statpro group plc 
annual report  accounts 2013
statpro group plc
    annual report  accounts 2013 x x 
strategic report governance financial statements
statpro has grown its recurring 
revenue from less than £1 million 
in 1999 to approximately
£29 million at 31 december 2013  
we floated on the main market of 
the london stock exchange in 
may 2000 and transferred our 
listing to aim in june 2003

 
 

      

 performance 
level of risk
compliance with
regulations
using our expertise from the last 20 years
we provide the analysis of investment portfolios
and report it to the owners and managers
what
we do
  our solutions help the investment industry
be more 
transparent and responsive
to their clients   
 we charge an annual subscription
for our services
people and businesses have some money to invest
they look for investment managers to manage that money 
they use systems from companies like statpro
statpro uses the latest cloud technology to 
simplify
how investment portfolios are managed analysed and reported 
investment managers
need to understand how
that money is managed and its…
we are a global provider of 
 portfolio analytics  for the 
investment industry
to access this report online visit wwwstatprocominvestors
strategic report
1  2013 highlights 
2  at a glance 
4 our business 
5 chairman’s statement 
6 market overview 
8 statpro’s strategy  
10 chief executive’s review 
12  chief executive’s qa
14 financial review 
20 operational review 
21 marketing strategy 
22 sales and partnerships
23 client services 
24 product strategy 
26 our people 
28 principal risks and 
uncertainties
 
financial statements
45 independent auditor’s 
report 
47 group income statement 
47 group statement of 
comprehensive income
48 balance sheets 
49 statement of cash flows
50 group statement  
of changes in 
shareholders’ equity 
51 company statement  
of changes in 
shareholders’ equity
52 notes to the financial 
statements 
86 five year record 
87 financial calendar 
88 directors and advisers 
ibc statpro office locations 
governance
32 introduction to  
corporate governance 
33 corporate governance 
36 board of directors 
36 group executive  
board and other senior 
executives 
38 directors’ report 
41 remuneration report 
contents 1
0
500
1000
1500
2000
2500
3000
3500
jun 2011 dec 2011 dec 2012 jun 2012 jun 2013 dec 2013 dec 2010
number of clients
annualised recurring revenue £000s at dec 13 exchange rates
statpro revolution recurring revenue
number of clients
annualised recurring revenue £000s at dec 13 exchange rates
tatpro revolution recurring revenue
50 111 156 220
257
16
£’000s per annum
2013 highlights
2013 2012 change
revenue £3249 million
£
3200 million 2
profit before tax £311 million
£
378 million 18
adjusted ebitda

£546 million
£
673 million 19
annualised recurring contract revenue

£2872 million
£
2847 million 1
net contract growth rate – statpro revolution

114 234 
cash flow from operating activities before exceptional items £940 million
£
1018 million 8
net cash £400 million
£
367 million 9
earnings per share
 
– basic 31p 43p 28
 
– adjusted

45p 59p 24
dividend per share – total for year 28p 27p 4
highlights
• statpro revolution annualised recurring revenue increased by 114 to £320 million at 31 december 2013  
2012 £149 million

 ahead of expectations
• statpro revolution related recurring revenue

 increased to £919 million at 31 december 2013  
2012 £392 million

 representing 37 of total software recurring revenue 2012 16


• statpro revolution now has 34 fund administrator partners 2012 21 a key strategic target market 
• adjusted ebitda lower at £546 million 2012 £673 million mainly due to increased spending on statpro revolution
• increase in group net cash to £400 million at 31 december 2013 2012 £367 million
• release of key new features for statpro revolution in 2013 including the ucits module and enhanced sharing
• good progress on statpro r development with beta launches during 2013

 
 adjusted ebitda and adjusted earnings per share are ebitda and earnings per share after adjustment for amortisation of acquired intangible assets share 
based payments and exceptional items notes 3 and 10
  annualised recurring contract revenue is the annual value of revenue contractually committed at year end comparative is at constant currency
 defined as the total recurring revenue from clients whose subscription includes statpro revolution strategic report governance financial statements
2
asset manager
third party administrator
pension funds
private wealth
other
annualised contract 
value by client type
5
5
19
63
8
at a glance
emeaa
in the emeaa region  
revenue increased by  
2
to
£
205 million
2012 £201 million
north
america
in the north american  
region revenue increased by  
2
to
£
120 million
2012 £119 million
56
research and development
employees
selling distribution 
and client services
27
11
operations management 
and administration
84
research and development
employees
selling distribution 
and client services
51
26
operations management 
and administration
office locations office locations
united kingdom
continental europe
rest of the world
north america
annualised contract 
value by region
37
32
18
13
our focus in 2013 has been on the further development of statpro revolution and statpro r

  
the cloudbased version of statpro seven 
boston
united states
montréal  toronto
canada
london
united kingdom
milan
italy
luxembourg
luxembourg
hong kong
hong kong
cape town
south africa
sydney
australia
frankfurt
germany
paris
france
 at constant currency 3
1200
1000
800
600
400
200
0
£2k £2k–£10k £10k–£50k £50k–£100k £100k
160
100
120
140
80
60
40
20
0
£2k £2k–£10k£10k–£50k £50k–£100k £100k
£’000s per annum
number of clients
  december 2012
  december 2013
  december 2012
  december 2013
annualised revenue number of clients
• june statpro announces 
partnership with caceis
• q1 q2 q3 q4
2013 milestones
• february– statpro 
launches new web api and 
developer programme
• 
march statpro launches app store 
within statpro revolution
•march –statpro announces 
partnership with 
interactive data 
corporation
•may rbc launch 
white paper on fixed 
income cobranded with 
statpro
•may –risk limits monitoring 
module added to statpro 
revolution to support ucits 
iv compliance this advanced 
analytics is provided as a 
premium service 
october– sharing and 
user management 
launched within 
statpro revolution
•november apex fund 
services and statpro  
host joint event in 
dublin
december statpro 
revolution clients 
reach 250
statpro revolution now has 34 fund administrator partners 2012 21
• september 
statpro  
sales team expands from  
23 to 30 
• august statpro 
adds freedom 
indexes to 
statpro revolution
statpro revolution annualised recurring revenue analysis by contract value revolution
seven
r
xyz
strategic report governance financial statements
4
our business
making sharing the key focus for statpro 
was the main theme for us in 2013 this is our 
unique selling point 
internally we realigned teams to be global 
rather than regional hired and trained new 
staff to ensure that we can capitalise on the 
opportunity that our new products offer 
us externally we widened our network of 
partners for statpro revolution through 
fund administrators and platform providers 
see more from page 20 onwards in the 
operational review we also launched 
a beta version of statpro r cloud
based replacement for statpro seven 
we improved communication with our 
partners through a dedicated handbook 
and we conducted a series of events to 
communicate with our existing clients about 
the forthcoming release of statpro r
through better communication and 
sharing we were able to assist our 
partners and clients to increase their 
sales improve client service meet 
regulations and reduce their costs this 
has increased both statpro revolution 
revenue and the potential market
sharing
the key value proposition of statpro 
revolution is its ability to share access to 
any portfolio with anyone anywhere we do 
not charge for users so our clients can 
share at will this creates a new selfservice 
approach to client reporting that will truly 
revolutionise the asset management 
market just like internet banking 
revolutionised the retail banking market 
we believe every portfolio is a network 
someone owns it someone provides 
advice on it someone manages it 
someone checks it complies with 
regulations someone tries to ensure it is 
profitable someone is concerned about 
the risk all these people have an active 
interest in knowing what is going on in 
that portfolio at any given time statpro 
revolution manages this effortlessly 
sharing our expertise with clients and 
partners is important because if we can 
communicate how best to sell our products 
our partners can actively sell on our behalf 
generating a snowball effect leading to 
more clients and additional sales 
in 2013 we hired 13 new sales people 
for our london boston hong kong 
luxembourg cape town and paris offices 
after attending one of two 12week 
courses in the uk they returned to their 
teams armed with a wealth of knowledge 
to sell statpro revolution this sales 
training process has proved extremely 
useful in getting relatively inexperienced 
people up to scratch very quickly and 
making sales we also completed the 
partner handbook and delivered several 
training courses and joint events with 
partners and fund administrators 
who as part of our own network 
can support our sales goals further 
information about this can be found in 
the operational review from page 20
reviewing the performance 
function
since the replacement of statpro seven 
by statpro r began we have not only 
rewritten all our analytical software from 
scratch but we have also redesigned the 
workflow to be more efficient performance 
analysis software has in the past been 
built around the structure of traditional 
performance teams but with the advent 
of new technology the way performance 
analysis is provided can be changed and in 
addition the organisation of performance 
teams can also be changed and this needs 
to be reflected in the new software
without performance and risk analysis 
the asset managers cannot communicate 
appropriately with their clients nor 
control risk effectively it is often the 
case that many people are complacent 
about performance and risk right up to 
the moment when something dramatic 
happens in the market at which point 
they need a complete understanding of 
what is happening and more importantly 
need to communicate this understanding 
immediately with their clients but putting 
a modern performance process in place 
is a complex and expensive operation so 
companies must plan ahead we think 
this means that outsourcing will become 
increasingly popular but outsourcing will 
not work unless the service offered is 
responsive flexible and sophisticated
statpro r has been designed to address 
this requirement and we will be targeting 
the outsourcers with it built from scratch 
it reengineers the portfolio performance 
process to maximise scale frequency 
and speed and minimise errors 
pages 8 and 10
for more information  
on our sharing value 
proposition
page 12 onwards
for further information about how 
we’re communicating migration to  
this new product
page 25
read about the roadmap 
for statpro r 5
 whilst markets remain 
volatile

 the prospects for the 
asset management industry 
look brighter than last year
chairman’s statement
carl bacon
progress
i am pleased to report that the group 
increased total annualised recurring 
revenue by 1 to £287 million 2012 £285 
million at constant currency including 
a 114 increased contribution from 
statpro revolution of £32 million 2012 
£15 million total revenue increased by 
2 to £325 million 2012 £320 million 
owing to increased investment primarily 
in sales client services and infrastructure 
related to statpro revolution adjusted 
profit before tax decreased by 20 to 
£41 million 2012 £50 million statpro 
revolution related recurring revenue 
now amounts to £92 million 2012 
£39 million representing 37 of total 
software recurring revenue 2012 16
dividend
your board is proposing a final dividend 
of 195p per share for 2013 payable on 
21 may 2014 to all shareholders on the 
register at the close of business on 25 
april 2014 taking the total dividend to 
28p per share 2012 27p per share an 
increase of 4 we intend to maintain 
a progressive dividend policy
products
in 2013 total research and development 
expenditure increased by 6 to £44 million 
2012 £42 million representing 14 of 
group revenue the total cash expenditure 
on statpro revolution including marketing 
and other costs incurred in 2013 amounted 
to £49 million 2012 £37 million
during the year we launched the beta 
version of statpro r the cloud replacement 
for statpro seven simplification will be our 
motto for 2014 we will continue to develop 
valuable features to help our clients tackle 
increased regulation the refocusing of 
the performance analytics function and 
uniquely our clients will be able to share 
their analysis with all the stakeholders 
in the investment decision process 
people
as your company is transformed to a 
pure cloudbased analytics provider 
our employees have continued to 
excel and again i take this opportunity 
to thank them for their enthusiasm 
resourcefulness and sheer determination 
to meet your company’s objectives
prospects
whilst markets remain volatile the 
prospects for the asset management 
industry look brighter than last year asset 
managers are reviewing their investment in 
technology with regulation reducing costs 
and communication remaining key drivers 
your company is well placed as asset 
managers seek to eliminate complexity and 
update their processes
carl bacon
chairman
14 march 2014 
strategic report governance financial statements
6
market actors and their regulatory bodies is 
critical to fulfilling the regulatory obligations 
of the sec the 2008 financial crisis is 
recognised as a showcase for the risks to 
the stability of the markets that ineffective 
information sharing among supervisory 
authorities represents”
while discussing this with our clients in 
2013 we heard that sharing of relevant 
information to relevant parties in a 
controlled manner is a requirement in 
today’s heavily regulated environment 
those entities that do not have appropriate 
systems skilled individuals a compliance 
culture with rigorous oversight and an 
effective challenge process will be subject 
to regulatory criticism
technology
as expected the clear benefits of the cloud 
and other new technologies are causing all 
companies to reassess how they do things 
the availability of the technology the 
pressure from regulations and the demands 
of a new generation of impatient investors 
are making it clear that companies must 
invest to stay competitive one example is a 
large european asset manager that has 
decided to rationalise over 100 systems into 
two services both of which are cloud
based the savings they will generate in 
fees it infrastructure management time 
and operating costs are huge
market overview
there are three main drivers affecting the asset management market  
at the moment regulation

 technology and client expectations 
announcing our partnership with  
caceis fundforum international 
monaco june 2013
neil smyth talks to tsam europe about 
the biggest challenges currently 
affecting buyside operation 
professionals london march 2013
tackling the ucits iv regulations 
with statpro revolution with our 
european partners statpro breakfast 
luxembourg may 2013
the drivers
there are three main drivers affecting 
the asset management market at the 
moment regulation technology and 
client expectations in a sense all three 
drive each other regulators can ask for 
more because the technology exists 
to do so technology has given clients 
especially the younger generations 
a taste of what to expect in terms of 
immediacy and selfservice systems 
the growing mass of people with money 
to invest is driving regulators to protect 
investors who are of course also voters
regulations that drive the 
desire to share
in europe the focus of regulations has been 
on ucits aifmd and mifid markets in 
financial instruments directive in the usa 
the focus has been on the dodd frank 
regulations and form pf filing requirements 
all larger asset managers are affected by 
regulation in europe or america because of 
the global and interconnected nature of the 
asset management market for instance 
nearly a third of assets in ucits funds are 
managed by american firms
all alternative investment funds in europe 
will have to comply with the new aifmd 
regulations by 1 july 2014 this requires 
them to be transparent about their leverage 
and liquidity risk it is broadly equivalent to 
the ucits regulations on risk that have 
been in place for ordinary mutual funds 
that are marketed across borders in europe
greater transparency and better 
communication with investors has been a 
topic discussed for many years some 
people want to protect information about 
the investments in their portfolios to avoid 
being copied other people recognise that 
transparency builds trust and that this is 
worth the risk of ideas being stolen if it 
generates more sales the regulatory 
framework of information sharing is a 
patchwork of laws derived from diverse 
fields such as bank secrecy data protection 
company information disclosure laws tax 
laws and financial services regulations 
from a compliance point of view there are 
different considerations from integrity and 
market conduct everything is sensitive and 
providing uptodate information will cause 
regulatory problems to communication 
with clients advisers and clients should 
know what risks the investment manager is 
taking on a real time basis
in april 2012 in the house financial 
services committee us securities and 
exchange commission sec chairman 
mary schapiro stated that “effective 
information sharing between financial  7
statpro revolution  
portfolio analysis   
risk analytics dashboard
backtesting with the risk  
limits monitoring module  
in statpro revolution
although statpro r is still in beta tests 
demonstrate that it calculates over 100 
times faster than statpro seven based on 
the same infrastructure cost this sort of 
benefit is not unique to statpro other 
companies will be profiting from the 
possibilities of the new technology 
however to take advantage of this 
technology companies must create 
solutions that have been purpose built for 
the cloud they cannot simply put old 
software into a cloud environment and 
expect it to be more efficient this means 
that there is still much investment to be 
made by the companies that currently 
supply the asset management market and 
also opportunities for new market entrants 
who are faster to adopt the new technology
clients
generation x and y have much greater 
familiarity with new technology and are 
typically either making more money or 
inheriting it or both they are much less 
likely to go to a financial adviser and if they 
do they are often baffled by the arcane 
nature of the client reporting they are 
subjected to many are used to using 
internet stock market sites to make 
investments and there are many innovative 
social investing websites being created to 
make investing online even easier mutual 
fund platforms and the huge growth of 
cheap exchangetraded funds etfs are 
also driving new behaviour if asset 
managers and financial advisers are to 
convince this new breed of very demanding 
investors to use their services they will 
need to invest in new technology it is the 
nature of such change that it is at first slow 
to happen and then sudden we are 
witnessing this effect with a number of 
clients some small some extremely large 
where one competitor seizes an advantage 
others will follow quickly
consequences for the market
we foresee that the process for providing 
performance measurement will change 
considerably over the next few years 
selfservice information distribution 
solutions like statpro revolution will be 
essential for asset managers and financial 
advisers so that they can communicate 
quickly and efficiently with everyone in their 
network both internally and externally 
on the other hand the process of extracting 
and managing accounting data and 
transforming it into performanceready 
data is likely to be outsourced by many 
companies this is because the data 
management process lends itself to scale 
this is where statpro r comes into play as 
it has been designed to manage huge 
quantities of data at high speeds with a full 
audit and quality controls we will mainly 
target companies offering performance 
measurement outsourcing or very large 
businesses with it
the combined technology of statpro r and 
statpro revolution will enable asset 
managers and financial advisers great or 
small to meet regulations the new 
challenges of technology and the changing 
demands of their clients
page 24
find out more about tackling 
compliance with statpro revolution  
in the product strategy
page 9
find out more about how we’re working 
with partners in the statpro strategy 
section
page 21
read how we’re focusing on the  
sharing message in our marketing  
strategic report governance financial statements
8
statpro’s strategy
simplification is the key theme for us
statpro revolution and statpro r will 
greatly simplify the complex processes 
which our clients use to produce portfolio 
analytics and distribute it at statpro we 
are also reorganising how we work to 
simplify and standardise how we develop 
sell and support our services so that we 
can ensure the highest possible quality 
simplification also means that we can 
scale our business comfortably
commercial strategy
commercially we are focused on three core 
markets for statpro revolution our existing 
clients fund administrators and private 
wealth businesses 
existing clients
our existing clients are largely the bigger 
asset managers with sophisticated 
requirements for analytics these clients 
are under pressure to justify their fees and 
improve their client service as well as meet 
new regulations their only hope is to adopt 
new technology our approach is to 
persuade our clients that they should add 
statpro revolution to their installation of 
statpro seven so that they can start 
providing information on their portfolios 
more widely throughout their organisations 
this approach is working well during the 
course of 2014 we hope to deliver much of 
the remaining analytics that can be 
performed in statpro seven in statpro 
revolution and as we do more clients will 
begin the migration process 
in early 2015 we will deliver the first beta of 
the full replacement of statpro seven with 
statpro r after that we expect to start 
upgrading our clients because of our focus 
on fund administrators we will also be able 
to offer our clients the option of upgrading 
to an outsourced solution as well rather 
than seeing outsourcing as competition to 
our software solutions we see it as highly 
complementary and we want to be the 
solution of choice for outsourcers this 
approach will mean that many of our 
current clients will be able to leverage 
outsourced data management coupled  
with statpro revolution for selfservice 
information distribution because of the 
technology they will still be able to oversee 
every aspect of the process without having 
to do all the work
generally we are working with our 
existing clients to explain to them how our 
strategy is built around helping to make 
them as efficient as possible whereas a 
few years ago talk of the cloud might have 
caused concerns we increasingly hear the 
message that ‘we only want cloudbased 
products’ the market is moving rapidly in 
our direction
generate more sales
improve their client service
meet tough regulations
reduce costs
statpro products enable our clients to
our unique selling point is that users 
can share their portfolio analysis 
directly with as many people as 
they want for no extra cost sales
marketing
fund
managers
senior
management
compliance
consultants
clients
external data sources
it platforms
portfolio
analytics
external data sources
it platforms
performance
management
internal data sources
automated selfservice
9
fund administrators
fund administrators and other outsourcers 
are looking for ways to add value to the 
asset management process by picking 
up low value added tasks and reaping 
economies of scale however many are 
finding that their existing infrastructure 
is now too expensive and cumbersome 
this means that on the one hand they 
cannot meet the new requirements of 
their larger clients and on the other they 
are too expensive for the smaller clients 
with less sophisticated needs once 
again only technology can solve this 
problem and we have great expectations 
of statpro r that it will enable our 
partners to provide a flexible responsive 
and sophisticated service to any type 
of client all from one platform
private wealth
it is clear that the trend towards a growing 
number of millionaires is set to continue 
this has meant tremendous growth for 
private wealth companies of all sizes the 
challenges they have are around regulation 
and the changing requirements of their 
clients who are of course more and more 
familiar with new technology right now 
anyone younger than 30 doesn’t really know 
about the world without the internet in ten 
years the younger generation will be 
running things change will happen
once again the only way to meet the 
challenges for the private wealth market is 
to use technology increasingly asset 
managers are being bypassed as wealth 
managers use standardised investment 
products like etfs to create holistic 
portfolios for their clients mass 
customisation is the theme combined with 
lower fees in europe this is especially 
important as the new mifid ii regulations 
force advisers to declare all fees to their 
clients this means that most are adopting 
an advisory fee as a percentage of assets 
they are also bound by the regulations to 
be able to demonstrate that they have acted 
in the best interests of the client so the 
ability to keep relevant information about 
why the investment was recommended  
is vital
we are just beginning to open up this 
exciting new market and we already have  
a number of private wealth businesses as 
clients including some very large private 
banks we believe that statpro r will also 
do well in this market as the volumes of 
data is sometimes quite staggering and 
statpro r is perfectly suited to this level  
of scale and speed requirements
conclusion
fundamentally we see that the market 
trends for technology in our area of 
expertise are moving towards two quite 
different solutions 
on the one hand there is the fragmentation 
and vast expansion of the information 
distribution process which requires a 
selfservice solution not a push solution 
this is solved with statpro revolution 
on the other hand the data management 
side of the business will experience massive 
consolidation as businesses seek economies 
of scale this is what statpro r is designed 
to do enabling scale speed and 
automation it will enable perfect data
all of our target market segments require 
both of our services to maximise their 
efficiency
page 24
read more about these products 
and their development in the 
product strategy
page 23
further information on what this 
means for clients is detailed in 
the client services review
from automated data management to self

