- Group audit fees 44 34
- Company audit fees 31 24
- Tax compliance and advice 28 34
- Other legal and accounting compliance 7 2
- Total fees to Group auditors 110 94
In addition, fees amounting to £114,000 were paid during 2006 (2005: £12,000) by the Group to PricewaterhouseCoopers LLP and its aﬃliates in 
connection with the acquisitions, and have been capitalised in the cost of the relevant investment.  www.statpro.com 54
NOTES TO THE FINANCIAL STATEMENTS…CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2006
4 Employees 
The average number of employees, including directors, employed by the Group during the year was as follows: 
2006
Number 
2005
Number 
By activity 
Selling, distribution and client services      59 40
Research and development                                  49 35
Operations, management and administration          33 23
141 98
  
Staﬀ costs were:
2006 
£’000
2005
£’000
Wages and salaries                                       6,878 4,880
Share based payments (see note 19) 58 59
Social security                                                     1,162 1,012
Other pension                                  167 168
8,265                  6,119
Capitalisation of development costs (1,939) (1,738)
Employee costs charged to income statement 6,326 4,381
5 Directors’ emoluments 
Details of the remuneration of each director, pension entitlements and share options are included in the Remuneration Report on pages 41 to 44.
6 Net interest payable 
2006
£’000
2005
£’000
Bank interest payable (including amortisation of issue costs) (195) (41)
Interest payable on ﬁnance leases - (1)
Bank interest receivable 106 18
(89) (24)
7 Taxation 
There was a net credit to taxation amounting to £0.08 million as a result of the deferred tax credit exceeding the current tax charge of £0.05 
million. In 2005 there was a nil tax charge overall. The Group level of deferred tax recognised increased mainly as a result of deferred tax arising on 
acquisitions in 2006 to £2.27 million (2005: £1.52 million). In the opinion of the directors this deferred tax asset will be recoverable with reasonable 
certainty against tax on trading profits in future years and the level of the deferred tax balance is considered reasonable in the light of future 
probability of recovery of the whole amount of deferred tax. The recognised deferred tax asset amounts to 57% (2005: 61%) of the potential 
deferred tax asset for the Group (see note 16).     55 statpro momentum annual report & accounts 2006
Tax reconciliation 2006 2005
£’000 £’000
Proﬁt before taxation 1,137 1,639
Current tax
Tax charge on proﬁt before tax at standard rate of corporation tax in the UK of 30% (2005: 30%) (341) (492)
Eﬀects of:
   Items allowable/(not deductible) for tax purposes 140 (111)
   Accelerated capital allowances 6 (26)
   Other temporary diﬀerences (361) 108
   Diﬀerences in tax rates 6 -
   Tax losses utilised 497 471
Total current tax on ordinary activities (53) (50)
Deferred tax
   Origination and reversal of temporary diﬀerences 130 50
Total taxation credit/(charge) 77 -
The tax impact of the exceptional items is as follows:
2006 2005
£’000 £’000
Tax charge on proﬁt before tax and exceptional items (349) -
Tax credit on exceptional items 426 -
Net tax credit on proﬁt before tax and after exceptional items 77 -
8 Equity minority interests 
Equity minority interests at the year end relating to minority interests in StatPro Italia and SiSoft were as follows: 
2006
£’000
At 1 January 2006 50
Income statement 110
Exchange diﬀerences (19)
At 31 December 2006 141 www.statpro.com 56
NOTES TO THE FINANCIAL STATEMENTS…CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2006
9 Dividends 
Dividends amounting to £0.30 million were paid during the year (2005: nil) as follows:
Dividend Dividend rate
p/share
Number of 
shares
Amount
£’000
Final dividend 2005 0.5 36,049,744 180
Interim dividend 2006 0.3 39,394,283 118
298
The directors are recommending a ﬁnal dividend of 0.7p per ordinary share (2005: 0.5p) making a total dividend for the year of 1.0p per ordinary share 
(2005: 0.5p). If the dividend is approved at the Annual General Meeting in May 2007 then the dividend will be paid on 30 May 2007 to shareholders 
on the register at the close of business on 27 April 2007. Under IFRS rules the dividend is not provided in the accounts until it becomes a legal liability 
of the Company and will therefore be recorded in the interim and annual accounts for 2007. 
10 Intangible ﬁxed assets 
Group 
Goodwill
Net book value 
Goodwill
£’000
At 1 January 2005 708
Additions 2,345
At 31 December 2005 3,053
Additions 28,764
Adjustment on deferred consideration (240)
Exchange diﬀerences (1,708)
At 31 December 2006 29,869
Other intangible assets
Cost 
Development 
costs 
- Internally 
generated 
£’000
Development 
costs
- Acquired 
£’000
Customer 
contracts
£’000
Intangible 
assets
- Total 
£’000
At 1 January 2006 4,597 249 - 4,846
Additions 1,939 456 1,515 3,910
At 31 December 2006 6,536 705 1,515 8,756
Amortisation 
At 1 January 2006 2,426 112 - 2,538
Charge/impairment in the year 1,435 138 96 1,669
Exchange diﬀerences - - (1) (1)
At 31 December 2006 3,861 250 95 4,206
Net book value 
At 31 December 2006 2,675 455 1,420 4,550     57 statpro momentum annual report & accounts 2006
Cost
Development 
costs 
- Internally 
generated 
£’000
Development 
costs
- Acquired 
£’000
Intangible 
assets
- Total 
£’000
At 1 January 2005 2,859 149 3,008
Additions 1,738 100 1,838
At 31 December 2005 4,597 249 4,846
Amortisation 
At 1 January 2005 1,338 46 1,384
Charge/impairment in the year 1,088 66 1,154
At 31 December 2005 2,426 112 2,538
Net book value 
At 31 December 2005 2,171 137 2,308
Company
Cost
Development
Costs
- Internally 
generated 
£’000
At 1 January 2006 3,448
Additions 1,175
At 31 December 2006 4,623
Amortisation 
At 1 January 2006 1,973
Charge/impairment in the year 976
At 31 December 2006 2,949
Net book value 
At 31 December 2006 1,674
Company
Cost 
Development
Costs
- Internally 
generated 
£’000
At 1 January 2005 2,329
Additions 1,119
At 31 December 2005 3,448
Amortisation 
At 1 January 2005 1,126
Charge/impairment in the year 847
At 31 December 2005 1,973
Net book value 
At 31 December 2005 1,475
Goodwill arising on acquisitions during the year (see note 27) amounted to £28.76 million; the principal component related to the acquisition of FRI.  