service portfolio analytics jus tin wheatley
strategic report governance financial statements
10
we are pleased with the excellent progress 
achieved during the year in transforming 
our business to a purely cloudbased 
analytics provider we have seen a 
significant increase in our existing clients 
signing up to statpro revolution as the word 
spreads about its unique capabilities to help 
asset managers increase sales improve 
their client service comply with regulations 
and reduce their costs it is our view that 
we can help clients greatly reduce the 
complexity of their client reporting process 
by replacing old technology with new
the number of clients using statpro 
revolution grew to 257 in 33 countries 
by year end 2012 156 in 22 countries 
and statpro revolution recurring revenue 
increased by 114 to £320 million 2012 
£149 million we successfully grew 
the number of our fund administrator 
partners to 34 by year end 2012 21 
fund administrators are core partners 
ensuring that we can provide our 
clients with a smooth implementation 
process of statpro revolution
financial highlights
we are pleased to report that revenue 
for 2013 increased to £3249 million 
2012 £3200 million as expected our 
profits before tax reduced to £311 million 
2012 £378 million following increased 
investment in development sales and 
client services for our cloud services cash 
generated from operations was lower at 
£940 million 2012 £1018 million but 
our net cash position at the end of the 
year increased to £400 million 2012 
367 million adjusted earnings per share 
reduced to 45p 2012 59p and the board 
has recommended an increase in the full 
year dividend to 28p per share 2012 27p
a key performance indicator is the measure 
of the total value of contracts we have 
with clients who have also subscribed for 
statpro revolution this grew by 134 
to £919 million 2012 £392 million and 
represents 37 2012 16 of our total 
recurring software revenues a strong 
indication that we are making good 
progress in demonstrating to our existing 
clients the benefits of statpro revolution 
total annualised recurring revenues grew 
to £2872 million 2012 £2847 million 
there was a reduction in revenues from 
statpro seven to £2402 million 2012 
£2460 million and data revenues to £421 
million 2012 £469 million counteracted 
by an increase in statpro revolution 
subscriptions generating overall growth
strategic focus
our three areas of focus are existing 
clients fund administrators and the 
growing private wealth market our 
existing clients are a readymade 
marketplace for statpro revolution and we 
are making steady progress in this area 
we believe that in the course of 2014 as 
we add functionality to statpro revolution 
we will see an even greater uptake 
fund administrators are a key focus for 
us as they hold the investment book of 
record for many asset managers this 
means that once they have built an 
automated data connection to statpro 
revolution adding more of their clients is a 
relatively straightforward process it is our 
view that fund administrators will win a 
growing market share of the performance 
reporting market as outsourcing this 
function is an economically logical 
action for most asset managers 
however we also think that our 
combined solution of statpro r and 
statpro revolution will enable fund 
administrators to offer a more flexible 
more responsive and more sophisticated 
service than they could do otherwise 
due to our leadingedge technology 
lastly the private wealth market offers us 
many opportunities this is in part because 
it is relatively underserviced in the area of 
sophisticated analysis yet the companies 
in this market are quick to adopt any tool 
that will give them an advantage over 
rivals it is also a growing trend among 
the larger asset managers to merge their 
asset management and private wealth 
businesses to reap economies of scale and 
provide institutional investment skills to the 
private wealth market such organisations 
need and want selfservice solutions like 
statpro revolution in the same way that 
banks have adopted online banking they 
effectively outsource the responsibility 
of reporting to the individual client and 
cut costs significantly we already have a 
number of large private banks as clients 
of statpro revolution and we believe that 
we can grow our revenues in this area
chief executive’s review 11
business transformation
the biggest challenge for statpro is the 
business transformation from supplier 
of traditional software solutions to a new 
cloudbased service provider it has been 
our view from early on that the economic 
reality of the productivity gains possible 
through new cloud technology will cause 
significant change in our market the 
complexity of old processes will be swept 
away and replaced with entirely new 
technology platforms one very large asset 
manager client has a project to replace 100 
separate backoffice systems with just one 
cloud solution we believe that this type of 
project will happen increasingly frequently 
and statpro is well placed to take advantage 
of this as we have made the necessary 
and significant investments to do so 
as we have said before it will take a 
number of years to complete the business 
transformation where most of our 
clients have wholly or partly migrated 
to statpro revolution and statpro r 
but we believe we remain on track to 
achieve a successful transformation
reinventing the performance 
 reporting process
with the launch of the beta version of 
statpro r in 2013 and its combination 
with statpro revolution we believe that 
our new technology will make asset 
managers rethink how they structure their 
performance teams data management 
has become a massively labourintensive 
and complex task for many organisations 
and statpro r offers a means of greatly 
simplifying this as well as offering 
significant increases in scale and speed our 
new technology will make it practical for 
organisations to operate client reporting 
on a daily basis rather than the current 
industry standard of monthly reporting 
the issues of checking data and getting 
signoff by the compliance function are also 
dealt with in an efficient and transparent 
way it is also possible to offer more 
detailed analysis for smaller portfolios 
such as private wealth and consequently 
expand the number of reported portfolios
on the information distribution side asset 
managers are increasingly realising that 
the selfservice model of client reporting 
is the strategic route they must adopt 
sending out standard reports which 
are known to be neither wanted nor 
understood is a very unproductive activity 
on the other hand a solution like statpro 
revolution where subject to permission 
you can see which clients have logged on 
and when and what type of analysis they 
were interested in provides invaluable 
intelligence as well as being much cheaper 
to run this is a radical turning point for 
the industry and statpro is well placed to 
profit from this evident market trend 
development 
there were several significant version 
releases of statpro revolution in 2013 at 
the start of the year we launched our very 
popular stocklevel attribution analysis 
we followed that with the launch of our 
first premium module in may 2013 for 
ucits reporting this has proven popular 
and now represents about 6 of statpro 
revolution recurring revenue in the 
second half of 2013 we focused on adding 
extra sharing functionality so that clients 
can share precisely what they want within 
statpro revolution including specified 
portfolios and time periods this means 
that a mutual fund company can share 
information on its funds up to a particular 
date avoiding revealing its current 
position whilst being transparent to its 
distributors and investors it also greatly 
simplifies the management of the process
in 2014 we have an ambitious schedule of 
development starting with the release of 
our aifmd module which is a complement 
to our ucits module all alternative 
investment fund managers aifm in the 
eu must comply with the new directive 
which stipulates how they report on their 
derivatives exposure our new module 
provides a simple and costeffective way 
to achieve this and we expect it to receive 
a good level of uptake following this we 
intend to deliver an extended fixed income 
attribution module for which we have 
significant demand as well as add to the 
risk management capabilities of statpro 
revolution with these two developments 
we will be able to offer existing clients 
approximately 55 of statpro seven 
fixed income and risk modules sfi  
srm a functionally superior upgrade
people
i would like to thank all our employees 
for the great work they have done in 
2013 transforming a business is not easy 
but everyone has made a great effort to 
contribute to the process and i also know 
that everyone is very proud of the new 
products and services that we offer
dividend
in line with our policy of paying a 
progressive dividend which aims to balance 
return to investors with our investment 
needs we are pleased to announce an 
increase in our full year dividend to 
28p per share in 2013 2012 27p
outlook
as statpro revolution begins to gain 
critical mass in terms of clients users 
and revenue we believe that the next 
steps become clearer as our clients use 
statpro revolution more we note the 
pickup of additional subscriptions with 
approximately onethird of revenues 
coming from repeat purchases as our 
clients begin to share their portfolios 
with others outside their companies 
we note that we have more inbound 
calls from prospects as we get more 
practised at selling statpro revolution 
we see our pipeline of opportunities 
growing steadily as our products add 
more functionality and capacity we can 
cover more needs of asset managers for 
all these and other reasons we believe 
that 2014 will be a good year for statpro
justin wheatley
group chief executive
14 march 2014 statpro seven
clients
statpro
r launch
statpro r beta
launch
all statpro seven
features within
statpro r 
option 1
start using statpro
revolution now
option 2
wait for certain
features first
in statpro r
option 3
move over when all features
are fully integrated
into statpro r
2014
2015
strategic report governance financial statements
12
chief executive’s qa
q
 how does statpro sell to 
prospects who have a 
competitor solution ingrained 
in their processes
every company is looking to gain a 
commercial advantage and in the asset 
management business that frequently 
comes down to the level of service that is 
provided to clients if company a provides 
its clients with daily access to online 
analysis of their portfolios and company b 
only sends their clients standard reports 
once a month two weeks after the month 
end this is predominantly the current 
standard then company b is in danger of 
losing business to company a statpro r 
and statpro revolution necessitates a 
rethink about processes and this applies to 
our prospects and clients alike
q
 are there some clients  
of statpro seven who 
wouldn’t naturally migrate  
to statpro r
when the cloud was first mentioned many 
people said ‘never’ however things are 
changing rapidly and most people can now 
see that architecturally and technically 
cloudbased solutions are better for pretty 
much everything including security statpro 
is proud to have deutsche bank and credit 
suisse private bank amongst its clients for 
statpro revolution and they would not have 
subscribed if they had concerns about 
security nevertheless there are some 
organisations such as sovereign wealth 
funds that will be the most reluctant to 
make the switch however we believe that 
in a few years even they may well be ready 
for migration
the path to revolution 13
q
 what is the market 
perception of statpro r 
creating ‘efficiencies’ for 
performance teams
currently the larger asset managers have 
quite large teams of performance 
measurers yet all of them work on a 
monthly data production cycle we believe 
that statpro r will make it possible to flip 
that to a daily production cycle that is more 
than a 20fold increase in productivity 
assuming weekends are excluded there 
will be no need for them to have the it 
infrastructure nor to manage market data 
a big change will be not needing to manage 
complex performance report production 
but rather using statpro revolution’s 
selfservice capability to improve client 
service so roles will change but the 
quantity of work may stay the same
q
 how is revenue affected 
by the realignment of the 
client services teams to 
statpro revolution
we have seen the number of statpro seven 
clients adopting statpro revolution greatly 
increase in 2013 and we expect this to 
continue statpro revolution enables our 
clients to extract more value out of their 
performance function and so the client 
service teams need to help our clients 
realise these gains we have found that 
thanks to statpro revolution we are getting 
exposure to more parts of our clients’ 
businesses and as we understand our 
clients better so we can help them more 
we expect the realignment of the client 
service teams to boost revenue 
q
 how can statpro identify 
the tipping point for statpro 
revolution
we cannot be certain when or if this might 
happen what we do know is that by sheer 
hard work we are getting more and more 
recognition in the marketplace we have 
gone from being a relatively anonymous 
back office provider to a new name in the 
front office with a distinctive brand we now 
need to translate that into hard currency 
but that will also take more hard work 
judging by the huge increase in cold calling 
webex calls and meetings we are getting 
the message out to the market but there is 
always more to do
q
 are the fund 
administrators happy with 
the price point of statpro 
revolution
i think that we have established a price 
norm for portfolio analytics it is a 
considerably lower price point than most 
other solutions can provide it for except 
for very high volumes of portfolios and 
we offer volume discounts our fund 
administrator partners tend to pass on 
the cost of statpro revolution but also 
charge a data management fee on top 
this is perfectly reasonable from our 
perspective as there is a lot of value in 
managing the data properly we hope that 
when statpro r is fully ready fund 
administrators will use it to provide 
additional services to asset managers
q
 will we change the 100 
per month model for statpro 
revolution
we already have four tariffs for portfolios 
platinum gold silver and bronze the price 
per portfolio per month is 300 100 15 
and 5 you have to buy silver in packs of 10 
and bronze in packs of 50 portfolios the 
distinction between the portfolio types is 
the level of functionality you get in essence 
the silver and bronze are suitable for the 
private wealth market and the platinum and 
gold portfolios are designed for the asset 
management and hedge fund community 
we have no current intention of changing 
these price points although volume buyers 
can get discounts on a per portfolio basis strategic report governance financial statements
14
financial review
1
underlying performance
overview 
during 2013 we have continued to invest 
in transforming statpro into a pure cloud 
solution business we have increased 
investment in several areas of the 
business with a focus on sales operations 
client services development and cloud 
infrastructure the annualised contracted 
revenues of cloudbased statpro revolution 
have grown by 114 at constant currency 
to £320 million 2012 £149 million the 
increased expenditure on cloud services 
statpro revolution coupled with the 
reduction in software licence revenues and 
data overage from our noncloud activities 
statpro seven and data has resulted in 
a reduction in adjusted ebitda to £546 
million 2012 £673 million as expected 
we also increased our statpro revolution 
related recurring revenue defined as the 
total recurring revenue from clients whose 
subscription includes statpro revolution 
to £919 million 2012 £392 million 
giving us confidence that the transition 
is progressing well with existing clients
the underlying adjusted ebitda at constant 
currency is shown in table 1
2013
£million
2012
 
£
million
change

ebitda relating to
seven and data 780
901
13
revolution 248
228
9
fx impact 014
–
adjusted ebitda 546
673
19
adjusted ebitda margin 168
210
key performance indicators
the key performance indicators kpis that 
are monitored by the board and by the 
group executive board as part of the regular 
monthly management reporting are shown 
in table 2
the kpis are discussed in detail below in the 
relevant sections of this financial review
revenue
overall group revenue increased by 2 
at constant currency and at actual rates 
to £3249 million 2012 £3200 million
revenue by segment
revenue increased in the emeaa region 
by 2 at constant currency and at 
actual rates to £2045 million 2012 
£2008 million in the north american 
region revenue increased by 1 2 at 
constant currency to £1204 million 2012 
£1192 million as shown in table 3
revenue by type
statpro seven software licence revenue 
fell by 2 at constant currency and at 
actual rates to £2402 million 2012 £2460 
million as we focus our efforts on cloud 
technology and not proactively selling 
noncloud solutions this was offset by an 
increase in statpro revolution revenue of 
204 to £219 million 2012 £072 million 
data fees fell by 10 9 at constant 
currency for the year to £421 million 2012 
£469 million as expected due to a lower 
level of data overage professional services 
revenue increased by 4 to £207 million 
2012 £199 million as shown in table 4 15
andrew fabian
2
2013
2012
change

new sales of recurring licences and data 
£324 million £
311 million
4
new sales of consulting £207 million £
199 million
4
annualised recurring revenue

£2872 million £
2847 million
1
annualised recurring revenue

 – statpro revolution £320 million £
149 million
114
statpro revolution related recurring revenue

 £919 million £
392 million
134
statpro revolution related recurring revenue –  of software 37
16
net contract growth rate – statpro revolution

114
234
financial and operational kpis
adjusted operating margin 133
173
adjusted ebitda margin 168
210
adjusted ebitda £546 million £
673 million
19
net cash
£400 million £
367 million
9
 at constant currency
clientrelated kpis
recurring revenue 
the group’s business model of software 
as a service saas and recurring revenue 
contracts continues to provide excellent 
visibility of revenue with the recurring 
revenue element being a high percentage 
94 of total revenue 2012 94 the 
annualised recurring revenue from software 
licences and data fees at the end of 
december 2013 increased by 1 at constant 
currency to £2872 million 2012 £2847 
million the net growth rate for statpro 
revolution was 114 2012 234 and the 
net cancellation rate for statpro seven
data was 5 2012 0 new contracts 
signed in the year were £324 million 
2012 £311 million as shown in table 5 strategic report governance financial statements
16
approximately 77 of new recurring 
contracted revenue arose from existing 
clients 2012 71 the proportion by 
value of recurring software licences and 
data clients at the end of 2013 secured 
to the end of 2014 or beyond amounted 
to 78 2012 81 the weighted 
average length of contracts committed 
was 16 months 2012 17 months 
 
statpro revolution revenue 
profile
recurring revenue relating to statpro 
revolution is now 11 of the group 
total and it is growing at a higher rate 
as the service is developed on a highly 
scalable technology platform the total 
recurring revenue from clients whose 
subscription includes statpro revolution 
was £919 million 2012 £392 million 
representing 37 2012 16 of our 
total software recurring revenue a 
kpi we are focused on increasing
the revenue distribution profile for statpro 
revolution is as shown in table 6
financial review continued
3
2013 
£million
2012 
£
million
change 

emeaa 2045
2008 2
north america 1204
1192 1
total 3249
3200 2
revenue
operating expenses 
operating expenses before amortisation of 
intangible assets and exceptional items 
increased by 7 8 at constant currency 
to £2471 million 2012 £2302 million the 
increase in expenditure related to several 
areas of the business mainly sales 
operations client services development 
and cloud infrastructure the average 
number of employees was 249 2012 253 
although we ended the year with 255 
employees up 5 in the year 2012 242 
exceptional items 
as previously announced the board 
decided to agree an outofcourt settlement 
in relation to the sisoft acquisition 
contingent consideration dispute and as a 
result there is an exceptional charge of 
£035 million there is no tax deduction 
available as it is a capital item further 
details are provided in note 3 the 
exceptional item in 2012 of £098 million 
relates to the oneoff charge for 
restructuring in january 2012
adjusted operating margin
as a result of increased investment in cloud 
technology and the growth of our sales and 
client services teams the operating profit 
reduced to £339 million 2012 £428 
million the adjusted operating profit also 
reduced by 22 year on year to £433 
million 2012 £553 million as shown in 
note 3 with the adjusted operating margin 
reducing to 133 2012 173 the 
adjusted ebitda note 3 reduced by 19 to 
£546 million 2012 £673 million
research and development  
and capex
the research and development team is now 
focused solely on cloudbased solutions 
statpro revolution and statpro r the 
cloud upgrade path for statpro seven and 
research and development expenditure 
increased overall by 6 to £444 million 
2012 £418 million equating to 14 
of group revenue 2012 13 the total 
expenditure on statpro revolution and 
r including marketing and other costs 
was £492 million 2012 £370 million  17
4
2013 
£million
2012 
£
million
change  

revenue
software licences – statpro seven 2402
2460 2
software licences – statpro revolution 219
072 204
software licences – total 2621
2532 4
data fees 421
469 10
total recurring revenue 3042
3001 1
professional services and other revenue 207
199 4
total revenue 3249
3200 2
percentage of total that is recurring 94
94
development costs of £340 million were 
capitalised in the year 2012 £321 million 
and amortisation on internal development 
increased to £340 million 2012 £306 
million expenditure on other intangible 
assets was £008 million 2012 £034 
million and total capital expenditure 
on property plant and equipment was 
£093 million 2012 £064 million 
finance income and expense 
net finance expense reduced to £027 
million 2012 £049 million and is mainly 
the finance costs of our currently unutilised 
credit facility
profit before tax 
profit before taxation decreased by 18 
to £311 million 2012 £378 million after 
adjusting for amortisation of acquired 
intangible assets share based payments 
and exceptional items the adjusted 
profit before taxation reduced by 20 to 
£405 million 2012 £504 million the 
impact of currency movements increased 
adjusted profit before taxation by £029 
million ie approximately 9 impact 
taxation
the tax charge is £103 million 2012 £110 
million the underlying tax rate before 
the impact of exceptional items is around 
30 and the overall effective tax rate is 
33 2012 29 this is higher than the 
prevailing uk rate largely due to unrelieved 
losses in our development company statpro 
international sarl and also the impact of 
the nondeductible exceptional increase 
in sisoft contingent consideration 
earnings per share
basic earnings per share decreased by 
28 to 31p 2012 43p diluted earnings 
per share decreased to 31p 2012 43p 
based on 007 million 2012 025 million 
potentially dilutive shares outstanding 
adjusted earnings per share note 10 
reduced by 24 to 45p 2012 59p  strategic report governance financial statements
18
financial review continued
balance sheet
the group’s net assets reduced to £4691 
million 2012 £4962 million mainly as 
a result of a reduction in goodwill due 
to currency translation movements 
cash flow and financing
2013 was another year of positive 
cash generation with cash inflow from 
operating activities before exceptional 
payments of £940 million 2012 £1018 
million the group ended the year with 
net cash of £400 million 2012 £367 
million the group nevertheless retains 
its longterm financing facility which 
was undrawn at 31 december 2013 
dividends
the directors are recommending an 
increased final dividend of 195p per 
share 2012 19p making a total dividend 
for 2013 of 28p per share 2012 27p 
the final dividend will be paid on 21 may 
2014 to all shareholders on the register 
at the close of business on 25 april 2014 
total dividends paid in 2013 amounted 
to £186 million 2012 £163 million the 
board intends to maintain a progressive 
dividend policy reflecting the balance 
between the investment needs of the 
business and the growth in underlying 
earnings per share eps when proposing 
the dividend the board satisfies itself that 
the current and projected level of dividend 
cover is appropriate the dividend cover 
calculated as adjusted eps dividends 
per share was 16 times 2012 22
principal financial risks 
the principal business risks and 
uncertainties affecting the group are 
described on pages 28 to 31 for each 
category of risk the directors have 
identified means by which the risk can be 
managed or reduced in a cost effective way 
whilst accepting that some risks cannot 
be completely eliminated details of key 
financial risks are considered below
financial risk management 
the current and projected financial risks 
of the group are managed by the group 
finance team the primary risk relates to 
financing facilities and this is mitigated 
by ensuring very tight control of cash and 
detailed forecasting of business cash flows 
liquidity risk
the group’s cash position is closely 
monitored with weekly updates from all 
overseas operations and daily updates 
of cash collected from customers any 
aged debtor balance that is overdue 
is investigated to ascertain the reason 
and to resolve the situation promptly 
monitoring procedures for shortterm 
cash projections allow the group finance 
team to closely monitor the key liquidity 
and other financial ratios to ensure that 
there is sufficient liquidity in the business 
at all times and sufficient headroom in 
relation to the banking covenants
 
5
annualised 
recurring 
contract 
revenue
 2013 
£million
annualised 
recurring 
contract 
revenue 
2012 
£
million
as at 31 december 2012 2952
2941
net impact of exchange rates 105
096
at 1 january 2013 at dec 2013 rates 2847
2845
new contracted revenue 324
311
cancellationsreductions 299
204
net increase 025
107
recurring licence fees as at 31 december 2013 2872
2952
software licences and data fees 19
financing facilities
the company retains its senior debt 
facility with the royal bank of scotland 
plc rbs which is committed to may 
2016 subject to compliance with agreed 
covenants the company has the option 
to extend the facility for a further year 
to may 2017 subject to rbs credit 
committee approval at 31 december 
2013 the group had both net cash of 
£400 million and undrawn credit facilities 
of £850 million available to support its 
business operations and therefore the 
board believes that the group is well 
positioned to manage the business risks
foreign exchange risk 
management
the group is exposed to exchange rate 
fluctuations given that the majority of its 
revenue is nonsterling based the group 
also has a significant proportion of its costs 
in the same currencies as its revenues and 
therefore there is a reasonable degree of 
natural reduction in overall currency risk 
all material foreign currency transaction 
exposures ie sales and purchase contracts 
denominated in a different currency to 
the local reporting currency are hedged 
through use of foreign exchange contracts 
as soon as the amount and timing of the 
exposure is identified with reasonable 
certainty the group’s policy is not to hedge 
profit and loss translation exposures 
as part of our liability management we 
have made use of currency swaps with 
a total principal value of approximately 
£519 million denominated in usd cad 
and eur to create synthetic currency 
hedges in order to provide a partial hedge 
against movements in the fair value of 
investments in overseas subsidiaries 
as the group continues to grow and 
generates increased profits overseas in 
foreign currencies this exchange rate 
exposure is expected to increase 
interest rate risk management
the group is exposed to interest rate risk 
and an increase in interest rates would 
increase the interest payable on the group’s 
banking facility given the group’s current 
net cash position and the benign outlook 
for interest rates the board has decided not 
to undertake any interest rate hedging but 
will review the position from time to time
the risk to rising interest rates should 
the group return to a net debt position 
would be partly mitigated by an increase 
in interest income from surplus cash 
and deposits where the policy is 
to seek to maximise interest return 
without exposure to inappropriate 
liquidity or counterparty risk 
andrew fabian
group finance director
14 march 2014
6
annualised 
revenue bands
annualised 
revenue 
2013 
£’000s
number 
of clients 
2013 
number
average 
revenue 
per client 
2013 
£’000s
annualised
revenue

 
2012 
£
000s
number 
of clients 
2012
 number
average 
revenue 
per client 
2012 
£
000s
£2k 135 136 10
98 108 09
£2k£10k 262 68 39
123 30 41
£10k£50k 883 34 260
186 9 207
£50k£100k 920 13 708
355 5 710
£100k 996 6 1660
731 4 1828
total 3196 257 124
 1493 156 96
 at constant currency
statpro revolution strategic report governance financial statements
20
operational review
as a group we continued to focus 
on enhancing our overall service for 
our clients in 2013 maintaining high 
service levels and ensuring we adhere 
to the latest industry security standards 
remain top priorities for the team 
a key message given to all our staff is that 
every single person within statpro can 
positively affect how a client or prospect 
feels about statpro understanding and 
appreciating this is an important part 
of our culture and something that we 
must never become complacent about
client experience isn’t just about service 
even though it is a very important part it’s 
about how statpro first makes that prospect 
or client view statpro what that interaction 
is like did the message resonate did the 
sales resource engage in a timely and polite 
manner were producttariff questions 
answered clearly and succinctly did the 
onboarding go well is the aftersale service 
functionally deep as well as courteous 
was the financial transaction itself pain 
free is the system available all the time 
does the product simply just work 
you can read in the marketing strategy how 
we’re working more with clients to support 
both our business goals through sharing 
of communication and efforts page 21 
the sales and partnerships section on page 
22 also details how the sales team has 
been reorganised to reflect the segmented 
profiles of our new clients please also read 
on page 23 in the client services review 
how in 2013 we refocused on simplifying 
what is complex and making it available 
to those that require the information 
as a globally focused client service 
team we continually assess what our 
clients require from us and we adapt 
our processes to ensure we are aligned 
to meet their needs of course these 
teams also rely on each other to support 
the clientfocused message gather 
feedback on the product and deliver a 
tailored yet simple and scalable service 
to our clients whether they are new to 
statpro or a longstanding customer
this focus continues in 2014 as we look 
to use third party tools and the best 
practices to improve our service as this 
will ultimately lead to increased revenue 
via our subscriptionbased business 
model 2013 was a good year thanks to 
everyone in the client services team for 
their diligence and hard work 2014 will 
hold more challenges but we’re confident 
that the structural changes we’ve put 
in place will allow us to improve our 
service further and that will allow for 
greater client satisfaction and growth
andrew peddar
group coo
14 march 2014
andrew peddar
 as a globally focused 
client service team

 we 
continually assess what 
our clients require from us 
and we adapt our processes 
to ensure we are aligned to 
meet their needs 21
operational review
  marketing strategy
neil smyth
our message in 2013 and 2014 is focused  
on the benefits of our cloudbased 
platforms the debate on the adoption of 
cloud computing is almost over as we hear 
from clients and partners that the cloud 
is an accepted delivery mechanism for 
software and one which many companies 
now understand and actively pursue in 
their software strategy by focusing on the 
benefits the marketing message is more of 
a business conversation versus a technical 
one all our clients and prospects want to 
increase sales improve client service meet 
regulations and reduce costs these are 
the four fundamental elements to statpro’s 
a poll suggests the top key goals for investment managers are
86
75
67
offerings and our clients are realising 
these benefits by using the products to 
produce and distribute their portfolio 
analysis both internally and externally 
in 2013 we had more engagement with 
our partners globally as we continue to 
build our network in line with the statpro 
strategy set out on page 8 in the autumn 
of 2013 we held a joint conference with 
apex fund services in dublin with over 50 
attendees to discuss industry regulations 
and how statpro revolution is helping 
clients meet them in a costeffective 
way we are in the process of planning 
more joint partner events across europe 
north america and south africa after the 
positive feedback we continue to work 
closely with td ameritrade and attended 
their global client conference in the usa 
where over 1600 investment advisers 
come together to learn about industry 
trends and new technology to help them 
deliver a better service to their clients
our marketing strategy for 2014 will 
continue to focus on our four key 
benefits but also on the unique selling 
point of statpro revolution the ability 
to share portfolio analysis to anyone at 
no extra cost since q3 2013 we have 
been promoting our new sharing feature 
that allows statpro revolution users to 
take control of their portfolio analysis 
distribution it is no longer about managing 
software installations and delivering 
static reports to clients the future of 
analysis distribution is about selfservice 
reporting managing users content and 
access to enable online and interactive 
analysis for anyone across multiple 
devices we continue to promote this 
unique benefit through contentbased 
campaigns using statprocom webinars 
white papers videos infographics 
exhibitions and statprohosted events 
whilst analysing the marketing mix to 
ensure improvement of this message to 
analysts and influencers partners clients 
and prospects throughout the year 
helping clients and prospects 
understand this unique 
selling proposition usp 
whilst working with sales and 
client services is the key goal 
of the 2014 marketing 
strategy 
who shares wins
january 30 2013 investitcomclientsattopofinvestmentmanagement2013agenda
increase client retention by improving 
client management and onboarding
client reporting and information delivery
new client acquisition  
portfolios
compliance 
department
fund
administrators
asset
managers
distribution platform
acds directors trustees
management companies outsourced
investment advisors
independent
financial
advisors

registered
investment
advisors
private
wealth advisors
insurance
houses
strategic report governance financial statements
22
operational review
  sales and partnerships
the statpro sales and account management 
activity is built around a team of over 30 
people located across 11 offices owing 
to the wide appeal of statpro revolution 
this large team has now been reorganised 
to reflect the segmented profiles of 
our new clients as we now see statpro 
revolution gaining traction from the 
private banking and pension funds markets 
while continuing its growth in the asset 
management space global accounts and 
third party partners are now also managed 
by a dedicated corporate account team
in order to cover direct sales but 
also assist partners and distributors 
marketing statpro revolution we will 
increase our resources in 2014
during 2014 we will look to drive even 
further the usage of statpro revolution 
through the sharing functionality 
and through dedicated training and 
communication with respect to the clients’ 
guidelines and objectives understanding 
the complexity and the vision of our clients 
requires dedicated effort but this is made 
simpler with the ease of deployment of 
statpro revolution our clients are then 
able to access a global and unique analytics 
service whilst benefiting from one team 
with expertise in the relevant country
the partnership programme for 
fund administrators and third party 
distributors initiated in 2012 proved 
successful with 34 companies now 
sharing our ambition to offer a unique 
analytics platform to their clients 
the sharing capabilities offered by statpro 
revolution will support the extension of 
the number of users and we look forward 
to seeing this grow in 2014 by sharing 
our open platform to partners looking for 
analytics features or adding new services 
via third parties in the statpro store we are 
confident of statpro revolution’s future 
as we continue to add additional analytical 
functionality to statpro revolution 
especially with advanced risk management 
michel lempicki
we will be in a position to start migrating 
certain clients from our statpro seven 
platform during 2014 this process will 
be accelerated once the full version of 
statpro r our cloudbased replacement 
for statpro seven is released commercially 
in early 2015 statpro r is a highly scalable 
production system for managing and 
producing portfolio performance and 
returns data that can then be analysed 
and distributed using statpro revolution
 
statpro revolution seamless use across the investment industry  
portfolios
compliance 
department
fund
administrators
asset
managers
distribution platform
acds directors trustees
management companies outsourced
investment advisors
independent
financial
advisors

registered
investment
advisors
private
wealth advisors
insurance
houses
marc zandt
23
 the ongoing support  
and account management  
is excellent the support team 
is extremely responsive and 
we are able to benefit from the 
esupport system and the 
statpro user groups overall 
we have had a very positive 
experience with statpro 
they have shown expertise 
commitment and dedication
operational review
  client services
with experience of development 
implementations upgrades banking 
and finance infrastructure and hosting 
we’re fanatical about client service
as detailed in the statpro strategy 
page 8 our products and services 
focus on simplifying what is complex 
and making it available to those that 
require the information our solutions 
calculate and provide this is true for 
statpro revolution statpro seven 
and the forthcoming statpro r
as a globally focused client service 
team we continually assess what 
our clients require from us and we 
adapt our processes to ensure we are 
aligned to meet our clients’ needs
in 2013 we adjusted the global teams 
to adopt a ‘hub and spoke’ model in 
respect to service delivery certain core 
support and oversight functions are being 
centralised in key locations to allow for 
efficient focused implementations and 
ongoing support across our 11 offices 
the model is geared to achieve 
standardisation increase scalability 
remove duplication and apply focus to 
ensure we have the defined processes 
needed for an efficient and valuable 
service offering in a nutshell our aim is to 
ensure our clients get true value out of the 
products we have developed for a rapidly 
changing market this enables our clients 
to focus on growing their own businesses 
while we ensure they have the platform 
to demonstrate the value they create
 