The goodwill relating to the acquisition of Delve, which was completed in 2005, has been adjusted by £0.24 million reﬂecting an adjustment to the 
estimated deferred consideration.  www.statpro.com 58
NOTES TO THE FINANCIAL STATEMENTS…CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2006
Impairment review 
The carrying value for goodwill on each acquisition is reviewed at each balance sheet date to ensure that there has been no impairment. The value of 
the acquisition is assessed by considering the Group’s share of the cash that is expected to be generated by the business or product that was acquired 
less the direct costs for the product. The evaluation is based on management forecasts over the period up to seven years forward and assuming a 
terminal value based on zero growth thereafter. The expected future cash ﬂows are discounted at a discount rate of 15%. If the resultant value is less 
than the carrying value for goodwill the diﬀerence is written oﬀ through the income statement. The goodwill on all acquisitions has been reviewed 
and, in the opinion of the directors, there are no impairments to the carrying values at 31 December 2006. 
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 estimated useful economic life. 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. 
Customer contracts
Customer contracts acquired are valued by estimating the future cash ﬂows deriving from those contracts over a period varying between three and 
seven years depending on the type of contract.  The expected future cash ﬂows are discounted at 15% and adjusted for any tax impact. The resultant 
fair value for the acquired customer contracts is amortised over the estimated useful life between three and seven years.
11 Property, plant and equipment 
a) Group 
Cost 
Improvements to 
short leasehold 
property 
£’000
Oﬃce 
equipment 
£’000
Fixtures
and 
ﬁttings 
£’000
Computer 
equipment
£’000
Total 
£’000
At 1 January 2006 361 148 178 1,101 1,788
Additions in the year 50 20 49 183 302
Acquisitions 1 - 25 391 417
Disposals (90) (23) (26) (18) (157)
Exchange diﬀerences (10) (5) (39) (135) (189)
At 31 December 2006 312 140 187 1,522 2,161
Depreciation 
At 1 January 2006 208 118 134 862   1,322
Charge for the year 41 20 28            172      261
Disposals (64) (21) (21) (16)    (122)
Exchange diﬀerences (4) (3) (35) (104)    (146)
At 31 December 2006 181 114 106 914   1,315
Net book value 
At 31 December 2006 131 26 81 608 846     59 statpro momentum annual report & accounts 2006
Cost 
Improvements to 
short leasehold 
property 
£’000
Oﬃce 
equipment 
£’000
Fixtures
and 
ﬁttings 
£’000
Computer 
equipment
£’000
Total 
£’000
At 1 January 2005 356 205 216 1,135 1,912
Additions in the year - 17 1 170 188
Disposals - (77) (40) (195) (312)
Exchange diﬀerences 5 3 1 (9) -
At 31 December 2005 361 148 178 1,101 1,788
Depreciation 
At 1 January 2005 166 144 145 948 1,403
Charge for the year 40 20 26 116 202
Disposals - (49) (39) (194) (282)
Exchange diﬀerences 2 3 2 (8) (1)
At 31 December 2005 208 118 134 862 1,322
Net book value 
At 31 December 2005 153 30 44 239 466
b) Company 
The company had no ﬁxed assets at 31 December 2006 (2005: nil).
12 Investments in subsidiary undertakings 
Company – cost and net book value £’000
At 1 January 2006 2,866
Additions 30,309
Less: adjustment on Delve (240)
Revaluation of investment loan (972)
At 31 December 2006 31,963
During the year the Company acquired the entire share capital of Alphai Pty Limited and Kizen (Pty) Limited and the entire issued ordinary share 
capital of FRI. The additions in the year of £30,309,000 related to the investments including deferred consideration and related costs in these 
acquisitions (see note 27). There was also a reduction to the carrying value for Delve amounting to £240,000 as a result of a change in the estimate 
of the deferred consideration. 
The acquisition of FRI was made by a combination of an investment and loan from StatPro Group plc through StatPro North America Inc., a wholly 
owned subsidiary, which was established to eﬀect the acquisition. The investment loan, amounting to CAD28.8 million at inception, has been revalued 
to the year end exchange rate in the Company’s balance sheet. www.statpro.com 60
NOTES TO THE FINANCIAL STATEMENTS…CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2006
The Company’s subsidiary undertakings at 31 December 2006 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%
Delve Limited England and Wales 100% 100%
Statistical Analysis Software Limited (dormant) England and Wales 100% 100%
StatPro Australia Pty Ltd (formerly Alphai Pty Ltd) Australia 100% 100%
Alphai Pty Ltd (formerly StatPro Australia Pty Ltd) Australia 100% 100%
StatPro Benelux SA Luxembourg 100% -
StatPro (Deutschland) GmbH Germany 100% -
StatPro France SARL France 100% -
StatPro Inc USA 100% 100%
StatPro Suisse SARL Switzerland 100% -
StatPro South Africa (Pty) Ltd Republic of South Africa 100% 100%
StatPro Italia Srl *** Italy 51% 51%
SiSoft Sarl France 51% 51%
Kizen (Pty) Ltd* Republic of South Africa 100% 100%
StatPro Canada Inc (formerly FRI Corporation)** Canada 100%** -
StatPro North America Inc Canada 100% 100%
* On 1 January 2007 the entire business and assets of Kizen (Pty) Limited were transferred to StatPro South Africa (Pty) Ltd.
** 946,668 exchangeable non-voting shares in FRI Corporation are held by former holders of ordinary shares in FRI Corporation as at 31 December 
2006. These exchangeable shares can be exchanged for StatPro shares at any time prior to 24 October 2011.
*** With eﬀect from 16 March 2007, StatPro Group plc now owns 100% of StatPro Italia Srl (see note 29).
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. 
13 Current and non-current assets
Current assets 
Group 
2006
£’000
Group 
2005
£’000
Company 
2006
£’000
Company
2005
£’000
Trade debtors 3,783 3,085 - -
Other debtors 20 14 - -
Prepayments and accrued income 968 501 36 18
VAT recoverable 80 5 77 5
Rental deposits - 123 - -
Tax recoverable 501 31 - -
5,352 3,759 113 23
Non-current assets 
Rental deposits 316 174 - -
Deferred tax (see note 16) 2,269 1,522 - 279
Receivables from subsidiaries - - 201 153
Total debtors 7,937 5,455 314 455
Deferred tax in 2005 amounting to £490,000 for the Group and £93,000 for the Company has been reclassiﬁed as non-current deferred tax.     61 statpro momentum annual report & accounts 2006
14 Current liabilities
Group
2006
£’000
Group 
2005
£’000
Company 
2006 
£’000
Company
2005
£’000
Bank loans 1,822 - 1,822 -
Other loans 35 35 - -
Trade creditors 928 321 168 36
Corporation tax 53 26 - -
Other creditors and accruals 3,216 1,104 801 245
Other taxation and social security 623 562 - 21
Deferred income 8,562 6,487 - -
Payable to subsidiaries - - 1,921 -
Provisions – contingent consideration 1,484 - 1,484 -
16,723 8,535 6,196 302
15 Non-current liabilities 
Group 
2006
£’000
Group
2005
£’000
Company
2006
£’000
Company
2005
£’000
Bank loan (net of deferred issue costs) (note 17) 9,145 - 9,145 -
Deferred income 109 75 - -
Provisions – contingent consideration (note 27) 2,581 1,500 2,581 1,500
11,835 1,575 11,726 1,500
16 Deferred taxation
Deferred taxation - Group 2006
(Recognised 
asset)
£’000
2005
(Recognised 
asset)
£’000
2006
(Unrecognised
asset)
£’000
2005
(Unrecognised 
asset)
£’000
Depreciation in excess of capital allowances - - - (71)
Tax eﬀect of losses carried forward (2,269) (1,522) (1,738) (915)
(2,269) (1,522) (1,738) (986)
Of the total potential deferred tax asset of £4,007,000 (2005: £2,508,000), a total of £2,269,000 (2005: £1,522,000) which represents 57% (2005: 61%) 
of the total potential asset, was recognised at the end of the year (see note 7). Deferred tax has been calculated at a rate of 30%. A proportion of the 
deferred taxation assets for the Group has been recognised as in the opinion of the directors the recoverability of such losses can be determined 
with a reasonable degree of certainty. 