marc joined statpro south africa in 
february 2008 as an account manager 
focusing on developing relationships
with current clients and developing new 
business in 2011 he became statpro south 
africa ceo with responsibility for growing 
the business across the region at the start 
of 2013 marc became global services 
director responsible for managing all  
our services with our clients globally
and is now based in london strategic report governance financial statements
24
product strategy
2013 focused on sharing

 compliance and statpro r development 
statpro revolution
development has been driven by two 
strategic themes
compliance
as detailed previously 2013 focused on 
ucits for mutual funds and aifmd the 
equivalent for hedge funds therefore 
statpro revolution development was 
dedicated to the integrated compliance 
solution enabling our clients to tackle 
the increased regulatory pressure 
they must adhere to the new 
feature covers three key aspects
• ucits iv global exposure regulating 
the risk limits that a fund is permitted 
to undertake
• aifmd commitment calculation limits 
on the leverage a hedge fund is allowed 
to take and
• ucits iv investment restrictions 
integrating the above two with 
compliance tools
statpro released the first module ‘risk 
limits monitoring’ in may 2013 and  
we released the second part in early  
march 2014
sharing
during 2013 statpro invested in the social 
aspect of statpro revolution with the aim 
of increasing the distribution and usage of 
the product virally statpro has been 
externally audited and certified to both  
iso 27001 and ssae 16 information security 
standards we have been developing our 
cloud technology since early 2008 bringing 
open collaboration and information control 
to the investment management community 
we believe keeping performance data 
locked away in the middle office doesn’t 
serve anyone sharing portfolio information 
with your network makes it more powerful 
usable and more likely to enhance business 
decision making or client relationships 
sharing portfolio analysis data across the 
organisation adds value to the data 
immediately it can be analysed audited 
and improved controlled sharing also adds 
value to the team producing such 
information raising its profile across the 
wider business
the new sharing features allow our clients 
the control they need when deciding how 
much of the portfolio they share and with 
whom they share it it’s all about users 
content and access control it can be 
centrally managed and monitored while 
still being quick and easy to accomplish 
such control enables rapid deployment of 
business information to any user with a 
full audit trail and without the hassle and 
expense of managing local applications 
statpro r
in 2013 statpro launched the beta version 
of statpro r the cloudbased solution 
for computing accurate performance 
measurement in the fastest and most 
flexible way and the replacement for 
statpro seven with statpro r statpro 
solves two key issues in the industry 
when measuring performance
• speed and scalability the first beta 
tests on client portfolios reduced 
the computational time by a factor 
of around 100 using the cloud for 
the same infrastructural costs
• flexibility statpro r uses 
technology to simplify the work of 
the performance measurement team 
give them the flexibility to design 
efficient production workflows 
customising imports and controls 
speed and flexibility mean ultimately 
that performance measurers will be 
able to perform their tasks faster and 
more efficiently significantly boosting 
the productivity of these teams 25
dario cintioli
20142015
the development plan for both statpro 
revolution and statpro r focuses on the 
functional completion of the two products 
the objective is to introduce all those 
pieces of functionality that can serve the 
analytics and reporting needs of a large 
asset manager with the dual objective of 
starting the migration of bigger statpro 
seven clients while selling more actively 
at the top end of the buyside industry
statpro revolution 
development
• aifmducits commitment approach 
calculation we look to enable the 
analysis of commitment exposure 
and computing exposure according 
to the eu rules with regards to 
derivatives hedge funds use 
derivatives and the aifmd rules open 
the issue of computing commitment 
when derivatives are involved
• the automation of report production 
we want to change the industry 
and allow our clients to start 
reporting interactively on the 
web while also enabling clients to 
continue to operate their traditional 
reporting activity efficiently
• fixed income attribution versus 
benchmark analysis statpro revolution 
will become one of the only products 
in the industry covering every 
aspect of fixed income performance 
measurement with fully integrated 
data dramatically simplifying 
the access to sophisticated and 
beautiful fixed income analytics
• advanced risk management relative 
risk risk factor decomposition 
sensitivity and many other exciting 
analyses will be released in the module 
providing more reasons for the front 
office to use statpro revolution
statpro r development
in 2013 we released the socalled ‘external’ 
performance capabilities as a beta which 
is the ability to compute the returns 
of a fund or other portfolio starting 
from information on the total market 
value and ‘external’ transactions like 
subscriptions redemptions and fees
in 2014 and early 2015 we will be 
completing statpro r with the ability 
to perform transactional securitylevel 
internal performance calculations this 
means that statpro r will manage each 
individual security computing the true 
performance generated by all trades in 
that asset the sum of all assets’ internal 
performance is later reconciled with the 
‘official’ external performance delivering 
very accurate and detailed calculations
statpro has always had a large knowledge 
base on how to make these calculations 
where statpro r adds value is the 
speed of calculation and in the flexibility 
of managing the controls and data 
management processes for cleaning the 
data while ensuring the perfect numbers 
with the smallest possible costs
dario cintioli
product director 
14 march 2014
2014 – roadmap our people
strategic report governance financial statements
26
employees across the globe…
and growing
255
daejun  
kim 
statpro revolution  
sales specialist 
hong kong china
dj’s prime focus is to increase awareness  
of statpro revolution within the asiapacific 
region focusing on singapore korea and 
indonesia he is passionate about statpro 
revolution and enjoys building new 
partnerships and selling to new prospects 
gillian  
wood
performance consultant
sydney australia
gillian wood heads up the client services 
team for the asia pacific region her role 
is not only to ensure that her team is 
well trained and knowledgeable on the 
statpro suite of products but to work 
with statpro clients on elements such as 
data integration training and analysis of 
results she shares her valuable knowledge 
to ensure our clients are getting the best 
out of the product as well as integrating 
client feedback with the development 
team to improve statpro products 
swati 
bhoumick
marketing manager
boston us
swati manages the marketing for statpro in 
north america her responsibilities include 
running integrated marketing campaigns 
content creation pr lead generation 
and nurturing events planning and 
execution and social media management 
swati is excited about building analyst 
relations in 2014 and leveraging the 
contacts made to increase statpro’s brand 
awareness among its key target market
the emphasis at statpro is on teamwork we promote a culture 
of close collaboration across the business to ensure that we deliver 
and meet client expectations 27
vicken  
krikorian
index and equity  
data operations
montréal canada
vicken manages the index and equity data 
operations team in montréal ensuring 
a seamless link with data suppliers to 
statpro revolution working with several 
departments globally vicken’s team 
reviews the data quality from suppliers 
adds new indexes through automated 
flows and ensures the data remains 
a high standard to ensure good client 
service the diversity of ideas due to the 
global nature makes for a strong team
thomas  
schnücker
team leader technical 
application specialist
frankfurt germany
thomas runs a team of the best technical 
statpro application experts in europe 
ensuring business continuity for clients 
helping them access and use statpro 
services and applications whilst automating 
their business processes around statpro 
nicola  
wylie
billing and salesforce 
administrator
london uk
nicola provides administration support  
to statpro’s online billing process working 
with our clients to provide them with a 
first class billing and payment experience 
as part of her role she works closely with 
our sales team and revolution product 
specialists utilising cloudbased systems 
such as salesforce and zuora to support 
our sales admin process nicola enjoys 
getting the most out of systems and 
automating processes for efficiency
anthony  
leak
cloud orchestration and operations engineer
cape town south africa
anthony is responsible for the architecture and development of the cloud infrastructure of 
statpro r using the cloud to host statpro r is allowing us to change the way we approach 
software development and infrastructure through continuous deployment we are able to 
provide our clients with the latest features and enhancements and ensure we continue to 
provide great products through scalable capabilities internal environment
information  communication
control activities
risk response
risk assessment
event identification
objective setting
monitoring
subsidiary
business unit
division
entitylevel
strategic
operations
reporting
compliance
strategic report governance financial statements
28
principal risks and uncertainties
statpro has outlined its strategy in this annual report key to the 
successful outcome is our understanding of statpro’s market drivers
transparency 
to ensure that statpro adds the most value 
possible to its clients it must listen and 
understand their requirements
• statpro uses client ‘new feature’ 
requests and sales team feedback to 
prioritise product enhancement
• statpro also employs suitable financially 
qualified staff eg to cfa level even 
on the product development team 
to ensure that we understand our 
clients’ needs and their issues
regulation 
by understanding the impact of unfolding 
regulatory changes and updating its 
products in time statpro helps clients meet 
new regulatory requirements
competition 
statpro has significant resources to 
deliver on what is required yet is small 
enough to react to changing market 
threats or opportunities such agility is a 
key corporate attribute
cloud 
to allay customer concerns regarding their 
data being in the ‘cloud’ statpro has 
invested in both the iso 27001 and ssae 16 
certifications statpro has embraced the 
best cloud product development and 
management practices for over three years 
and has partnered with industryleading it 
services suppliers to ensure the best service 
availability and security
outsourcing 
statpro has invested in its own products 
with bestpractice procedures for its own 
staff to ensure that clients’ requirements 
are routinely met
statpro’s approach to risk 
– enterprise risk management 
frameworks
an enterprise risk management erm 
framework provides a holistic approach 
that aligns an organisation’s strategic 
operational reporting and compliance 
objectives across all levels to manage all key 
business risks and opportunities the goal is 
to maximise value for the entire enterprise
the interaction between business 
objectives risk framework components 
and organisational level is best illustrated 
by the committee of sponsoring 
organisations of the treadway 
commission’s coso erm cube 
the iso 31000 ‘risk management – 
principles and guidelines’ standard 
published 2009 complements coso’s 
erm framework by addressing the 
management system that supports the 
design implementation maintenance 
and improvement of erm processes
a
figure a coso’s erm cube 29
context controls
1
 business strategy fails 
‘statpro’s updated business 
strategy fails to identify new 
markets andor products 
andor fails to improve on 
its current offerings’
• statpro continues to make 
considerable investment in statpro 
revolution and will also migrate its 
‘traditional’ asset performance and 
valuation products to the ‘cloud’ 
with the launch of statpro r in late 
2014early 2015 if market takeup 
of statpro revolution or statpro 
r does not meet expectations 
or current clients fail to sign up for 
the planned cloudbased products 
over current ‘hosted’ or ‘installed’ 
products the ‘cloud’ investment 
won’t have been maximised indeed 
legacyproduct clients may leave 
for competitor offerings that they 
feel more comfortable with
• product design complemented by a 
sufficient marketing and sales effort 
is key to identifying and winning 
new clients at the same time 
convincing them of the merits of 
cloud technology fast provisioning 
lower cost security and availability
• continual investment in development 
and quality assurance
• regular monitoring and reporting 
of project development and 
quality useracceptance 
testing of enhancements
• statpro actively promotes itself within 
the asset management industry
• statpro uses costeffective online 
advertising tools to track interest 
in its products enabling effective
efficient marketing and sales efforts
• the board has regular meetings with 
all teams to ensure that products and 
services meet market requirements
• continually update market and 
competitor intelligence
• continually monitor user 
feedback and internal kpis
group risks – top 4
the group risk assessment has identified the following top 4 risks that 
statpro must manage at the corporate level strategic report governance financial statements
30
3
 clients not satisfied 
‘statpro’s reputation 
suffers as clients’ 
expectations are not met’
• statpro anticipates as many 
successful products do in an 
‘infinite’ digital market that statpro 
revolution will reach a ‘tipping 
point’ when a critical mass of 
users act as product evangelists to 
further convince potential users 
to try or subscribe for the service 
leading to ‘exponential’ growth
• to reach the ‘tipping point’ sooner 
statpro must ensure that existing 
clients are ‘onboarded’ as quickly 
and as smoothly as possible thereby 
enhancing their customer experience 
and increasing their likelihood of 
becoming product evangelists
• ensure a good understanding 
of clients’ needs
• allocate an account manager to 
manage the client relationship
• escalate any issues to director level
• proactive account management
• longterm contracts foster 
client commitment
context controls
2
 sales target not met 
statpro not signing  
sufficient new contracts’
• since making the share placement 
in november 2012 we have 
communicated to our shareholders 
our strategic direction for building 
cloudrelated revenue growth if 
our externally announced targets 
are not met this could cause 
uncertainty in the marketplace 
for our reputation and lower 
revenues could put pressure on 
our ebitda and cash generation
• continuous control over 
the sales process and close 
monitoring of the sales pipeline 
by regional sales directors
• targets are set each year 
and territory performance is 
monitored against them
• the sales pipeline is managed in 
salesforce and is updated with 
reasons for lost opportunities eg 
sales performance functionality etc
• actions are identified in the sales 
strategy meeting to manage the 
strategy and competitive positioning
• monthly updates of sales 
forecasts are made
• statpro has implemented both 
traditional belowtheline marketing 
strategies such as event hosting and 
sponsorship and costeffective online 
advertising tools to track and report 
interest in its products thereby 
enabling a more effective and 
efficient marketing and sales effort
principal risks and uncertainties continued x
x
the principal financial risks of the group are outlined in the finance review
the strategic report on pages 1 to 31 is approved by the board
by order of the board
andrew fabian
company secretary
14 march 2014
31
context controls
4
 unavailability of 
hosted services due to 
infrastructure outage 
‘statpro’s it systems 
unavailable to statpro  
and its clients as and 
when needed’
• loss of company’s service may 
induce its clients to seek alternative 
suppliers and could have a material 
adverse effect on its business
• where there is system unavailability 
which can arise from hardware 
malfunction or capacity issues 
or networking and power supply 
stability problems these incidents 
are analysed in detail and all root 
causes addressed and controlled
• statpro it use a followthesun 
support arrangement which implies 
that global regions ensure that 
system integrity is maintained
• the hosted environment 
alignment project was initiated 
to mitigate the shortcomings of 
all hosted platforms and provide 
a consistent and manageable 
service as part of this project a 
series of important infrastructure 
upgrades have been performed
• data centres and backup facilities 
outsourced to specialist providers
• disaster recovery plans in 
place and regularly tested
• continual investment in appropriate 
technology to ensure meeting 
service level agreements
principal risks and uncertainties continued plc board
remuneration committee audit committee nominations committee
32
strategic report governance financial statements
introduction to corporate governance
this section of our annual report explains how the board and each of its committees 
function the board oversees the company’s financial reporting risk management and 
regulatory compliance functions it also sets executive remuneration and oversees 
executive appointments these roles are fulfilled by the board and its three committees 
shown below the board and its committees meet regularly discuss matters by phone 
when necessary and circulate minutes and relevant papers in advance of each meeting
my aim as chairman is to create a diverse inclusive and effective board which is fully 
informed about the business and able to provide the executive membership with an 
appropriate balance of challenge and support my relationship with our ceo and our 
interaction with the nonexecutive directors is of key importance for a climate of open 
communication and constructive debate i run annual board evaluations which provide 
useful feedback to drive improvements in the board’s and committees’ work
carl bacon nonexecutive chairman
stuart clark nonexecutive director
mark adorian nonexecutive director
jane tozer nonexecutive director
justin wheatley group chief executive
andrew fabian group finance director
stuart clark  chairman
carl bacon
mark adorian
jane tozer
jane tozer  chairman
carl bacon
mark adorian
stuart clark
mark adorian  chairman
carl bacon
jane tozer
stuart clark 33
corporate governance
compliance with the uk corporate governance code
your company is listed on the alternative investment market of the london stock exchange aim so the company is not required to 
comply with the uk corporate governance code which applies only to fully listed companies nevertheless the company is committed 
to high standards of corporate governance and the board is accountable to the company’s shareholders this statement describes how 
the company applies the principles of good corporate governance and the company’s adherence with the uk corporate governance 
code to the appropriate level 
the workings of the board and its committees
the board
the board comprises the nonexecutive chairman the group chief executive the group finance director and three other non
executive directors it is responsible to shareholders for the proper management of the company directors’ biographies appear on 
pages 36 to 37 and demonstrate their range of relevant experience bringing independent judgement to bear on issues of strategy 
performance resources industry knowledge and standards of conduct 
all directors have access to the company secretary who is responsible for company secretarial matters and compliance with relevant 
statutory obligations all directors have access to training to enable them to comply with their duties as a director 
to enable the board to discharge its duties all directors have full and timely access to all relevant information the board meets at least 
quarterly and has adopted a formal schedule of matters specifically reserved for decision by it thus ensuring that it exercises control 
over appropriate strategic financial operational and compliance issues at its meetings the board reviews trading performance 
ensures adequate financing sets and monitors strategy examines investment and acquisition opportunities and discusses reports to 
shareholders the directors can also take independent professional advice as appropriate at the company’s expense the chairman 
meets at least once a year with the nonexecutive directors without the executive directors present
the performance of the executive directors is reviewed annually by the nonexecutive directors on resignation from the board a 
nonexecutive director would be invited to provide a written statement to the chairman for circulation to the board if he or she were to 
have any unresolved concerns about the running of the company the overall effectiveness of the board and its subcommittees is 
reviewed by the board as a whole through annual completion and discussion of a questionnaire 
the board believes that the level of sales consulting to promote statpro revolution provided by mark adorian in 2012 and 2013 means 
that he may no longer be considered independent under the uk corporate governance code although the board believes that mark 
adorian is independent of mind and continues to act in the interests of all shareholders
stuart clark is the senior independent director and is available to the shareholders for any concerns which have not been resolved by 
contact with the chairman chief executive or other executives or for which such contact is inappropriate 
audit committee
the audit committee is chaired by jane tozer the audit committee also comprises the chairman carl bacon mark adorian and stuart 
clark and meets at least three times annually the audit committee receives reports from the group’s external auditors and its 
meetings are also attended by invitation by the group finance director 
the audit committee reviews the company’s financial matters as set out in written terms of reference including the interim results and 
the annual report and accounts before their submission to the board it monitors the controls in force to ensure the integrity of 
financial information reported to shareholders 
the audit committee reviews the appointment of external auditors discusses the nature and scope of the audit and reviews the 
external auditor’s remuneration both for audit and nonaudit work the audit committee assesses annually the qualification expertise 
and resources the independence of the external auditors and the effectiveness of the audit process 
the audit committee reviews the whistleblower policy and process for staff and receives reports on all issues raised through this process
remuneration and nominations committees
the remuneration committee is responsible for determining the contract terms remuneration and other benefits for executive 
directors including performancerelated bonus schemes and participation in the group’s long term incentive scheme stuart clark was 
appointed chairman of the remuneration committee with effect from 1 july 2013 previously mark adorian and the other members are 
carl bacon mark adorian and jane tozer  34
strategic report governance financial statements
corporate governance continued
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 
mark adorian is the chairman of the nominations committee and the other committee members are carl bacon stuart clark and jane 
tozer the nominations committee reviews and nominates appointments to the board all such appointments are then reviewed and 
approved by the full board 
six scheduled board meetings were held in 2013 during the year there were three audit committee meetings three remuneration 
committee meetings and no nominations committee meetings the number of scheduled board meetings and subcommittee meetings 
attended by each director during the year were as follows
scheduled 
board 
meetings
audit 
committee 
meetings
remuneration 
committee 
meetings
nominations 
committee 
meetings
cr bacon 66 33 33 na
jmbt wheatley 66
am fabian 66
mc adorian 66 33 33 na
sj clark 66 33 33 na
je tozer 66 33 33
group executive board
the group executive board geb is the executive committee which comprises the executive directors and other senior executives of 
the group who meet at least ten times per year to discuss strategic and operational matters regional executive boards and product
focused committees have been established to deal with other executive matters within clearly defined terms of reference established 
by the board 
on 1 january 2013 a number of changes were made to the members and roles within the group executive board andrew peddar was 
appointed group chief operating officer and marc zandt was promoted to the geb as global services director on 1 january 2014 
michel lempicki was appointed as global accounts director 
the members of the group executive board and their roles and responsibilities are
justin wheatley group chief executive
andrew fabian group finance director
andrew peddar group chief operating officer
dario cintioli product director
michel lempicki global accounts director
neil smyth marketing and technology director
marc zandt global services director
the group executive board has the following subcommittees
regional boards
emeaa region europe south africa and asia pacific and north american region
operational decisions on implementing the group’s strategy including sales and client services strategy and expenditure and 
recruitment plans are delegated to senior executives in the group’s regions within clearly defined terms of reference and overall 
budgets established by the board 
product strategy
operational decisions on implementing the group’s product strategy including development plans and related expenditure and 
recruitment plans are delegated to the product director who works with other senior executives on productfocused committees 
within clearly defined terms of reference and overall budgets established by the board  35
relations with shareholders
communications with shareholders are very important there is a regular dialogue with institutional shareholders and market analysts 
including presentations after the company’s preliminary announcement of the annual and interim results and any other major 
announcements 
internal controls and risk management 
during the year the board has formally reviewed the group’s risk profile and reported on the effectiveness of the group’s system of 
internal controls and management of group risk this review addresses internal financial controls and other risks and controls of the 
business the directors acknowledge that they are responsible for the company’s system of internal control which is designed to 
manage rather than eliminate business risks and which provides reasonable but not absolute assurance against material misstatements 
or loss 
the company has established risk management procedures which the board considers appropriate to a group of statpro’s size and 
complexity during the year the risk management procedures were reviewed by the directors this is achieved through a series of 
reports and meetings of specific committees including the information security committee the company has a group risk manual 
which sets out the key risks and the controls in place to manage these risks and identifies actions to be taken to eliminate or mitigate 
risks as appropriate 
each senior executive is responsible for managing risks in his or her area of responsibility and making regular reports on risk issues to 
both the main board audit committee and the group executive board this risk analysis is embedded in risk review meetings in the 
group executive board and covers all business risks including commercial financial operational legal and environmental risks these 
reports include the potential impact to the business of each key risk and its likelihood of occurrence plus details of mitigating actions 
and insurance policies including specific cover for the company andor its directors 
recommendations on internal controls and risk improvement are reviewed by the audit committee and the board 
a statement of the directors’ responsibilities in respect of the financial statements is set out on page 39 and a statement on going 
concern is below 
financial controls
the group has established written expenditure approval delegation of authority and authorisation levels segregation of duties and 
other control procedures including accounting policies and procedures
budgetary process 
each year the board approves the annual budget and key risk areas are identified performance is monitored and relevant action is 
taken throughout the year through regular reporting to the board of variances from the budget updated forecasts for the year and 
information on the key risk areas
investment appraisal 
major capital and other project expenditure is controlled by a budgetary process and authorisation levels set by the board for capital 
expenditure above specified levels and for acquisitions and disposals detailed written proposals must be submitted to the board for 
approval 
internal audit 
the group currently does not have an internal audit function as the directors consider this to be inappropriate given the size of the 
group however this is reviewed by the board annually an element of internal audit assurance is provided through internal staff 
working on specific projects for example reviewing the policies and procedures relating to information security including the 
effectiveness of related internal controls
going concern
after making appropriate enquiries and for the reasons set out in the directors’ report the directors have a reasonable expectation that 
the group has adequate resources to continue in operational existence for the foreseeable future for this reason they continue to 
adopt the going concern basis in preparing these financial statements see note 1 strategic report governance financial statements
36
board of directors
carl bacon cipm
 
1 2 3
nonexecutive chairman
justin wheatley
group chief executive
andrew fabian fca fct
group finance director
mark adorian
 
1 2 3
nonexecutive director and chairman 
of the nominations committee
stuart clark
 
1 2 3
senior independent director and 
chairman of the remuneration 
committee
jane tozer mbe obe
 
1 2 3
nonexecutive director and chairman 
of the audit committee
history history history history history history
carl 51 previously worked as director 
of risk control and performance at fc 
investment management limited and 
prior to that was vice president – head 
of performance at jp morgan investment 
management inc he is a founder member 
of both the investment performance 
council and gips
®
 previous chair of the 
gips executive committee and a member 
of the advisory board of the journal of 
performance measurement carl is a 
director of the freedom index company 
and is also the author of ‘practical 
portfolio performance measurement 
 attribution’ and ‘practical risk
adjusted performance measurement’ 
justin 49 began his career in 1989 as a 
salesman with micropal a provider of 
independent information on mutual funds 
he set up an agency for micropal in 1991  
in switzerland and grew the business to 
cover france and luxembourg in 1994  
he founded statpro floating the business  
in may 2000 raising £5 million to build up 
statpro’s international expansion statpro’s 
revenues have grown from under 
£3 million to over £30 million since  
2000 he has daytoday responsibility  
for the group 
prior to joining statpro andrew 52  
was group financial controller at  
william baird plc and has previously held 
senior finance roles at de la rue plc and 
deloitte  touche he is a fellow of both 
the icaew and the association of 
corporate treasurers act and served  
for three years on the act’s governing 
council andrew is responsible for the 
global finance function at statpro  
andrew was appointed company 
secretary on 25 january 2012 in 2012 
andrew was awarded a ranking in the  
‘hot 20 fds’ in the tmt sector by bdo llp 
mark 51 was previously managing director 
of standard  poor’s fund services mark 
cofounded micropal the global fund 
performance analysis company in 1986 
becoming their sales and 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 mcgrawhill companies between 
1999 and 2001 mark was managing director 
of standard  poor’s fund services mark 
chairs the group’s nominations committee 
stuart 66 has been employed in the 
financial information industry since 1968 
from 1995 to 2009 stuart held various 
senior positions at idc as president  
and ceo from 2000 stuart led the 
business through nine years of continuous 
and strong growth with revenues more 
than doubling to us750 million and  
with profitability and cash flow growing  
more than threefold idc consistently 
outperformed the market in growth over 
that period and at around 30 had close 
to the highest ebita margin amongst 
major comparable players in its industry 
stuart is also nonexecutive chairman  
of ipreo holdings llc a new yorkbased 
leading provider of deal execution 
platforms market intelligence and 
investor communication tools stuart  
is the senior independent director  
and chairs the group’s remuneration 
committee 
jane 66 began her career with ibm after 
which she was ceo of softwright systems 
ltd taking it from startup to trade sale 
jane has since held a portfolio of non
executive directorships including quoted 
technology companies investment trusts 
the john lewis partnership the dwp and 
the moj and technology startups jane  
is currently a nonexecutive director of 
fc global smaller companies plc jp 
morgan income  growth plc asthma uk 
the information technologists’ company 
charitable trust and her local citizen’s 
advice bureau she also runs itnea  
a networking association for chairmen  
and nonexecutive directors of quoted 
technology companies and is a member 
of the warwick business school advisory 
board jane was awarded an mbe for 
services to the it sector in 1991 and  
an obe for services to the public service  
and voluntary sector in 2009 jane is  
an independent director and chairs  
the group’s audit committee 
joined statpro joined statpro joined statpro joined statpro joined statpro joined statpro
2000 founder 1994 2000 2002 2009 2012
expertise expertise expertise expertise expertise expertise
carl’s expertise in risk performance 
measurement and gips enables him 
to add value to product development 
and statpro’s business strategy as 
he continues to publish and teach in 
these fields external market knowledge 
is brought to the statpro board
justin has done many things from sales 
to product development and design to 
the acquisition of ten companies and 
running a public business that covers 
over ten offices around the world today 
his focus is implementing the strategy 
for growing statpro revolution into the 
leading portfolio analysis service
andrew has significant experience  
in the financial services sector and  
is a chartered accountant and qualified 
corporate treasurer
mark’s career in the asset management 
industry and experience in business 
growth adds value to the statpro 
board his understanding of market 
data in this industry supports 
the business and strategy
stuart brings experience in managing 
a global data organisation as well as 
more than 40 years working in the 
financial industry his experience at 
idc and now at ipreo enables stuart 
to add growth acquisition and market 
intelligence value to statpro
jane brings a wealth of experience 
from startup to advisory within 
statpro’s marketplace supporting the 
growth strategy with the appropriate 
level of formality and governance
1 member of the audit committee
2 member of the remuneration committee
3 member of the nominations committee
group executive
board
justin wheatley group chief executive
andrew fabian group finance director
andrew peddar group chief operating officer
dario cintioli product director
michel lempicki global accounts director
neil smyth marketing and technology director
marc zandt global services director 37
carl bacon cipm
 
1 2 3
nonexecutive chairman
justin wheatley
group chief executive
andrew fabian fca fct
group finance director
mark adorian
 
1 2 3
nonexecutive director and chairman 
of the nominations committee
stuart clark
 
1 2 3
senior independent director and 
chairman of the remuneration 
committee
jane tozer mbe obe
 
1 2 3
nonexecutive director and chairman 
of the audit committee
history history history history history history
carl 51 previously worked as director 
of risk control and performance at fc 
investment management limited and 
prior to that was vice president – head 
of performance at jp morgan investment 
management inc he is a founder member 
of both the investment performance 
council and gips
®
 previous chair of the 
gips executive committee and a member 
of the advisory board of the journal of 
performance measurement carl is a 
director of the freedom index company 
and is also the author of ‘practical 
portfolio performance measurement 
 attribution’ and ‘practical risk
adjusted performance measurement’ 
justin 49 began his career in 1989 as a 
salesman with micropal a provider of 
independent information on mutual funds 
he set up an agency for micropal in 1991  
in switzerland and grew the business to 
cover france and luxembourg in 1994  
he founded statpro floating the business  
in may 2000 raising £5 million to build up 
statpro’s international expansion statpro’s 
revenues have grown from under 
£3 million to over £30 million since  
2000 he has daytoday responsibility  
for the group 
prior to joining statpro andrew 52  
was group financial controller at  
william baird plc and has previously held 
senior finance roles at de la rue plc and 
deloitte  touche he is a fellow of both 
the icaew and the association of 
corporate treasurers act and served  
for three years on the act’s governing 
council andrew is responsible for the 
global finance function at statpro  
andrew was appointed company 
secretary on 25 january 2012 in 2012 
andrew was awarded a ranking in the  
‘hot 20 fds’ in the tmt sector by bdo llp 
mark 51 was previously managing director 
of standard  poor’s fund services mark 
cofounded micropal the global fund 
performance analysis company in 1986 
becoming their sales and 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 mcgrawhill companies between 
1999 and 2001 mark was managing director 
of standard  poor’s fund services mark 
chairs the group’s nominations committee 
stuart 66 has been employed in the 
financial information industry since 1968 
from 1995 to 2009 stuart held various 
senior positions at idc as president  
and ceo from 2000 stuart led the 
business through nine years of continuous 
and strong growth with revenues more 
than doubling to us750 million and  
with profitability and cash flow growing  
more than threefold idc consistently 
outperformed the market in growth over 
that period and at around 30 had close 
to the highest ebita margin amongst 
major comparable players in its industry 
stuart is also nonexecutive chairman  
of ipreo holdings llc a new yorkbased 
leading provider of deal execution 
platforms market intelligence and 
investor communication tools stuart  
is the senior independent director  
and chairs the group’s remuneration 
committee 
jane 66 began her career with ibm after 
which she was ceo of softwright systems 
ltd taking it from startup to trade sale 
jane has since held a portfolio of non
executive directorships including quoted 
technology companies investment trusts 
the john lewis partnership the dwp and 
the moj and technology startups jane  
is currently a nonexecutive director of 
fc global smaller companies plc jp 
morgan income  growth plc asthma uk 
the information technologists’ company 
charitable trust and her local citizen’s 
advice bureau she also runs itnea  
a networking association for chairmen  
and nonexecutive directors of quoted 
technology companies and is a member 
of the warwick business school advisory 
board jane was awarded an mbe for 
services to the it sector in 1991 and  
an obe for services to the public service  
and voluntary sector in 2009 jane is  
an independent director and chairs  
the group’s audit committee 
joined statpro joined statpro joined statpro joined statpro joined statpro joined statpro
2000 founder 1994 2000 2002 2009 2012
expertise expertise expertise expertise expertise expertise
carl’s expertise in risk performance 
measurement and gips enables him 
to add value to product development 
and statpro’s business strategy as 
he continues to publish and teach in 
these fields external market knowledge 
is brought to the statpro board
justin has done many things from sales 
to product development and design to 
the acquisition of ten companies and 
running a public business that covers 
over ten offices around the world today 
his focus is implementing the strategy 
for growing statpro revolution into the 
leading portfolio analysis service
andrew has significant experience  
in the financial services sector and  
is a chartered accountant and qualified 
corporate treasurer
mark’s career in the asset management 
industry and experience in business 
growth adds value to the statpro 
board his understanding of market 
data in this industry supports 
the business and strategy
stuart brings experience in managing 
a global data organisation as well as 
more than 40 years working in the 
financial industry his experience at 
idc and now at ipreo enables stuart 
to add growth acquisition and market 
intelligence value to statpro
jane brings a wealth of experience 
from startup to advisory within 
statpro’s marketplace supporting the 
growth strategy with the appropriate 
level of formality and governance
1 member of the audit committee
2 member of the remuneration committee
3 member of the nominations committee
emeaa region
craig arenhold ceo south africa
nico coetzee uk sales director 
greg howell chairman asia pacific
laurent laclaverie managing director asia pacific
mike sebban continental europe sales director 
north american region
atif ansari cfo north america
rasha alaswad senior vice president canada
simon stillwell senior vice president sales north america
other senior
executives 38
strategic report governance financial statements
the directors present their annual report and the audited financial statements for the year ended 31 december 2013
going concern
after making appropriate enquiries the directors have a reasonable expectation that the group has adequate resources to continue in 
operational existence for the foreseeable future for these reasons they continue to adopt the going concern basis in preparing the 
group’s financial statements see note 1
research and development 
the group continues to invest in developing improved software products and services development expenditure incurred during the 
year was £444 million 2012 £418 million in accordance with international financial reporting standards ifrs development costs 
are capitalised where recognition criteria are met and written off over the useful life currently estimated by the directors to be three 
years the amount capitalised in the year was £340 million 2012 £321 million and the total amount of amortisation was £340 million 
2012 £306 million 
results dividends and transfers to reserves
the group’s profit attributable to equity shareholders for the financial year was £208 million 2012 £268 million a final dividend of 
195p per ordinary share 2012 19p has been recommended by the directors taking the total dividend for the year to 28p 2012 27p 
if approved by the passing of a resolution at the 2014 annual general meeting it is intended to pay the final dividend on 21 may 2014 to 
all shareholders on the register at close of business on 25 april 2014 exdiv date will be 23 april 2014 the profit for the year has been 
transferred to reserves
shares issued in year
during 2013 the company issued no shares 2012 6149946 as detailed in note 20 to the financial statements there were 225000 
shares held in treasury at 31 december 2013 2012 225000 at the forthcoming annual general meeting the directors are seeking to 
renew the authority to allow the purchase of own shares up to a limit of 10 of the company’s share capital
directors and their interests
the directors who held office during the year were
cr bacon – nonexecutive chairman
jmbt wheatley – group chief executive
am fabian – group finance director
mc adorian – nonexecutive director
sj clark – nonexecutive director
je tozer – nonexecutive director
all directors are subject to election at the first opportunity after their appointment and to reelection 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 cr bacon and am fabian seek 
reelection 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 21 to the financial statements
directors’ report
for the year ended 31 december 2013 39
directors’ responsibilities statement
the directors are responsible for preparing the directors’ report and the financial statements in accordance with applicable law  
and regulations 
company law requires the directors to prepare financial statements for each financial year under that law the directors have elected to 
prepare the group and company financial statements in accordance with international financial reporting standards as adopted by the 
european union under company law the directors must not approve the financial statements unless they are satisfied that they give a 
true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period
in preparing these financial statements the directors are required to
• select suitable accounting policies and then apply them consistently
• make judgements and accounting estimates that are reasonable and prudent
• state whether applicable ifrss adopted by the european union have been followed subject to any material departures disclosed 
and explained in the financial statements and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will 
continue in business
the directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group and company’s 
transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to 
ensure that the financial statements comply with the companies act 2006 they are also responsible for safeguarding the assets of the 
group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities
directors’ indemnity insurance
the company carries an appropriate level of professional indemnity insurance cover for the size of the business and also has insurance 
cover for directors’ and officers’ liability
disclosure of information to auditors
each director has confirmed that
• so far as the director is aware there is no relevant audit information of which the group’s auditors are unaware and
• he or she has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any 
relevant audit information and to establish that the group’s auditors are aware of that information
this confirmation is given in accordance with section 418 of the companies act 2006
substantial shareholdings
the company has been notified of the following disclosable holdings of voting rights in the company’s issued share capital as at 
10 march 2014
number of shares  of share capital 
liontrust asset management 12843304 190
herald investment management 7657784 113
axa framlington 7388750 109
jmbt wheatley 7378672 109
artemis investment management 6798037 101
brown brothers harriman  co 3423273 51
mc adorian 2873548 43
in addition to the above holdings jmbt wheatley holds 69000 ordinary shares representing 01 of the ordinary share capital in a 
family trust being a trustee and potential indirect beneficiary of the trust 40
strategic report governance financial statements
employment policies
the group acknowledges the vital role that all employees play in its success through their skills initiative and commitment all 
operations are encouraged to provide the proper resources to maximise this potential through efficient systems of recruitment 
communication training and development it is the group’s policy to give full and fair consideration to the employment and career 
development of disabled persons commensurate with their aptitudes and abilities the group’s policy in respect of staff who become 
disabled whilst employed is to make appropriate adjustments and to assist them wherever possible to continue employment within the 
group the group is also committed to providing equal opportunities regardless of age gender religion or ethnic origin
the group ensures that all employees are kept fully informed as far as it is practicable with regard to the activities of the group by 
circulation of news and regular meetings between directors managers and other employees the london office of statpro the group’s 
head office and base of uk operations retains its investors in people iip award in recognition of the investment the company has 
made in its people the award reflects our commitment to and belief in the value of our staff their performance and their contribution 
to the success of the business 
health and safety
the group’s policy is to ensure that as far as is reasonably practicable working environments exist which will minimise risk to the 
health and safety of employees
legal form
the company is a public limited company incorporated and domiciled in england and wales the company’s registration number is 2910629
auditors
a resolution to reappoint ernst and young llp as independent auditor to the company will be proposed at the annual general meeting
by order of the board
andrew fabian
company secretary
14 march 2014
directors’ report continued 41
remuneration report
stuart clark is the chairman of the remuneration committee appointed 1 july 2013 and the other members of the committee are carl 
bacon mark adorian and jane tozer the remuneration of all executive directors and other senior executives is recommended to the 
board by the committee the remuneration of the nonexecutive 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 and has taken professional advice in relation to 
the design of a new long term incentive plan 
remuneration policy
the group’s policy is to attract retain and motivate high calibre executives by rewarding them with remuneration packages which 
reflect both individual performance and the results of the operations under their control packages consist of basic salary performance
related bonuses share options pensions and other benefits with a proportion of potential remuneration based upon achievement of 
demanding performance targets details of the remuneration package of each director are set out on page 43
the group has implemented a remuneration policy to align the executives’ interests with the objectives of all shareholders the current 
focus is on the execution of the cloud strategy and the achievement of revenue growth for statpro revolution
basic salary and benefits
salaries are established by reference to prevailing market rates adjusted to reflect individual performance experience responsibilities 
and skills with effect from 1 july 2013 justin wheatley relocated to boston usa as part of his move his remuneration package was 
redenominated as a us amount based upon his existing remuneration package the remuneration committee approved an increase 
in basic salary for andrew fabian to £155000 with effect from 1 january 2014 
nonexecutive fees
following a review the fee arrangements for nonexecutive directors were changed during 2013 as a result of the review the 
chairman’s fee was increased to £45000 for other nonexecutive directors the basic fee increased to £35000 or currency equivalent 
with an additional fee of £5000 per annum applicable for being chairman of a board committee there have previously been no 
increases applied to nonexecutive fees for approximately ten years therefore the annual fees payable were amended as follows with 
effect from 1 july 2013
nonexecutive director
previous 
annual fee
new 
annual fee
carl bacon £36000 £45000
mark adorian £30000 £35000
jane tozer £30000 £40000
stuart clark us45000 us60000
annual performancerelated bonus scheme
in addition to basic salary executive directors and other senior executives participate in an annual performancerelated bonus scheme 
performance targets are designed to both stretch and encourage individuals whilst aligning their interests to that of the group 
in 2013 the targets for performancerelated bonuses for main board executive directors related to the group’s revenue growth rate for 
statpro revolution combined with satisfactory profit generation the committee may also award individual discretionary bonuses in 
2013 and 2012 there were no discretionary awards bonuses do not form part of pensionable earnings  42
strategic report governance financial statements
400
0
dec 08 dec 09 dec 10 dec 11  dec 12 dec 13
300
200
100
— statpro group plc
— aim all share
remuneration report continued
long term incentive plan ltip
the committee is currently reviewing the ltip arrangements for the senior executive team in consultation with external advisers and 
institutional shareholders 
prior to 2013 share options have been granted to directors and eligible employees under established hmrcapproved and unapproved 
employee share option schemes as the company places emphasis on the encouragement and motivation of senior executives options 
over shares to executive directors and senior executives were granted with a notional value at grant dependent upon the seniority of the 
participant and related to the participant’s base salary and the performance terms for those options these options generally have a 
strike price based on a premium to the market price at the time and be exercisable after three years they include performance criteria 
as determined by the remuneration committee from time to time relating to growth in eps and other measures such as statpro 
revolution sales to ensure incentives are aligned with strategic objectives the remuneration committee ensures that awards are made 
within the overall limits authorised by shareholders
details of the options outstanding under the schemes are provided in note 20 to the financial statements 
the ltip award granted in 2010 to justin wheatley failed to vest and as a result options over 45000 shares previously granted to justin 
wheatley lapsed in 2013
pensions and other benefits
the company also operates a defined contribution pension scheme for executive directors other benefits include allowances life 
assurance and membership of a private healthcare scheme 
service contracts
each of the executive directors has a rolling contract of service which is terminable by no more than 12 months’ 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 31 december 2012 6 months
am fabian 10 july 2000 12 months
statpro international sarl entered into a new employment contract with jmbt wheatley on substantially the same terms as his previous 
employment contract with effect from 1 january 2013 justin wheatley is currently on secondment to statpro inc
nonexecutive directors do not have service contracts cr bacon and am fabian seek reelection at the forthcoming annual general 
meeting biographical details of all directors can be found on pages 36 to 37
performance graph
 