Deferred taxation - Company 2006
(Recognised 
asset)
£’000
2005
(Recognised 
asset)
£’000
2006
(Unrecognised
asset)
£’000
2005
(Unrecognised 
asset)
£’000
Depreciation in excess of capital allowances - - - -
Tax eﬀect of losses carried forward - (279) - -
- (279) - - www.statpro.com 62
NOTES TO THE FINANCIAL STATEMENTS…CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2006
17 Financial instruments and ﬁnancial risk management
The Group’s key ﬁnancial risks and its approach to managing these risks are described in the Financial Review on pages 28.
a) Financial instruments
The Group’s ﬁnancial instruments comprise cash, money market deposits, bank loans, provisions, derivative ﬁnancial instruments and various other 
items, such as accounts receivable and accounts payable, that arise directly from its operations.
Cash and money market deposits are subsequently carried at face value. 
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. 
Further information on contingent deferred consideration can be found in note 27.
Derivative ﬁnancial assets 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.
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. 
Financial assets comprise cash and rental deposits. Rental deposits have maturity proﬁles of greater than one year and are settled net in cash. Bank 
loans and provisions have maturity proﬁles of between one and ﬁve years. 
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. 
The Group has taken advantage of the exemption in IAS32/IAS39 to exclude short-term debtors and creditors from disclosure relating to ﬁnancial 
instruments. Short-term debtors and creditors are, however, included in the currency exposure disclosure within this note.
Financial assets
The Group’s ﬁnancial assets at the year-end are analysed as follows:
31 December
2006
£’000
31 December
2005
£’000
Cash and cash equivalents 3,327 1,853
Rental deposits falling due after more than one year 316 174
3,643 2,027
Financial liabilities
The Group has a £14.5 million bank facility, which is secured over the Group’s assets. The facility currently comprises a committed ﬁve year term loan 
amounting to nominal value of £12.0 million (which was fully drawn down to fund the acquisition of FRI Corporation) and a committed working 
capital facility amounting to £2.5 million (which is currently undrawn). The term loan attracts interest at a margin above the LIBOR interest rate for the 
currency concerned. This margin is dependent on the level of gearing for the Group. There are covenants associated with the facility relating to the 
level of trade debtors, net worth and gearing (Net debt/EBITDA) and interest cover. Repayments of the loan are on a quarterly basis and approximately 
£1.86 million is repayable on loans in 2007.  Subject to compliance with the covenants, the facility remains committed until October 2011.     63 statpro momentum annual report & accounts 2006
The maturity of the Group’s ﬁnancial liabilities as at 31 December 2006 is analysed as follows:
Payable in 1 
year or less
£’000
Payable in 
more than 1 
but less than 
2 years
£’000
Payable in 
more than 2 
but less than 
5 years
£’000
31 December 
2006
Total
£’000
Bank loans 1,822 1,822 7,323 10,967
Other loans 35 - - 35
Provisions – contingent consideration 1,484 1,539 1,042 4,065
3,341 3,361 8,365 15,067
The maturity of the Group’s ﬁnancial liabilities as at 31 December 2005 was as follows:
Payable in 1 
year or less
£’000
Payable in 
more than 1 
but less than 
2 years
£’000
Payable in 
more than 2 
but less than 
5 years
£’000
31 December 
2005
Total
£’000
Other loans 35 - - 35
Provisions – contingent consideration - 131 1,369 1,500
35 131 1,369 1,535
b) Financial risk management
• Interest rate risk
Financial assets as at 31 December 2006
At ﬂoating  
interest rates
£’000
At ﬁxed 
interest rates
£’000
Non interest- 
bearing
£’000
Total
£’000
Weighted 
average 
interest rate
%
Sterling 1,338 - 71 1,409 3.6
US Dollar 36 - 30 66 4.4
Euro 473 - 450 923 1.9
Swiss Franc - - 52 52 -
Australian Dollar - - 3 3 -
Canadian Dollar 774 - 154 928 3.8
South African Rand 226 - 36 262 7.7
2,847 - 796 3,643
Financial assets as at 31 December 2005
At ﬂoating  
interest rates
£’000
At ﬁxed 
interest rates
£’000
Non interest- 
bearing
£’000
Total
£’000
Weighted 
average 
interest rate
%
Sterling 915 - 5 920 3.1
US Dollar - - 213 213 3.3
Euro 340 - 459 799 0.9
Swiss Franc - - 11 11 -
Australian Dollar 20 - 1 21 -
Canadian Dollar - - - - -
South African Rand 56 - 7 63 5.7
1,331 - 696 2,027
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.  www.statpro.com 64
NOTES TO THE FINANCIAL STATEMENTS…CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2006
Financial liabilities as at 31 
December 2006
At ﬂoating 
interest rates
£’000
At ﬁxed 
interest rates
£’000
Non interest-
bearing
£’000
Total
£’000
Weighted 
average 
interest rate
%
Weighted 
average period 
for which rates 
are ﬁxed
Years
Canadian Dollar 10,967 - - 10,967 7.1 -
Euro 35 - - 35 2.4 -
Total 11,002 - - 11,002
Floating rate ﬁnancial liabilities predominantly relates to bank loans in Canadian dollars. The Company entered a three year out-of-the-money interest 
rate cap on an initial CAD 17 million notional principal of loan. The cap rate is based on CAD LIBOR of 6% and therefore if underlying Canadian dollar 
interest rates increase above 6% on any 3 monthly rollover, the eﬀective rate payable is capped at 6% plus the lending margin.  In the directors’ opinion 
this was a cost eﬀective way of reducing the Group’s interest rate risk.  At 31 December 2006, approximately 20% of the Canadian dollar denominated 
bank debt (£2.21 million) had been eﬀectively swapped into euros through the purchase of a forward foreign exchange contract.