31 december 2008  100 43
in the opinion of the directors the ftse™ aim index is the most appropriate benchmark for total shareholder return comparatives for 
the fiveyear period from 31 december 2008 to 31 december 2013 the total shareholder return for statpro was 154 over the same 
period the ftse™ aim total shareholder return was 116
directors’ remuneration 
2013
salaryfees 
£’000s
performance
related bonus 
£’000s
discretionary 
bonus 
£’000s
benefits

£’000s
total 
excluding 
pensions 
£’000s
pensions 
£’000s
total 
2013 
£’000s
cr bacon 41 – – – 41 – 41
jmbt wheatley 229 35 – 99 363 – 363
am fabian 150 35 – 10 195 22 217
mc adorian 33 – – – 33 – 33
sj clark 34 – – – 34 – 34
je tozer 35 – – – 35 – 35
522 70 – 109 701 22 723
2012
salaryfees 
£’000s
performance
related bonus 
£’000s
discretionary 
bonus 
£’000s
benefits

£’000s
total 
excluding 
pensions 
£’000s
pensions 
£’000s
total 
2012 
£’000s
cr bacon 36 – – – 36 – 36
jmbt wheatley 164 33 – 146 343 – 343
am fabian 142 33 – 9 184 21 205
mc fairbairn resigned 31 december 2012 35 – – – 35 – 35
mc adorian 30 – – – 30 – 30
sj clark 28 – – – 28 – 28
je tozer appointed 1 october 2012 8 – – – 8 – 8
443 66 – 155 664 21 685

 benefits in kind for jmbt wheatley and am fabian relate to travel and car allowances private healthcare and life assurance as part of jmbt wheatley’s service 
agreement following his relocation to luxembourg in october 2010 he opted to receive an accommodation allowance in lieu of salary and other benefits
mark adorian and carl bacon have performed some consultancy services during 2013 and 2012 for the company as detailed in note 21
directors’ pension arrangements 
the table below shows directors’ pension arrangements in respect of a defined contribution scheme 
contribution
 rate 
£’000s 
relevant 
salary 
£’000s
contributions 
2013 
£’000s
contributions 
2012 
£’000s
jmbt wheatley 0 229 – –
am fabian 15 150 22 21
statpro operates a pension salary sacrifice arrangement where individuals can exchange their salary for companypaid pension 
contributions where individuals exchange salary this reduces statpro’s national insurance contributions for executive directors 
statpro credits this saving to the individual’s pension as part of jmbt wheatley’s new service agreement jmbt wheatley has opted to 
swap pension benefits for other allowances and therefore he received no pension contribution from the company in 2013 or 2012  44
strategic report governance financial statements
directors’ interests
interests in shares
31 december 
2013 
number
31 december 
2012 
number
cr bacon 800000 794000
jmbt wheatley 7378672 7353672
am fabian 264647 264647
mc adorian 2873548 2645698
sj clark 90000 –
je tozer 24752 24752
mc fairbairn resigned 31 december 2012 na 779834
in addition to the above interests jmbt wheatley has an interest in 69000 ordinary shares 2012 69000 in a family trust being a 
trustee and potential beneficiary of the trust
interests in share options 
this part of the remuneration report is audited
as at 
31 december 
2012 
number
granted 
in year

 
number
exercised 
in year

 
number
lapsed 
in year 
number
as at 
31 december 
2013 
number
exercise 
price 
pence
exercise 
period 
jmbt wheatley 45000 – – – 45000 100 20112015