Financial liabilities as at 31 
December 2005
At ﬂoating 
interest rates
£’000
At ﬁxed 
interest rates
£’000
Non interest-
bearing
£’000
Total
£’000
Weighted 
average 
interest rate
%
Weighted 
average period 
for which rates 
are ﬁxed
Years
Euro 35 - - 35 2.4 -
Total 35 - - 35
• 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. The currency exposure (i.e. those transaction 
exposures that give rise to the net currency gains and losses recognised in the income statement) of the Group’s net monetary assets/(liabilities) are 
shown below. Such exposures comprise the monetary assets and monetary liabilities of the Group that are not denominated in the operating (or 
‘functional’) currencies of the operating units involved. The Group does not make use of foreign currency hedges to manage currency translation 
risk. 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 acquisition of FRI and the increase in the percentage of the Group’s operations that are overseas, the exposure to US 
dollars and Canadian dollars and euros in particular has increased.       65 statpro momentum annual report & accounts 2006
Net foreign currency monetary assets/(liabilities) 
31 December 2006
Functional currency of Group operation
Sterling
£’000
US Dollar
£’000
Canadian 
Dollar
£’000       
Euro
£’000
Swiss Franc
£’000
Australian 
Dollar
£’000       
South
African
Rand
£’000
Total
£’000
Sterling - 3,369 (323) 158 (515) (284) 135 2,540
US Dollar (3,813) - - - - - - (3,813)
Canadian Dollar 431 - - - - - - 431
Euro (185) - - - - - - (185)
Swiss Franc 619 - - - - - - 619
Australian Dollar 223 - - - - - - 223
South African Rand    (176) - - - - - - (176)
Total (2,901) 3,369 (323) 158 (515) (284) 135 (361)
31 December 2005
Functional currency of Group operation
Sterling
£’000
US Dollar
£’000
Euro
£’000
Swiss Franc
£’000
Australian 
Dollar
£’000       
South
African
Rand
£’000
Total
£’000
Sterling - 3,517 1,044 (555) - 217 4,223
US Dollar (3,166) - - - - - (3,166)
Euro (1,100) - - - - - (1,100)
Swiss Franc 597 - - - - - 597
Australian Dollar - - - - - - -
South African Rand (205) - - - - - (205)
Total (3,874) 3,517 1,044 (555) - 217 349
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 a material risk.  There is no large concentration of credit risk with customers as the largest customer group currently represents 
less than 5% of projected Group revenues.  
• 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.  
The Group also has a £2.5 million committed working capital facility 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. www.statpro.com 66
NOTES TO THE FINANCIAL STATEMENTS…CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2006
18 Obligations under operating leases
The total commitments under non-cancellable operating leases are:
Land and buildings
2006
£’000
2005
£’000
Due within one year 758 486
Due between one year and ﬁve years 1,428 1,243
Due beyond ﬁve years - -
2,186 1,729
Other Leases
2006
£’000
2005
£’000
Due within one year 97 185
Due between one year and ﬁve years 43 37
Due beyond ﬁve years - -
140 222
19 Called up share capital
Authorised
2006
£’000
2005
£’000
85,000,000 ordinary shares of 1p each (2005: 85,000,000 ordinary shares of 1p each) 850 850
Allotted, called up and fully paid
52,168,820 ordinary shares of 1p each (2005: 35,049,744 ordinary shares of 1p each) 522 350
The Company has only one class of ordinary shares in issue and there are no restrictions regarding voting or other distribution or repayment rights.
Shares issued during 2006 comprised: Number of 
ordinary 
shares of 1p 
each
Net 
proceeds/
value 
£’000
Share placings 15,250,000 12,610
Options exercised 369,171 226
Sub-total 15,619,171 12,836
Shares issued on acquisition of Alphai 1,000,000 770
Share issued in exchange for FRI exchangeable shares 499,905 440
Sub-total 1,499,905 1,210
Total 17,119,076 14,046
Number of 
ordinary 
shares of 1p 
each
Shares in issue at 1 January 2006 35,049,744
Shares issued in year 17,119,076
Shares in issue at 31 December 2006 52,168,820     67 statpro momentum annual report & accounts 2006
Since 31 December 2006, 465,600 ordinary shares have been issued; 125,000 were issued to minority holders of StatPro Italia Srl who subscribed for the shares 
on completion of the purchase of the minority interest. 312,500 ordinary shares were issued in relation to the exercise of share options held in relation to the 
2000 fundraising.  28,100 were issued in exchange for exchangeable shares in FRI. The total number of shares in issue is now 52,634,420.
At 31 December 2006, the following options over shares in the Company were outstanding:
Save As You Earn options
Year
Number of 
shares at 31 
December 
2005
‘000
Granted in 
year 
‘000
Exercised in 
year
‘000
Lapsed in 
year
‘000
Number of 
shares at 31 
December 
2006
‘000
Option 
price 
pence 
Exercise
period
2001 Save As You Earn scheme 83 - (50) (8) 25 68 2006 to 2007
Total 83 - (50) (8) 25
Other employee and executive share options
Year
Number of 
shares at 31 
December 
2005
‘000
Granted in 
year 
‘000
Exercised in 
year
‘000
Lapsed
in year
‘000
Number of 
shares at 31 
December
2006
‘000
Option 
price 
pence
Exercise 
period
1998 Approved Scheme 96 - - - 96 17.5 2001 to 2008
1999 Approved Scheme 427 - - - 427 17.5 2002 to 2009
2000 Directors’ options 77 - - - 77 17.5 2003 to 2010
2000 Approved Scheme 175 - (20) - 155 60 2003 to 2010
2000 Directors’ options 220 - - (200) 20 60 2003 to 2010 
2000 Directors’ options 363 - - - 363 80 2003 to 2010
2000 Approved Scheme 21 - - - 21 87 2003 to 2010
2000 Unapproved Scheme 56 - - - 56 87 2003 to 2010
2001 Approved Scheme 97 - (50) (2) 45 61 2004 to 2011
2001 Unapproved Scheme 70 - - - 70 61 2004 to 2011
2001 Approved Scheme 85 - (8) - 77 60 2004 to 2011
2001 Unapproved Scheme 257 - - (2) 255 60 2004 to 2011
2002 Approved Scheme 44 - (36) - 8 60 2005 to 2012
2002 Unapproved Scheme 470 - (5) (47) 418 60 2005 to 2012
2003 Approved Scheme 77 - - - 77 60 2006 to 2013
2003 Unapproved Scheme 47 - - (40) 7 60 2006 to 2013
2003 Unapproved Scheme-
directors’ options 998 - - - 998 60 2006 to 2010
2004 EMI Approved options 200 - - - 200 60 2007 to 2014
2005 Approved Scheme 115 - - - 115 60 2008 to 2015
2005 Unapproved Scheme 258 - (13) (15) 230 60 2008 to 2015
2005 EMI Approved options 287 - (187) - 100 60 2008 to 2015
2005 Individual option agreement 110 - - - 110 60 2007 to 2015
2006 Unapproved scheme
-
897
- -
897 97.5 2008 to 2013
2006 EMI Approved options
-
103
- -
103 97.5 2008 to 2013
2006 Individual option agreements
-
200
- -
200 88 2009 to 2016
Total 4,550 1,200 (319) (306) 5,125 www.statpro.com 68
NOTES TO THE FINANCIAL STATEMENTS…CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2006
Other options
Year
Number of 
shares at 31 
December 
2005
‘000
Granted in 
year 
‘000
Exercised in 
year
‘000
Lapsed in 
year
‘000
Number of 
shares at 31 
December
2006
‘000
Option 
price 
pence
Exercise 
period
Issued in relation to acquisition 278 - - - 278 60 2002 to 2010
Issued in relation to fundraising 313 - - - 313 80 2000 to 2007
Issued in relation to bank debt facility * 130 - - - 130 62.5 2002 to 2007
Total 721 - - - 721
* The expiry of the options granted to the bank under the debt facility in 2001 was extended to October 2007 as part of the terms of the debt facility 
negotiated in 2006.