45000 – – 45000 – 135 20132017

35000 – – – 35000 130 20142018

1000000 – – – 1000000 108 20152022

1125000 – – 45000 1080000
am fabian 35000 – – – 35000 100 20112015

35000 – – – 35000 135 20132017

35000 – – – 35000 130 20142018

150000 – – – 150000 108 20152022

100000 – – – 100000 108 20152019

355000 – – – 355000

  performance criteria are attached to these options
gains made by directors on share options 
no directors exercised any options in 2013 in 2012 am fabian exercised options over 42000 shares at a market price of 855p realising 
a gain before applicable taxes of £11000 no other directors exercised any options in 2012 
share price
the highest and lowest midmarket prices of the company’s ordinary shares during the year were 965p and 735p respectively and the 
midmarket price on 31 december 2013 was 85p 
this report was approved by the board on 14 march 2014
stuart clark
chairman of remuneration committee 
14 march 2014
remuneration report continued 45
independent auditor’s report to the 
members of statpro group plc
we have audited the financial statements of statpro group plc for the year ended 31 december 2013 which comprise group income 
statement group statement of comprehensive income group balance sheet company balance sheet group and company statements 
of cash flows group statement of changes in shareholders’ equity company statement of changes in shareholders’ equity and the 
related notes 1 to 27 the financial reporting framework that has been applied in their preparation is applicable law and international 
financial reporting standards ifrss as adopted by the european union and as regards the parent company financial statements as 
applied in accordance with the provisions of the companies act 2006
this report is made solely to the company’s members as a body in accordance with chapter 3 of part 16 of the companies act 2006 our audit 
work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s 
report and for no other purpose to the fullest extent permitted by law we do not accept or assume responsibility to anyone other than the 
company and the company’s members as a body for our audit work for this report or for the opinions we have formed
respective responsibilities of directors and auditor
as explained more fully in the directors’ responsibilities statement set out on page 39 the directors are responsible for the preparation 
of the financial statements and for being satisfied that they give a true and fair view our responsibility is to audit and express an 
opinion on the financial statements in accordance with applicable law and international standards on auditing uk and ireland those 
standards require us to comply with the auditing practices board’s ethical standards for auditors
scope of the audit of the financial statements
an audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable 
assurance that the financial statements are free from material misstatement whether caused by fraud or error this includes an 
assessment of whether the accounting policies are appropriate to the group’s and the parent company’s circumstances and have been 
consistently applied and adequately disclosed the reasonableness of significant accounting estimates made by the directors and the 
overall presentation of the financial statements in addition we read all the financial and nonfinancial information in the annual report 
and accounts to identify material inconsistencies with the audited financial statements and to identify any information that is 
apparently materially incorrect based on or materially inconsistent with the knowledge acquired by us in the course of performing the 
audit if we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report
opinion on financial statements
in our opinion
• the financial statements give a true and fair view of the state of the group’s and of the parent company’s affairs as at 31 december 
2013 and of the group’s profit for the year then ended
• the group financial statements have been properly prepared in accordance with ifrss as adopted by the european union
• the parent company financial statements have been properly prepared in accordance with ifrss as adopted by the european union 
and as applied in accordance with the provisions of the companies act 2006 and
• the financial statements have been prepared in accordance with the requirements of the companies act 2006
opinion on other matter prescribed by the companies act 2006
in our opinion the information given in the strategic report and the directors’ report for the financial year for which the financial 
statements are prepared is consistent with the financial statements 46
strategic report governance financial statements
matters on which we are required to report by exception
we have nothing to report in respect of the following matters where the companies act 2006 requires us to report to you if in our 
opinion
• adequate accounting records have not been kept by the parent company or returns adequate for our audit have not been received 
from branches not visited by us or
• the parent company financial statements are not in agreement with the accounting records and returns or
• certain disclosures of directors’ remuneration specified by law are not made or
• we have not received all the information and explanations we require for our audit
andy glover senior statutory auditor
for and on behalf of ernst  young llp statutory auditor
london
14 march 2014
notes
1 the maintenance and integrity of the statpro group plc website is the responsibility of the directors the work carried out by the auditors does not 
involve consideration of these matters and accordingly the auditors accept no responsibility for any changes that may have occurred to the financial 
statements since they were initially presented on the website
2 legislation in the united kingdom governing the preparation and dissemination of financial statements may differ from legislation in other 
jurisdictions
independent auditor’s report to the 
members of statpro group plc continued 47
group income statement
for the year ended 31 december 2013
notes
2013 
£’000s
2012 
£’000s
revenue 2 32486 32001
operating expenses before amortisation of intangible assets and exceptional items 24712 23016
amortisation of acquired intangible assets 11 402 440
amortisation of other intangible assets 11 3639 3292
exceptional item – increase in contingent consideration 3 347 –
exceptional item – restructuring costs 3 – 978
operating expenses 3 29100 27726
operating profit 3386 4275
finance income 6 35 10
finance expense 6 308 503
net finance expense 273 493
profit before taxation 2 3113 3782
taxation 7 1030 1102
profit for the year 2083 2680
earnings per share – basic 10 31p 43p
          – diluted 10 31p 43p
group statement of comprehensive 
income 
for the year ended 31 december 2013
2013 
£’000s
2012 
£’000s
profit for the year 2083 2680
other comprehensive income to be reclassified to the income statement
net exchange differences 3126 984
total comprehensive lossincome for the year 1043 1696 48
strategic report governance financial statements
balance sheets
at 31 december 2013
notes
group 
2013 
£’000s
group 
2012 
£’000s
company 
2013 
£’000s
company 
2012 
£’000s
noncurrent assets
goodwill 11 47927 51521 – –
other intangible assets 11 5597 6162 354 210
property plant and equipment 12 1883 1974 – –
other receivables 14 135 231 14345 13888
deferred tax assets 17 450 384 – 9
investments 13 – – 43362 43183
55992 60272 58061 57290
current assets
trade and other receivables 14 6167 6962 306 498
financial instruments – other 18 102 32 102 32
current tax assets 29 – – –
cash and cash equivalents 4014 3681 1331 1005
10312 10675 1739 1535
liabilities
current liabilities
financial liabilities – borrowings 18 12 14 – –
financial instruments – other 18 1 38 1 38
trade and other payables 15 4400 4293 15751 16512
current tax liabilities 581 729 253 275
deferred income 12678 13323 – –
provisions 16 842 1530 725 1319
18514 19927 16730 18144
net current liabilities 8202 9252 14991 16609
noncurrent liabilities
other creditors 154 213 – –
deferred tax liabilities 17 549 887 32 –
deferred income 41 125 – –
provisions 16 138 175 – –
882 1400 32 –
net assets 46908 49620 43038 40681
shareholders’ equity
share capital 20 677 677 677 677
share premium 23472 23472 23472 23472
shares to be issued 63 63 63 63
treasury shares 249 249 249 249
other reserves 7650 10776 2369 2369
retained earnings 15295 14881 16706 14349
total shareholders’ equity 46908 49620 43038 40681
the financial statements were approved by the board of directors on 14 march 2014 and were signed on its behalf by
justin wheatley   andrew fabian
director    director 49
statement of cash flows
for the year ended 31 december 2013
notes
group 
2013 
£’000s
group 
2012
 £’000s
company
 2013
£’000s
company
 2012
 £’000s
operating activities
cash generated from operations before exceptional item 22 9403 10180 4235 1702
payments in respect of exceptional item – 947 – 9
cash generated from operations 9403 9233 4235 1693
finance income 35 10 28 2
finance costs 133 316 130 307
tax paid 1616 1261 594 391
net cash flow from operating activities 7689 7666 3539 997
investing activities
payment of contingent consideration 990 – 990 –
investment in intangible assets 11 3482 3551 1267 1198
purchase of property plant and equipment 12 930 639 – –
proceeds from the disposal of property plant and equipment – 3 – –
dividends received from subsidiaries – – 900 2300
net cash flow used infrom investing activities 5402 4187 1357 1102
financing activities
repayment of bank loan 23 – 6250 – 6250
financing costs for bank loan modification – 169 – 169
proceeds from issue of ordinary shares 20 – 5858 – 5858
dividends paid to shareholders 9 1856 1627 1856 1627
net cash flow used in financing activities 1856 2188 1856 2188
net increasedecrease in cash and cash equivalents 431 1291 326 89
cash and cash equivalents at 1 january 3681 2447 1005 1094
effect of exchange rate movements 98 57 – –
cash and cash equivalents at 31 december 4014 3681 1331 1005 50
strategic report governance financial statements
for the year ended 31 december 2013
group statement of changes in 
shareholders’ equity 
share 
capital 
£’000s
share 
premium 
£’000s
shares to 
be issued 
£’000s
treasury 
shares 
£’000s
other 
reserves 
£’000s
retained 
earnings 
£’000s
total 
equity 
£’000s
at 1 january 2012 616 17675 63 249 11760 13965 43830
profit for the year – – – – – 2680 2680
other comprehensive income – – – – 984 – 984
total comprehensive income – – – – 984 2680 1696
transactions with owners
share based payment transactions – – – – – 159 159
tax relating to share option scheme – – – – – 22 22
shares issued 61 5797 – – – – 5858
dividends – – – – – 1627 1627
61 5797 – – – 1764 4094
at 31 december 2012 677 23472 63 249 10776 14881 49620
share 
capital 
£’000s
share 
premium 
£’000s
shares to 
be issued 
£’000s
treasury 
shares 
£’000s
other 
reserves 
£’000s
retained 
earnings 
£’000s
total 
equity 
£’000s
at 1 january 2013 677 23472 63 249 10776 14881 49620
profit for the year – – – – – 2083 2083
other comprehensive income – – – – 3126 – 3126
total comprehensive income – – – – 3126 2083 1043
transactions with owners
share based payment transactions – – – – – 192 192
tax relating to share option scheme – – – – – 5 5
dividends – – – – – 1856 1856
– – – – – 1669 1669
at 31 december 2013 677 23472 63 249 7650 15295 46908
other reserves include merger reserves of £2369000 2012 £2369000 and translation reserve of £5281000 2012 £8407000 
the merger reserve arose on acquisitions and represents the difference between the fair value of shares issued and the nominal value 
of the shares the translation reserve incorporates the gains and losses on revaluation of the net assets and liabilities of subsidiary 
undertakings and other currency gains and losses that are treated as part of equity 51
company statement of changes in 
shareholders’ equity
for the year ended 31 december 2013
share 
capital 
£’000s
share 
premium 
£’000s
shares to 
be issued 
£’000s
treasury 
shares 
£’000s
other 
reserves 
£’000s
retained 
earnings 
£’000s
total 
equity 
£’000s
at 1 january 2012 616 17675 63 249 2369 10904 31378
profit for the year – – – – – 5209 5209
other comprehensive income – – – – – – –
total comprehensive income – – – – – 5209 5209
transactions with owners
share based payment transactions – – – – – 159 159
tax relating to share option scheme – – – – – 22 22
shares issued 61 5797 – – – – 5858
dividends – – – – – 1627 1627
61 5797 – – – 1764 4094
at 31 december 2012 677 23472 63 249 2369 14349 40681
share 
capital 
£’000s
share 
premium 
£’000s
shares to 
be issued 
£’000s
treasury 
shares 
£’000s
other 
reserves 
£’000s
retained 
earnings 
£’000s
total 
equity 
£’000s
at 1 january 2013 677 23472 63 249 2369 14349 40681
profit for the year – – – – – 4026 4026
other comprehensive income – – – – – – –
total comprehensive income – – – – – 4026 4026
transactions with owners
share based payment transactions – – – – – 192 192
tax relating to share option scheme – – – – – 5 5
dividends – – – – – 1856 1856
– – – – – 1669 1669
at 31 december 2013 677 23472 63 249 2369 16706 43038
other reserves are merger reserves of £2369000 2012 £2369000 the merger reserve arose on acquisitions and represents the 
difference between the fair value of shares issued and the nominal value of the shares share based payment transactions in reserves 
include a credit of £179000 2012 £38000 relating to investments in subsidiaries 52
strategic report governance financial statements
1 principal accounting policies
the principal accounting policies adopted in the preparation of these financial statements are set out below these policies have been 
consistently applied to all the years presented unless otherwise stated
accounting convention
these financial statements have been prepared in accordance with international financial reporting standards ifrs and ifric 
interpretations endorsed by the european union eu and those parts of the companies act 2006 applicable to companies reporting under 
ifrs the financial statements have been prepared under the historical cost convention modified to include the measurement of financial 
assets and liabilities at fair value through profit or loss a summary of the significant group accounting policies is set out below together 
with an explanation of where changes have been made to previous policies on the adoption of new accounting standards in the year
as permitted by section 408 of the companies act 2006 the company has not presented its own income statement or statement of 
comprehensive income the profit after taxation for the financial year of the company was £4026000 2012 £5209000
the group and parent company financial statements are presented in sterling and all values are rounded to the nearest thousand 
pounds £000 except where otherwise indicated
basis of preparation – going concern
the group operates in the asset management sector of the financial services industry and whilst many of our clients are part of banking 
groups most of them are relatively resilient to the challenging economic backdrop this is because like statpro itself they themselves 
have recurring revenue business models and to a large extent the services and software provided by statpro are reasonably embedded 
within their core operations statpro has a client base of around 450 2012 350 which is diversified geographically and by product and 
with no significant client concentration the largest client group which comprises a number of contracts for a variety of products and in 
a number of territories represents less than 6 of recurring revenue statpro has a level of cancellations each year but most of our 
contracts are multiyear agreements which roll into subsequent commitments unless written notice is given to terminate the contract 
for most software contracts the annual licence fee is payable in advance and for data contracts the fees are monthly in advance for 
these reasons we have good visibility on any potential deterioration in our trading outlook and potential risks to our business
renewals occur throughout the year although there is a slightly greater weighting in the fourth quarter the board closely monitors 
clients that are potentially at risk of cancellation as well as the pipeline of new business
the group has both cash and undrawn credit facilities available to support its business operations and therefore the board believes that 
the group is well positioned to manage the business risks in reaching their conclusion the board has reviewed cash flow forecasts after 
making appropriate enquiries the directors have a reasonable expectation that the group has adequate resources to continue in 
operational existence for the foreseeable future for these reasons the board continues to adopt the going concern basis in preparing 
the group and company financial statements
critical accounting estimates and judgements
the preparation of financial statements under ifrs requires management to make estimates and assumptions concerning the future 
the resulting accounting estimates will by definition therefore not necessarily equate to the actual outcome estimates are made by the 
directors based on experience and estimates believed to be reasonable expectations of future outcomes critical accounting estimates 
and judgements are made in the following areas
• impairment of goodwill
• carrying value of development assets
• deferred tax recognition
the accounting policies in respect of these items are set out below and further details can be found in notes 11 and 17
impairment of goodwill
the group’s impairment test for goodwill and intangible assets with indefinite useful lives is based on a value in use calculation the 
value in use calculation is based on a discounted cash flow model the cash flows are derived from the budget and projections for the 
next five years and do not include restructuring activities that the group is not yet committed to or significant future investments that 
will enhance the asset’s performance of the cash generating unit being tested the recoverable amount is most sensitive to the discount 
rate used for the discounted cash flow model as well as the expected future cashinflows and the growth rate used for extrapolation 
purposes the key assumptions used to determine the recoverable amount for the different cash generating units including a sensitivity 
analysis are disclosed further in note 11
notes to the financial statements
for the year ended 31 december 2013 53
carrying value of development assets
development costs are capitalised in accordance with group accounting policy initial recognition is based on management’s judgement that 
technological and economical feasibility is confirmed usually when a product development project has reached a defined milestone according 
to an established project management model in determining the amounts to be capitalised management makes assumptions regarding the 
expected future cash generation of the assets discount rates to be applied and the expected period of the benefits
deferred tax recognition
the group establishes provisions based on reasonable estimates for possible consequences of audits by tax authorities of the 
respective countries in which it operates the amount of such provisions is based on various factors such as experience with previous 
tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority management 
judgement is required to determine the amount of deferred tax assets that can be recognised based upon the likely timing and the level 
of future taxable profits together with an assessment of the effect of future tax planning strategies
new and amended accounting standards and interpretations
the following new and amended ifrs and ifric interpretations were effective as of 1 january 2013
•  ias 1 amendment presentation of financial statements
•  ias 19 amendment employee benefits
•  ifrs 7 amendment offsetting financial assets and liabilities
•  ifrs 13 fair value measurement
we believe that there are no areas within these standards which have a material impact to the group
interpretations and revised standards that are not yet effective and have not been early adopted by the group
the following interpretations to existing standards have been published that are mandatory for the group’s future accounting but which 
the group has not adopted early management has not yet fully assessed the impact of these new standards but does not believe they 
will have any material impact on the financial statements
•  ifrs 9 financial instruments – classification and measurement – 1 january 2015