In addition, there are 25,000 warrants outstanding (out of the original 4.25 million warrants) which were issued on the Company’s ﬂotation in May 
2000 and which can be converted into 1p ordinary shares at 80p per share at any time up to 17 May 2007 by the warrant holders.
Share based payments
Under the approved and unapproved option schemes the Remuneration Committee can grant options to employees of the Group. Options are 
granted with a ﬁxed exercise price which is equal to the market price but with a minimum price of 60 pence. 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. In line with the IFRS accounting standard on share 
based payments, options which were issued before November 2002 have been ignored for the purposes of estimating the charge for share based 
payments. Options are valued using the Black-Scholes option-pricing model and the fair market value has been estimated using the following key 
assumptions: 
Average exercise price 74p
Average market price at date of grant 61p
Total number of options under grant 3,346,867
Average vesting period (years) 3
Expected volatility 25-40%
Option life (years) 9.5
Expected life (years) 6.7
Risk free rate 4.3-4.7%
Expected dividend yield 0.5-2.0%
Expected lapse rate 10%
Fair value of option (average) 17.3p
Fair value of options issued in year 29.0p
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 weighted 
average share price in the year was 84p. The average market price for options exercised during the year was 97p. 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 year relating to employee share based payments was 
£58,000 (2005: £59,000).     69 statpro momentum annual report & accounts 2006
20 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 as set out below.
Earnings per share – basic and diluted 
Earnings
2006
£’000
Weighted 
average 
number of 
shares 
2006
’000
Earnings 
per share 
2006 
pence
Earnings 
2005 
£’000
Weighted 
average 
number of 
shares 
2005
’000
Earnings
per share 
2005 
pence
Earnings per share – basic 1,324 40,225 3.3 1,570 34,211 4.6
Potentially dilutive shares - 1,587 (0.1) - 427 (0.1)
Earnings per share - diluted 1,324 41,812 3.2 1,570 34,638 4.5
Adjusted earnings per share
Earnings
2006
£’000
Weighted 
average 
number of 
shares 
2006
’000
Earnings 
per share 
2006 
pence
Earnings 
2005 
£’000
Weighted 
average 
number of 
shares 
2005
’000
Earnings
per share 
2005 
pence
Earnings per share – basic 1,324 40,225 3.3 1,570 34,211 4.6
Eﬀect of operating exceptional items 1,421 - 3.5 - - -
Eﬀect of tax on exceptional items (426) - (1.0) - - -
Adjusted earnings per share excluding 
exceptional items 2,319 40,225 5.8 1,570 34,211 4.6
Potentially dilutive shares - 1,587 (0.3) - 427 (0.1)
Diluted earnings per share excluding 
exceptional items 2,319 41,812 5.5 1,570 34,638 4.5
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.
21 Statement of changes in shareholders’ equity
Share
capital
Share 
premium 
account 
Shares
to be
issued
Retained 
earnings
Other 
reserves
Minority 
interests Total
Group £’000 £’000 £’000 £’000 £’000 £’000 £’000
At 1 January 2006 350 891 - 1,924 (90) (50) 3,025
Shares issued (note 19) 172 12,679 896 - 1,195 - 14,942
Proﬁt for the year - - - 1,324 - (110) 1,214
Dividends paid - - - (298) - - (298)
Share based payments - - - 58 - - 58
Exchange diﬀerences oﬀset 
in reserves - - - - (989) 19 (970)
At 31 December 2006 522 13,570 896 3,008 116 (141) 17,971 www.statpro.com 70
NOTES TO THE FINANCIAL STATEMENTS…CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2006
Other reserves includes warrant reserve amounting to £2,000 (2005: £2,000), merger reserve amounting to £1,195,000 (2005: nil), and translation 
reserve (previously reported in retained earnings) amounting to a deficit of £1,081,000 (2005: £92,000). The warrant reserve arose on the issue 
of warrants in 2000 on the Company’s flotation and represents the notional value of warrants outstanding.  Following the restructuring of the 
warrants in 2005 there are 25,000 remaining of the original warrants. A registered holder of such warrants has rights to subscribe for ordinary 
shares at a price of 80p per ordinary share at any time up to 17 May 2007. The merger reserve arose during the year on the issue of shares on the 
Alphai and FRI acquisitions and represents the difference between the 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 accounts and other currency gains and 
losses that are treated as part of the equity.
Share
capital
Share 
premium 
account
Shares
to be
issued
Retained 
earnings
Other 
reserves Total
Company £’000 £’000 £’000 £’000 £’000 £’000
At 1 January 2006 350 891 - 2,567 2 3,810
Shares issued (note 19) 172 12,679 - - 1,195 14,046
Shares to be issued - - 63 - - 63
Proﬁt for the year - - - 265 - 265
Dividends paid - - - (298) - (298)
Share based payments - - - 22 - 22
Exchange diﬀerences oﬀset in 
reserves - - - 56 - 56
At 31 December 2006 522 13,570 63 2,612 1,197 17,964
As permitted by Section 230 of the Companies Act 1985, the Company has not presented its own income statement or statement of recognised 
income and expense. The proﬁt after taxation for the ﬁnancial year of the Company was £265,000 (2005: £197,000). The number of full time equivalent 
employees directly employed by the Company is approximately 2 (2005: 2).  
22 Related party transactions
During the year the Group used the services of Buzzacott, Chartered Accountants, of which GFMT Wheatley (Company Secretary) is a 
partner. The purchases from Buzzacott in 2006 amounted to £31,130 (2005: £23,300). The year-end balance with Buzzacott was £12,749 
(2005: £6,756).
During the year the Group paid a fee of £35,263 (2005: £35,950) for training courses and other services supplied by Otos Limited, of which 
CR Bacon is a director. The year-end balance with Otos Limited was nil (2005: £5,875).
The Parent Company undertakes a range of transactions, including management recharges, with its subsidiaries.     71 statpro momentum annual report & accounts 2006
23 Reconciliation of movements in equity shareholders’ funds and capital employed
2006 2005
£’000 £’000
Proﬁt for the year 1,214 1,639
Share based payments 58 59
Exchange diﬀerences oﬀset in reserves (970) (81)
Dividends (298) -
Equity minority interests 91 (69)
95 1,548
Net proceeds/value from new share capital issued 14,942 551
Net movement in equity shareholders’ funds 15,037 2,099
Opening equity shareholders’ funds 3,075 976
Closing equity shareholders’ funds 18,112 3,075
Equity minority interests (141) (50)
Capital employed 17,971 3,025
24 Reconciliation of operating proﬁt to net cash inﬂow from operating activities
2006 2005 2006 2005
Group Group Company Company
£’000 £’000 £’000 £’000
Operating proﬁt 1,226 1,663 445 93
Depreciation of tangible ﬁxed assets 261 202 - -
Amortisation of intangibles 1,669 1,154 976 847
(Increase)/decrease in debtors (490) (1,254) 63 1,374
Increase in creditors (excluding deferred income) 898 193 2,414 83
Movement in deferred income 232 1,130 - -
Share based payments 58 59 22 28
Net loss on disposal of ﬁxed assets 35 8 - -
Net cash inﬂow from operating activities 3,889 3,155 3,920 2,425
25 Analysis of changes in net cash/(debt)
At
1 January
2006
Cash ﬂow Non-Cash 
changes
Exchange 
diﬀerences
At
31 December 
2006
£’000 £’000 £’000 £’000 £’000
Cash and cash equivalents 1,853 1,474 - - 3,327
Bank loans (net of issue costs deferred) - (11,788) (4) 825 (10,967)
Other loans (35) - - - (35)
Net cash/(debt) 1,818 (10,314) (4) 825 (7,675) www.statpro.com 72
NOTES TO THE FINANCIAL STATEMENTS…CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2006
26 Reconciliation of net cash ﬂow to movement in net cash/(debt)
2006 2005 2006 2005
Group Group Company Company
£’000 £’000 £’000 £’000
Increase/(decrease) in cash and cash equivalents in the year 1,474 (296) 1,119 (209)
Repayment on ﬁnance leases - 2 - -
Movement on bank loan (11,788) 1,200 (11,788) 1,200
Exchange gain on bank loan 825 - 825 -
Other non-cash movements (4) 14 (4) (9)
Movement in net (debt)/cash (9,493) 920 (9,848) 982
Net cash at beginning of year 1,818 898 816 (166)
Net (debt)/cash at end of year (7,675) 1,818 (9,032) 816
27 Acquisitions
Alphai
On 13 April 2006 the Company acquired 100% of the ordinary shares (100% of the voting shares) of Alphai Pty Limited an Australian business that 
develops performance software. This product is being integrated into the Web Service platform and is expected to be launched in late 2007. This 
acquisition has also given StatPro a foothold in the Australian market.
The consideration was a mixture of an initial cash payment of £843,000 (including related costs), 1,000,000 shares with a market value of £770,000 
(based on the estimated market price of 77p per share at completion) and deferred consideration over a three year period, based on a multiple of 
recurring revenue of the performance product. The provision for contingent deferred consideration is estimated at £1.02 million which is the directors’ 
current projection of the amount that will ultimately be due under the transaction. However, this amount is uncertain and the eventual payment 
may be higher or lower than this amount, subject to a maximum of around £4.7 million.
Since the date of acquisition Alphai contributed £0.16 million to operating proﬁts prior to intercompany recharges and amortisation of intangibles. 
During the period since acquisition Alphai contributed revenue amounting to £0.43 million. The acquisition contributed £0.17 million operating 
cash inﬂow to the Group’s operating cashﬂows and there were no material payments in respect of returns on investment and servicing of ﬁnance, 
taxation or capital expenditure. It is impractical to determine the revenue and proﬁt before tax for the acquisition for the year from 1 January 2006 
as the company did not have a co-terminous accounting period.
The assets and liabilities of Alphai Pty Ltd acquired were as follows:
Alphai  
book value
Fair value 
adjustments
Total  
fair value
£’000 £’000 £’000
Intangible ﬁxed assets – development costs - 100 100
Intangible ﬁxed assets – customer contracts - 250 250
Fixed assets 17 - 17
Debtors 89 - 89
Other receivables 2 - 2
Cash 336 - 336
Creditors (350) (10) (360)
Net assets 94 340 434
Share of net assets acquired 434
Goodwill 2,196
2,630
Satisﬁed by:
Initial cash consideration including costs and adjustments for net assets 843
Share consideration 770
Deferred consideration 1,017
Total consideration (including costs) 2,630
The fair value adjustments relate to the valuation of intangible assets, and recognition of unrecorded liabilities.     73 statpro momentum annual report & accounts 2006
Kizen
On 8 May 2006 the Company acquired 100% of the ordinary shares (100% of the voting shares) of Kizen (Pty) Limited a South African business based 
in Cape Town that develops compliance software. The acquisition has helped reinforce StatPro’s strong existing position in the South African asset 
management market.
The consideration was a mixture of an initial cash payment of £639,000 (including related costs) and deferred consideration over a three year period, 
based on a multiple of recurring revenue of the compliance product. The provision for contingent deferred consideration is estimated at £1.25 million 
which is the directors’ current projection of the amount that will ultimately be due under the transaction. However, this amount is uncertain and the 
eventual payment may be higher or lower than this amount, subject to a maximum of around £7.0 million.
Since the date of acquisition Kizen contributed £0.03 million to operating proﬁts prior to intercompany recharges and amortisation of intangibles.  
During the period since acquisition Kizen contributed revenue amounting to £0.17 million. The acquisition contributed £0.06 million operating cash 
outﬂow to the Group’s operating cashﬂows and there were no material payments in respect of returns on investment and servicing of ﬁnance, 
taxation or capital expenditure. It is impractical to determine the revenue and proﬁt before tax for the acquisition for the year from 1 January 2006 
as the company did not have a co-terminous accounting period.
The assets and liabilities of Kizen acquired were as follows:
Kizen  
book value
Fair value 
adjustments
Total  
fair value
£’000 £’000 £’000
Intangible ﬁxed assets – development costs - 100 100
Fixed assets 14 - 14
Debtors 103 - 103
Other receivables 33 - 33
Cash 98 - 98
Creditors (186) - (186)
Net assets 62 100 162
Share of net assets acquired 162
Goodwill 1,729
1,891
Satisﬁed by:
Initial cash consideration including costs and adjustments for net assets 639
Deferred consideration 1,252
Total consideration (including costs) 1,891
The fair value adjustments relate to the valuation of intangible assets.
FRI
On 24 October 2006 the Company completed its largest acquisition to date of FRI Corporation based in Canada. The Company acquired 100% of the 
ordinary shares (100% of the voting shares) of FRI.
As part of the acquisition of FRI 1,446,573 exchangeable shares in FRI were created and retained by the vendors of FRI, which exchangeable shares 
are exchangeable for ordinary shares in StatPro. During November and December 2006 a total of 499,905 were exchanged resulting in the issue of 
an equivalent number of StatPro shares. 946,668 exchangeable shares in FRI were outstanding at 31 December 2006 and are classiﬁed as shares 
to be issued in the consolidated balance sheet. These exchangeable shares in issue in FRI carry no voting rights although they have the rights to a 
dividend based upon the same level of dividend payable on a StatPro Group plc share and the right to be exchanged for a StatPro Group plc share 
up to 24 October 2011. The market value of the exchangeable shares (based on the estimated market price of 88p per share immediately prior to the 
announcement of the transaction) was £1.27 million.
FRI has two principal lines of business; one is a price feed service for asset managers and custodians; the other a portfolio management system for 
asset managers. StatPro has identiﬁed that there is signiﬁcant synergy between the data requirements of our existing clients and the FRI service. 
The total consideration was £26,621,000 (including related costs). This comprised a mixture of cash amounting to £24,774,000 (including related costs), 
shares to be issued of £1,273,000 and deferred consideration over a two year period. The provision for contingent deferred consideration is estimated 
at £0.57 million which is the directors’ current projection of the amount that will ultimately be due under the transaction. However, this amount is 
uncertain and the eventual payment may be higher or lower than this amount, subject to a maximum of around £0.63 million. www.statpro.com 74
Since the date of acquisition FRI contributed £0.26 million to operating proﬁts prior to intercompany recharges and amortisation of intangibles. During 
the period since acquisition FRI contributed revenue amounting to £1.27 million. The acquisition contributed £0.14 million operating cash inﬂow to 
the Group’s operating cashﬂows and there were no material payments in respect of returns on investment and servicing of ﬁnance, taxation or capital 
expenditure.  For the year from 1 January 2006 the revenue and proﬁt before tax and exceptional items for the acquisition were approximately CAD 
16.1 million (£7.3 million) and CAD 0.87 million (£0.40 million) respectively. 
The assets and liabilities of FRI acquired were as follows:
FRI  
book value
Fair value 
adjustments
Total  
fair value
£’000 £’000 £’000
Goodwill 1,955 (1,955) -
Intangible ﬁxed assets – development costs - 256 256
Intangible ﬁxed assets – customer contracts - 1,265 1,265
Fixed assets 1,022 (636) 386
Debtors 1,268 (653) 615
Other receivables 1,809 (466) 1,343
Cash 1,193 - 1,193
Creditors (2,293) 543 (1,750)
Deferred income (782) (744) (1,526)
Net assets 4,172 (2,390) 1,782
Share of net assets acquired 1,782
Goodwill 24,839
26,621
Satisﬁed by:
Initial cash consideration including costs and adjustments for net assets 24,774
Share consideration including shares to be issued 1,273
Deferred consideration 574
Total consideration (including costs) 26,621
The fair value adjustments relate to valuation of intangible assets, writing down ﬁxed assets, recognition of unrecorded liabilities and alignment of 
accounting policies.
The acquisition of FRI Corporation was made by a combination of an investment and loan from StatPro Group plc through StatPro North America 
Inc., a wholly owned subsidiary, which was established to eﬀect the acquisition.
Summary 
A summary of all the acquisitions and the relating consideration and goodwill is provided below:
Total  
fair value
Alphai
Total  
fair value
Kizen
Total  
fair value
FRI
Total  
fair value
All
£’000 £’000 £’000 £’000
Net assets 434 162 1,782 2,378
Share of net assets acquired 434 162 1,782 2,378
Goodwill 2,196 1,729 24,839 28,764
2,630 1,891 26,621 31,142
Satisﬁed by:
Initial cash consideration including costs and adjustments for net assets 843 639 24,774 26,256
Share consideration including shares to be issued 770 - 1,273 2,043
Deferred consideration 1,017 1,252 574 2,843
Total consideration (including costs) 2,630 1,891 26,621 31,142
NOTES TO THE FINANCIAL STATEMENTS…CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2006     75 statpro momentum annual report & accounts 2006
Initial cash consideration including costs and adjustments for net assets
£’000
26,256
Less: cash acquired (1,627)
Less: accrued costs (112)
Net cash consideration in year in cash ﬂow statement 24,517
Investment cost in Parent Company balance sheet
The acquisition of FRI Corporation was made by a combination of an investment and loan from StatPro Group plc through StatPro North America 
Inc., a wholly owned subsidiary, which was established to eﬀect the acquisition. All the other acquisitions were made directly by StatPro Group plc. 
In the Parent Company accounts the cost of all investments in the year was:
Initial cash consideration including costs and adjustments for net assets
£’000
31,142
Less: shares to be issued (833)
Net cash consideration in year in cash ﬂow statement 30,309
As part of the acquisition of FRI 1,446,573 exchangeable shares in FRI were created and retained by the vendors of FRI, which exchangeable shares 
are exchangeable for ordinary shares in StatPro as described above. The exchangeable shares are not recorded as an obligation of the Company 
until exchanged for StatPro Group plc shares.
Deferred consideration
There is an estimated £4.07 million deferred consideration arising on acquisitions, which is the directors’ current projection of the fair value that will 
ultimately be due under the various transactions.  However, this amount is uncertain and the eventual payments may be higher or lower than this 
amount. The directors will review this estimate at each balance sheet date and adjustments, if any, will be made to the goodwill carrying value and 
the deferred consideration. The provisional estimates for deferred consideration are based upon the contractual requirements under each acquisition 
agreement together with projected estimates for the revenues for the product or business. The estimated deferred consideration is discounted at 
an annual discount rate of 7% resulting in the estimated carrying value for the contingent deferred consideration.  
28 Pensions
The Company operates a deﬁned contribution pension scheme for directors and certain employees. The total costs of pensions contributions during 
the year were £167,000 (2005: £168,000). Contributions outstanding at the end of December 2006 amounted to £16,000 (2005: £26,000). 
29 Post balance sheet events
The Company paid out £0.24 million of deferred consideration in early January 2007 being the ﬁrst instalment of the deferred consideration for Delve 
completed in July 2005. During March 2007 the Company paid approximately £1.20 million consideration for the 49% of StatPro Italia that was not 
then owned by the Company, of which approximately £0.12 million was reinvested by the recipients in StatPro shares issued at 97.5 pence per share 
as announced on 21 December 2006.  www.statpro.com 76
StatPro Group plc 2006 2005 2004 2004 2003 2002
£’000 £’000 £’000 £’000 £’000 £’000
IFRS IFRS IFRS UK GAAP UK GAAP UK GAAP
Turnover
- Continuing operations 12,737 10,786 9,072 9,072 8,426 7,229
- Acquisitions 1,867 - - - - -
14,604 10,786 9,072 9,072 8,426 7,229
Operating proﬁt/(loss)
- Continuing operations (excluding exceptional items) 2,446 1,752 1,108 372 330 (1,897)
- Acquisitions 201 (89) - - - -
- Exceptional operating items (1,421) - (93) (93) - (306)
1,226 1,663 1,015 279 330 (2,203)
Net interest payable (89) (24) (117) (117) (184) (170)
Proﬁt/(loss) on ordinary activities before taxation 1,137 1,639 898 162 146 (2,373)
Taxation 77 - (37) (37) (14) -
Taxation (exceptional deferred tax credit) - - 1,472 1,472 - -
Proﬁt/(loss) on ordinary activities after taxation 1,214 1,639 2,333 1,597 132 (2,373)
Proﬁt/(loss) attributable to equity shareholders 1,324 1,570 2,496 1,760 202 (2,373)
Proﬁt/(loss) attributable to equity minority interests (110) 69 (163) (163) (70) -
Free cash ﬂow
- Net cash generated from operations less investment 
  in intangibles (IFRS)
1,950 1,417 1,456
- Net cash inﬂow from operating activities (UK GAAP) 1,453 1,572 (476)
Net assets
Goodwill and other intangible ﬁxed assets 34,419 5,361 2,332 470 737 716
Property, plant and equipment 846 466 509 509 561 674
Other assets and receivables 7,937 5,455 4,108 4,108 3,025 3,395
Cash 3,327 1,853 2,149 2,149 2,292 1,486
Current liabilities (16,723) (8,535) (7,059) (7,059) (7,690) (6,269)
Non-current liabilities (11,835) (1,575) (1,296) (1,296) (1,634) (2,812)
Net assets/(liabilities) 17,971 3,025 743 (1,119) (2,709) (2,810)
Shareholders’ equity
Called up share capital 522 350 332 332 331 328
Share premium account 13,570 891 8,562 8,562 8,559 8,541
Shares to be issued 896 - - - - -
Other reserves 116 (90) 424 424 424 424
Retained earnings 3,008 1,924 (8,342) (10,204) (11,953) (12,103)
Equity shareholders’ funds/(deﬁcit) 18,112 3,075 976 (886) (2,639) (2,810)
Minority interest in equity (141) (50) (233) (233) (70) -
Capital employed 17,971 3,025 743 (1,119) (2,709) (2,810)
Net (debt)/cash (7,675) 1,818 898 898 (197) (1,428)
Earnings/(loss) per share - basic 3.3p 4.6p 7.5p 5.3p 0.6p (7.3p)
Earnings/(loss) per share - diluted 3.2p 4.5p 7.5p 5.3p 0.6p (7.3p)
Adjusted earnings/(loss) per share* 5.8p 4.6p 3.4p 2.3p 1.6p (5.5p)
Dividends per share 1.0p 0.5p - - - -
*before exceptional items (and under UK GAAP, before goodwill amortisation).
The results for 2002-3 are stated as originally reported under UK GAAP as it is considered impractical to restate the results for accounting years prior to 2004 under IFRS.
FIVE YEAR RECORD     77 statpro momentum annual report & accounts 2006
FINANCIAL CALENDAR
DIRECTORS AND ADVISERS
Annual General Meeting           16 May 2007
Final dividend for 2006            30 May 2007
Interim Report for 2007            August 2007
Interim dividend for 2007           31 October 2007
Preliminary announcements of 2007 results    March 2008
Report and Accounts for 2007         April 2008
Directors
C R Bacon      (Non-executive Chairman)
JMBT Wheatley    (Chief Executive)
AM Fabian      (Finance Director)
MC Fairbairn     (Non-executive Director)
MC Adorian     (Non-executive Director)
Secretary and registered oﬃce
GFMT Wheatley
StatPro House
81-87 Hartﬁeld Road
Wimbledon
London SW19 3TJ
Registrars
Capita IRG Plc
Northern House
Woodsome Park
Fenay Bridge
Huddersﬁeld HD8 0LA
Financial Adviser and Broker
Arbuthnot Securities Limited
Arbuthnot House
20 Ropemaker Street
London EC2Y 9AR
Solicitors
Faegre & Benson LLP
7 Pilgrim Street
London EC4V 6LB
Registered Auditors
PricewaterhouseCoopers LLP
1 Embankment Place
London WC2N 6RH
Bankers
Kaupthing Singer & Friedlander Limited
1 Hanover Street
London W1S 1AX
Coutts & Co Limited
440 Strand
London WC2R 0QS
Financial PR Consultants
Smithﬁeld
10 Aldersgate Street
London EC1A 4HJ
Company Registration no: 2910629 NOTES
design and artwork by coogoo   printed by sterling financial print 88543 78     79 statpro momentum annual report & accounts 2006
STATPRO OFFICE LOCATIONS
StatPro Ltd.
StatPro House, 81- 87 Hartfield Road, Wimbledon, London SW19 3TJ, United Kingdom
Tel: +44 20 8410 9876   Fax: +44 20 8410 9877
StatPro France SARL
30 Rue de la Victoire, 75009 Paris, France
Tel: +33 1 40 20 1200   Fax: +33 1 40 20 1201
StatPro Benelux S.A.
148-150 boulevard de la Pétrusse, L-2330 Luxembourg, Luxembourg
Tel: +352 30 74 24 1   Fax: +352 30 74 24 40
StatPro Italia Srl
Via G.B. Vico 4, 20123 Milan, Italy
Tel: +39 02 9687 51   Fax: +39 02 9687 5605
StatPro (Deutschland) GmbH
Hamburger Allee 2-10, D-60486 Frankfurt, Germany
Tel: +49 69 977 8690   Fax: +49 69 977 86919
StatPro Inc.
185 Madison Avenue, New York, NY 10016, USA
Tel: +1 646 742 1200   Fax: +1 646 742 1201
StatPro Inc.
225 Bush Street, Suite 1655, San Francisco CA 94104, USA
Tel: +1 415 439 8850   Fax: +1 415 439 8896
StatPro Canada Inc. 
200 Wellington Street West, Suite 300, Box 165, Toronto, Ontario M5V 3C7, Canada
Tel: +1 416 598 9500   Fax: +1 416 598 9530
StatPro Canada Inc. 
1801 McGill College Avenue,Suite 910, Montreal, Quebec H3A 2N4, Canada
Tel: +1 514 842 5091   Fax: +1 514 842 8809
StatPro South Africa (Pty) Ltd.
PO Box 52162, V&A Waterfront, Cape Town 8002, South Africa
Switchboard: +27 21 443 2140 Fax: +27 21 418 3835
StatPro Australia (Pty) Ltd.
PO Box 5199, Chatswood, Sydney 1515, Australia
Tel: +61 2 9884 9045   Fax: +61 2 9475 4238
Email: statpro@statpro.com
Web: www.statpro.com encore…
StatPro House, 81- 87 Hartfield Road, Wimbledon, London SW19 3TJ, United Kingdom
T +44 20 8410 9876    F +44 20 8410 9877
www.statpro.com