•  ifrs 10 consolidated financial statements – 1 january 2014
•  ifrs 11 joint arrangements – 1 january 2014
•  ifrs 12 disclosure of interest in other entities – 1 january 2014
•  ias 27 amended consolidated and separate financial statements – 1 january 2014
•  ias 28 amended investments in associates and joint ventures – 1 january 2014
•  ias 32 amendment offsetting financial assets and liabilities – 1 january 2014
 not yet eu endorsed
basis of consolidation
the group financial statements consolidate the financial statements of the company and its subsidiary undertakings all made up to  
31 december each year subsidiaries are entities over which the group has the power to govern the financial and operating policies 
generally accompanying a shareholding of more than one half of the voting rights
revenue
revenue represents the invoiced value of goods and services excluding value added tax of the following
a licence revenue and related software support contracts
 licence revenue and software support contract income relating to obligations under contracts is recognised in the income statement 
over the period of the contract on a monthly basis from the start of the month in which the licence commences any balance not 
relating to the accounting period is carried forward as deferred income on the balance sheet 54
strategic report governance financial statements
notes to the financial statements
for the year ended 31 december 2013 continued
b data fees
 data fee income is recognised in the income statement over the period of the contract on a monthly basis from the start of the 
month in which the contract commences any balance not relating to the accounting period is carried forward as deferred income on 
the balance sheet data overage revenue on data contracts data revenue in excess of contracted amount is recognised in the period 
that the overage was incurred
c professional services revenue
 income relating to consultancy projects is recognised in the income statement as a right to consideration established as a result  
of performance
d royalty revenue
 income is recognised in the income statement as rights to consideration accrues
segmental reporting
operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker the 
chief operating decision maker who is responsible for allocating resources and assessing performance of the operating segments has 
been identified as the group executive board
research and development
expenditure on research and development comprises salaries and related costs of personnel involved in software programming and 
development activities development costs are capitalised where the appropriate recognition criteria in accordance with ias 38 are met 
including the asset and related costs being separately identifiable the use of the asset being technically feasible and intended and the asset 
being expected to generate future benefits as a result there is an intangible asset relating to capitalised development costs both internally 
developed and acquired recognised on the group’s balance sheet where the board expects the benefits to be recovered through 
incremental revenue from future sales the carrying values which are analysed by product are considered carefully by the board and are 
reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable
intangible assets – customer contracts
customer contracts acquired with acquisitions are valued based on the net contribution expected to be realised over the estimated life 
of the contracts and discounted at an appropriate discount rate taking into account any tax effects the carrying values are reviewed for 
impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable
goodwill
for business combinations before 1 january 2010 goodwill is calculated as the difference between the fair value of the consideration 
including all costs relating to the acquisition and the fair value of the group’s share of the identifiable net assets of the acquired entity 
in accordance with ifrs 3 revised the calculation of goodwill relating to any acquisitions that completed after 1 january 2010 will not 
include any acquisition related costs goodwill is not amortised but is subject to annual impairment reviews goodwill arising on 
acquisitions prior to 1 january 2004 has been frozen with effect from 1 january 2004 and is no longer amortised but subject to annual 
impairment reviews
business combinations
the results and net assets of subsidiary undertakings acquired are included in the group income statement and balance sheet using the 
acquisition method of accounting from the effective date of acquisition the date control is gained over the subsidiary the results and 
net assets of subsidiary undertakings disposed of are included in the group income statement and balance sheet using the acquisition 
method of accounting to the effective date of disposal income and expenditure relating to transactions between group undertakings 
are eliminated on consolidation
amortisation
the cost of other intangible assets are amortised on a straight line basis over the expected useful lives of the assets as follows
development costs internally generated  – 33 per annum
customer contracts    – over the period of the contracts between 3 and 7 years
other intangibles – software    – between 14 and 33 per annum
other intangibles – website development costs  – 33 per annum
other intangibles – trademarks   – 10 per annum 55
depreciation
the cost of property plant and equipment is depreciated on a straight line basis over the expected useful lives of the assets as follows
improvements to short leasehold property – over the period of the lease between 3 and 12 years
office equipment    – between 10 and 20 per annum
fixtures and fittings   – between 10 and 20 per annum
computer equipment   – 33 per annum
investments
investments in subsidiary undertakings are stated at cost including estimated contingent consideration less any provisions for impairment
current and deferred taxation
the tax expense for the period comprises current and deferred tax the current tax charge is calculated on the basis of the tax laws 
enacted or substantively enacted at the balance sheet date in the countries where the company’s subsidiaries operate and generate 
taxable income deferred taxation is recognised in respect of all temporary differences between the tax bases of assets and liabilities 
and their carrying amounts in the financial statements at the balance sheet date and where these transactions or events result in an 
obligation to pay more tax or a right to pay less tax in the future temporary differences are differences between the group’s taxable 
profits and its results as stated in the financial statements deferred taxation assets are only recognised when their recoverability is 
more probable than not deferred taxation is measured at the average tax rates that are expected to apply in the periods in which the 
temporary differences are expected to reverse based on tax rates and laws that have been enacted or substantively enacted at the 
balance sheet date recognised deferred tax is measured on a nondiscounted 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
financial instruments
financial assets
the group classifies its financial assets in the following categories fair value through profit or loss loans and receivables and available 
for sale the classification depends on the purpose for which the financial assets were acquired the directors determine the 
classification of its financial assets at initial recognition
a financial assets at fair value through profit or loss
 financial assets at fair value through profit or loss are financial assets held for trading a financial asset is classified in this category 
if acquired principally for the purpose of use in the short term derivatives are also categorised as held for trading unless they are 
designated as hedges assets in this category are presented as current assets
b loans and receivables
 loans and receivables are nonderivative financial assets with fixed or determinable payments that are not quoted in an active 
market they are presented in current assets except for those with maturities greater than 12 months after the balance sheet date 
which are presented as noncurrent assets
c availableforsale financial assets
 the company does not hold any assets available for sale other than investments in subsidiaries which are deemed to be assets 
available for sale
borrowings
borrowings are recognised initially at fair value net of transaction costs incurred borrowings are subsequently stated at amortised 
cost any difference between the proceeds net of prepaid transaction costs and the redemption value including interest is recognised 
in the income statement over the period of the borrowings using the effective interest method borrowings are classified as current 
liabilities unless the facility is committed such that the group has an unconditional right to defer settlement for at least 12 months from 
the balance sheet date 56
strategic report governance financial statements
notes to the financial statements
for the year ended 31 december 2013 continued
cash and cash equivalents
the group considers all bank deposits and highly liquid investments of less than three months’ maturity which are considered to have 
insignificant risk to a change in value to be cash equivalents bank overdrafts are excluded from cash and cash equivalents and are 
presented within borrowings in current liabilities on the balance sheet
provisions
a provision is recognised when the group has a legal or constructive obligation as a result of a past event it is probable that an outflow 
of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation if the 
effect is material expected future cash flows are discounted using a current pretax rate that reflects where appropriate the risks 
specific to the liability
pensions
the group provides contributions on behalf of certain directors and employees to a defined contribution pension scheme contributions 
payable in the year are charged to the income statement
sharebased payments
in common with many highgrowth technology enterprises the company has issued a number of share options to executives and employees 
under ifrs the equitysettled sharebased payment awards are valued at fair value at inception and this cost is recognised over the option 
vesting period typically three years as there is no readily available market price for the options the board has used an independent model to 
estimate the fair value of the options there are a number of assumptions that affect the value and the board has carefully considered 
these assumptions in order to derive an appropriate charge for the cost of options note 20 the financial effects of awards by the 
company of options over its equity shares to employees of subsidiary undertakings are recognised by the company in its individual 
statements as an increase in its investment in subsidiaries with a credit to equity equivalent to the ifrs 2 cost in subsidiary undertakings
dividend distribution
dividend distribution to the company’s shareholders is recognised as a liability in the group’s financial statements in the period in 
which the dividend becomes a liability of the company in the case of an interim dividend this is on the payment date for final dividends 
this arises on the passing of the relevant resolution at the annual general meeting of the shareholders
exceptional items
significant items which are separately disclosed on the face of the income statement by virtue of their size or incidence to enable a full 
understanding of the group’s financial performance
foreign currencies
transactions in foreign currencies are recorded at the rate ruling at the date of the transaction monetary assets and liabilities 
denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date all differences are taken to 
the income statement the assets and liabilities of overseas subsidiary undertakings are translated at the rate of exchange ruling at the 
balance sheet date the profit and loss for the year is translated at the average rate for the year the exchange differences arising on 
retranslation of opening net assets are taken to other comprehensive income the difference between the profit and loss at the average 
rate and closing rate are taken to other comprehensive income all other translation differences are taken to the income statement
2 segmental information
the group’s operating segments have been determined based on the information regularly reviewed by the group executive board 
which has been identified as the chief operating decision maker the group executive board considers the business to be split into two 
primary geographical markets emeaa and north america and central costs which relate to the expenses of the group’s headquarters 
and costs directly associated with the parent company which are managed by the group management team the external debt is also 
held within central
all revenue profitloss before taxation and total assets are attributable to the principal activity of the group being the development 
marketing and distribution of software systems and the provision of webbased portfolio analysis and asset pricing services to the 
global asset management industry segment assets represent those assets arising from the operating activities of those segments 
segment results exclude the impact of any intercompany recharges of revenues or costs revenue was generated in the uk of £60 
million 2012 £59 million with noncurrent assets held by uk entities totalling £311 million 2012 £326 million 57
for the year ended 31 december 2013
emeaa 
£’000s
north 
america 
£’000s
central 
£’000s
total 
£’000s
revenue 20449 12037 – 32486
segment expense 16262 11011 1827 29100
operating profitloss 4187 1026 1827 3386
finance net incomeexpense 5 1 279 273
profitloss before taxation 4192 1027 2106 3113
statement of financial position
assets 29097 36267 940 66304
liabilities 13205 4126 2065 19396
net assets 15892 32141 1125 46908
other
purchase of property plant and equipment 605 325 – 930
net investment in intangible assets 2055 160 1267 3482
depreciation of property plant and equipment 418 480 – 898
amortisation of intangibles 3555 486 – 4041
for the year ended 31 december 2012
emeaa 
£’000s
north 
america 
£’000s
central 
£’000s
total 
£’000s
revenue 20085 11916 – 32001
segment expense 15971 10405 1350 27726
operating profitloss 4114 1511 1350 4275
finance net incomeexpense 7 1 501 493
profitloss before taxation 4121 1512 1851 3782
statement of financial position
assets 29968 39762 1217 70947
liabilities 13798 4290 3239 21327
net assets 16170 35472 2022 49620
other
purchase of property plant and equipment 259 380 – 639
net investment in intangible assets 2119 234 1198 3551
depreciation of property plant and equipment 367 596 – 963
amortisation of other intangibles 3126 606 – 3732 58
strategic report governance financial statements
notes to the financial statements
for the year ended 31 december 2013 continued
3 operating expenses
2013 
£’000s
2012 
£’000s
operating expenses relate to
staff costs
– research and development 4440 4181
– other staff costs 10984 11019
– share based payments 192 159
– internal development costs capitalised note 11 3404 3208
total staff costs note 4 12212 11833
depreciation of property plant and equipment 898 963
amortisation of intangible assets 4041 3732
operating lease rentals in respect of
– hire of computer equipment 123 138
– other operating lease rentals 1502 1376
auditors’ remuneration see below 139 186
exceptional items 347 978
other operating expenses 9564 8695
exchange differences 274 175
29100 27726
auditors’ remuneration
during the year the group including its overseas subsidiaries obtained the following services from the group’s auditor
2013 
£’000s
2012 
£’000s
audit of the financial statements 72 71
local statutory audits of subsidiaries 35 38
total group audit fees 107 109
auditrelated assurance services 16 20
taxation compliance services 10 15
taxation advisory services 6 42
139 186
exceptional items
2013 – increase in contingent consideration for sisoft
as announced in july 2013 the board agreed an outofcourt settlement on the sisoft acquisition contingent consideration and as a 
result there is an exceptional charge of £035 million in 2013 and a remaining liability of £073 million
background
sisoft developed an advanced webbased composites solution which is integrated into statpro seven’s composites module in 2010 
statpro announced its intention to exercise its option to acquire the 49 minority interest in sisoft however as previously announced 
the noncontrolling shareholders consisting of two parties owning 55 and 45 of the minority interest disputed elements of the 
calculation of the contingent consideration and the matter has been progressing through the french courts 59
contingent consideration – partial settlement
under the formula stipulated by the acquisition agreements the contingent consideration was originally estimated at approximately 
€16 million £13 million following further review the directors determined that it was in the interests of the company to propose an 
outofcourt settlement with the noncontrolling shareholders to minimise the risk of a protracted dispute and to mitigate further legal 
costs and management time involved in the ongoing dispute the offer was accepted by representatives of 55 of the noncontrolling 
shareholders in sisoft and as a result €116 million £099 million was paid in july 2013
remaining interest
the court has now made a provisional judgment regarding the remaining 22 noncontrolling interest and whilst most of the original 
elements of the claim making up the bulk of the value made by the noncontrolling shareholders have now been rejected by the court 
the court has appointed an expert to review the remaining elements at dispute to assist in evaluating the merits and the quantification 
of the claim
the board expects the remaining contingent consideration payable to the 22 shareholder party to be in the range of €07 million – 
€11 million approximately £06 million – £09 million and has increased the provision by approximately €04 million £035 million 
there is no tax deduction available on this provision as it relates to a capital item the board remains confident that our analysis of the 
case is robust and will provide an update when appropriate refer to notes 8 16 and 26 for more detail
2012 – restructuring costs
the exceptional item in 2012 of £098 million was the oneoff charge associated with the restructuring in january 2012 to refocus the 
business on cloud technology
adjusted profit before taxation adjusted operating profit margin and adjusted ebitda
in order to provide the reader of the accounts with profit measures that more clearly demonstrate the underlying business performance 
from year to year a number of adjusted profit measures are shown below
adjusted profit before taxation
2013 
£’000s
2012 
£’000s
profit before taxation 3113 3782
add back amortisation on acquired intangible assets 402 440
add backdeduct share based payments 192 159
add back exceptional items 347 978
adjusted profit before tax 4054 5041
adjusted operating profit
2013 
£’000s
2012 
£’000s
operating profit 3386 4275
add back amortisation on acquired intangible assets 402 440
add backdeduct share based payments 192 159
add back exceptional items 347 978
adjusted operating profit 4327 5534
adjusted operating margin 133 173 60
strategic report governance financial statements
notes to the financial statements
for the year ended 31 december 2013 continued
adjusted ebitda
2013 
£’000s
2012 
£’000s
operating profit 3386 4275
add back depreciation of property plant and equipment 898 963
add back amortisation on purchased intangible assets 238 231
add back amortisation on acquired intangible assets 402 440
add backdeduct share based payments 192 159
add back exceptional items 347 978
adjusted ebitda 5463 6728
adjusted ebitda margin 168 210
free cash flow
2013 
£’000s
2012 
£’000s
cash generated from operations before exceptional item 9403 10180
net interest paid 98 306
net tax paid 1616 1261
purchase of property plant and equipment 930 639
investment in intangible assets 3482 3551
free cash flow before exceptional item 3277 4423
payments in respect of exceptional item – 947
free cash flow 3277 3476
4 employees
the average number of full time equivalent employees including executive directors employed by the group during the year was as follows
2013 
number
2012 
number
by activity
selling distribution and client services 133 133
research and development 77 78
operations management and administration 39 42
249 253
the number of employees at the end of december 2013 was 255 2012 242
2013 
£’000s
2012 
£’000s
staff costs
wages and salaries 13065 12833
share based payments note 20 192 159
social security costs 1913 1889
other pension costs 446 478
15616 15041
capitalisation of internal development costs 3404 3208
employee costs charged to income statement note 3 12212 11833 61
5 directors’ emoluments
details of the remuneration of each director pension entitlements and share options are included in the remuneration report on pages 
43 and 44 the number of full time equivalent employees directly employed by the company was 1 2012 1 for the remuneration of 
key management personnel see note 21
6 net finance costs
2013 
£’000s
2012 
£’000s
bank interest receivable 35 10
bank interest payable 132 313
amortisation of arrangement fees 176 190
net finance expense 273 493
7 taxation
2013 
£’000s
2012 
£’000s
current tax
current tax on profits for the year 1457 1345
adjustments in respect of prior years 13 141
total current tax 1444 1204
total deferred tax 414 102
income tax expense 1030 1102
the tax impact of the exceptional items is as follows
2013 
£’000s
2012 
£’000s
tax charge on profit before tax and exceptional items 1030 1387
tax credit on exceptional items – 285
tax charge on profit before tax and after exceptional items 1030 1102
the portion of exchange differences taken to equity as shown in the group statement of comprehensive income on page 47 that has a 
tax impact solely relates to the exchange differences arising on the translation of the borrowings as disclosed in note 18 in 2013 the tax 
credit relating to these items is £39000 2012 £41000
the tax on the group’s profit before tax differs from the standard rate of corporation tax in the uk of 235 2012 245 as follows
2013 
£’000s
2012 
£’000s
profit before tax 3113 3782
tax charge on profit before tax at standard rate of corporation tax in the uk of 235 2012 245 732 927
tax effects of
nontaxable income and nondeductible expenses 116 161
unrecognised deferred tax movement 68 403
adjustments in respect of prior years 13 141
effect of higher overseas taxes on current taxes 218 103
effect of higher overseas taxes on deferred taxes 277 29
tax charge 1030 1102 62
strategic report governance financial statements
notes to the financial statements
for the year ended 31 december 2013 continued
8 noncontrolling interests
as previously noted the group exercised its option to acquire a 49 noncontrolling interest in sisoft in june 2010 and in july 2013 we 
completed the acquisition of 55 of the minority interest vendors representing approximately 22 of the shares ie 45 of the 49 
minority interest are disputing certain aspects of the valuation and we are in a legal process in the french commercial court to resolve 
the matter there is therefore a risk that the final consideration determined by the court including related costs will be higher than the 
amount provided – see notes 16 and 26 we will provide a further update if the position changes materially or on the completion of 
the acquisition
9 dividends
dividends of £186 million 2012 £163 million were declared and paid during the year as follows
dividend
dividend 
rate 
pshare
2013 
amount 
£’000s
final dividend 2012 19 1282
interim dividend 2013 085 574
1856
dividend
dividend 
rate 
pshare
2012 
amount 
£’000s
final dividend 2011 185 1135
interim dividend 2012 080 492
1627
the directors have recommended a final dividend of 195p per ordinary share for 2013 2012 19p resulting in a total dividend for the 
year of 28p per ordinary share 2012 27p if the 2013 final dividend is approved at the annual general meeting in may 2014 the 
dividend will be paid on 21 may 2014 to shareholders on the register at the close of business on 25 april 2014 exdiv date 23 april 2014 
in accordance with ifrs the dividend is not provided for as a liability in the accounts until it becomes a legal liability of the company 
and will therefore be recorded in the interim and annual accounts for 2014
10 earnings per share
basic earnings per share is calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of 
ordinary shares in issue during the year diluted earnings per share is calculated by adjusting the weighted number of ordinary shares 
outstanding to assume conversion of all dilutive potential shares into ordinary shares the company has two categories of dilutive 
potential ordinary shares shares to be issued and share options for the share options a calculation is performed to determine the 
number of shares that could have been acquired at fair value determined as the average annual market share price of the company’s 
shares based on the monetary value of the subscription rights attached to the outstanding share options the number of shares 
calculated as above is compared with the number of shares that would have been issued assuming the exercise of the share options
earnings per share – basic and diluted
earnings 
2013 
£’000s
weighted 
average 
number of 
shares
2013 
’000s
earnings 
per share
2013 
pence
earnings
2012 
£’000s
weighted 
average 
number of 
shares
2012
’000s
earnings 
per share
2012 
pence
earnings per share – basic 2083 67479 31 2680 62168 43
potentially dilutive shares – 69 00 – 246 00
earnings per share – diluted 2083 67548 31 2680 62414 43 63
earnings per share – adjusted
earnings 
2013 
£’000s
weighted 
average 
number of 
shares
2013 
’000s
earnings 
per share
2013 
pence
earnings
2012 
£’000s
weighted 
average 
number of 
shares
2012
’000s
earnings 
per share
2012 
pence
earnings per share – basic 2083 67479 31 2680 62168 43
add back amortisation of acquired intangibles 402 – 06 440 – 07
add backdeduct share based payments 192 – 03 159 – 02
add back exceptional items 347 – 05 978 – 16
tax on exceptional items – – – 285 – 05
adjusted earnings per share 3024 67479 45 3654 62168 59
potentially dilutive shares – 69 00 – 246 00
adjusted earnings per share – diluted 3024 67548 45 3654 62414 59
the adjusted earnings per share information has been provided in order to assist the reader to understand the underlying performance 
of the business on a comparable basis potentially dilutive shares exclude any antidilutive share options
11 intangible assets
group goodwill
cost £’000s
at 1 january 2012 52689
exchange differences 1168
at 31 december 2012 51521
exchange differences 3594
at 31 december 2013 47927
the movement on goodwill relates to exchange differences of £359 million 2012 £117 million the total goodwill of £4793 million 
includes goodwill for the north american region of £3176 million 2012 £3453 million and goodwill for the emeaa region of £1617 
million 2012 £1699 million
goodwill impairment review
the carrying value of goodwill arising on acquisition is reviewed at each balance sheet date to assess whether there has been any 
impairment goodwill arising on acquisitions is allocated to cash generating units cgus by considering the group’s share of the cash 
that is expected to be generated by the business or product that was acquired the evaluation is based on management forecasts over 
the period five years forward and assuming a terminal value based on 3 growth thereafter discount rates are based upon a prudent 
riskadjusted pretax weighted average cost of capital
2013 2012
discount rate for cgus
emeaa 9 9
north america 10 10
to assess for impairment the value in use of the cgu is compared to the goodwill if the resultant net present value of the discounted 
cash flows is less than the carrying value for goodwill the difference is written off through the income statement key assumptions in the 
projection of cash flows are levels of new sales renewal rates growth in expenses and the discount rate management base these 
projections on the latest budgets and forecasts which take into account market conditions and economic factors the headroom is 
therefore dependent upon sensitivities to these and other assumptions the largest element of goodwill is in the north american region 
and if there were no growth in ebitda in the region then this could result in impairment however it is not considered that there would 
be any impairment based on any reasonable set of assumptions 64
strategic report governance financial statements
notes to the financial statements
for the year ended 31 december 2013 continued
2013 2012
sensitivity for north america
headroom at 10 discount rate £10 million £16 million
headroom at 75 discount rate £36 million £48 million
discount rate indicating impairment 12 13
the board believes the 10 discount rate as being cautious with an acceptable range being 610 the fair value measure is also 
sensitive to exchange rates and could have an impact on the goodwill impairment assessment in particular the value of goodwill 
related to the fri acquisition is linked to the canadian dollar whereas the underlying projection of cash flows is linked to exchange rates 
for several currencies as a result a strengthening canadian dollar could have an adverse impact on the measured headroom the 
goodwill on all acquisitions has been reviewed and in the opinion of the directors there is no impairment to the carrying value at 31 
december 2013 2012 nil
other intangible assets
group
development 
costs 
– internally 
generated 
£’000s
customer 
contracts 
– acquired 
£’000s
other 
intangibles 
– purchased 
£’000s
intangible 
assets 
– total 
£’000s
cost
at 1 january 2013 16929 3075 875 20879
additions 3404 – 78 3482
exchange differences – 141 55 196
at 31 december 2013 20333 2934 898 24165
amortisation
at 1 january 2013 11951 2453 313 14717
charge for the year 3401 402 238 4041
exchange differences – 141 49 190
at 31 december 2013 15352 2714 502 18568
net book value
at 31 december 2013 4981 220 396 5597
included within internally generated development costs are costs capitalised of £187 million in relation to statpro revolution 2012 
£216 million the amortisation charge during 2013 was £164 million 2012 £147 million 65
development 
costs 
– internally 
generated 
£’000s
development 
costs 
– acquired 
£’000s
customer 
contracts 
– acquired 
£’000s
other 
intangibles 
– purchased 
£’000s
intangible 
assets
 – total 
£’000s
cost
at 1 january 2012 13721 943 3115 605 18384
additions 3208 – – 343 3551
written off – 924 – 60 984
exchange differences – 19 40 13 72
at 31 december 2012 16929 – 3075 875 20879
amortisation
at 1 january 2012 8890 943 2045 150 12028
charge for the year 3061 – 440 231 3732
written off – 924 – 60 984
exchange differences – 19 32 8 59
at 31 december 2012 11951 – 2453 313 14717
net book value
at 31 december 2012 4978 – 622 562 6162
company
development
costs
– internally 
generated 
£’000s
other
intangibles
– purchased
£’000s
intangible 
assets
– total
£’000s
cost
at 1 january 2013 7428 19 7447
additions 1267 – 1267
at 31 december 2013 8695 19 8714
amortisation 
at 1 january 2013 7233 4 7237
charge for the year 1121 2 1123
at 31 december 2013 8354 6 8360
net book value    
at 31 december 2013 341 13 354 66
strategic report governance financial statements
notes to the financial statements
for the year ended 31 december 2013 continued
development
costs
– internally 
generated 
£’000s
other
intangibles
– purchased
£’000s
intangible 
assets
– total
£’000s
cost
at 1 january 2012 6230 19 6249
additions 1198 – 1198
at 31 december 2012 7428 19 7447
amortisation 
at 1 january 2012 5453 2 5455
charge for the year 1780 2 1782
at 31 december 2012 7233 4 7237
net book value    
at 31 december 2012 195 15 210
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 threeyear period as in the opinion of the directors this is the period over which the benefits arise the carrying values which are 
analysed by product are considered carefully by the board and if there has been any impairment in any development costs then the 
carrying value is written down accordingly there was no impairment in 2013 2012 nil 
customer contracts
customer contracts acquired were valued on acquisition by estimating the future cash flows to be derived from those contracts over a 
period varying between three and seven years depending on the type of contract and discounting cash flows at a discount rate of 10 
2012 10 adjusting for any tax impact the resultant fair value for the acquired customer contracts is amortised over a period of 
between three and seven years as in the opinion of the directors this is the period over which the benefits arise at each balance sheet 
date the current values of the original contracts are reviewed against the carrying values to assess for impairment the acquired 
customer contracts have been reviewed and in the opinion of the directors there is no impairment to the carrying value at 
31 december 2013 2012 nil 67
12 property plant and equipment
improvements 
to short
leasehold 
property 
£’000s
office 
equipment 
£’000s
fixtures and 
fittings 
£’000s
computer 
equipment
£’000s
total 
£’000s
cost 
at 1 january 2013 2357 172 770 1663 4962
additions 125 7 34 764 930
disposalswrite offs 126 2 – – 128
exchange differences 151 3 60 198 412
at 31 december 2013 2205 174 744 2229 5352
depreciation
at 1 january 2013 1483 130 617 758 2988
charge for the year 193 24 48 633 898
disposalswrite offs 95 2 – – 97
exchange differences 107 2 60 151 320
at 31 december 2013 1474 150 605 1240 3469
net book value      
at 31 december 2013 731 24 139 989 1883
improvements 
to short
leasehold 
property 
£’000s
office 
equipment 
£’000s
fixtures and 
fittings 
£’000s
computer 
equipment
£’000s
total 
£’000s
cost 
at 1 january 2012 2414 172 791 1271 4648
additions 30 5 9 595 639
disposalswrite offs 47 1 1 150 199
exchange differences 40 4 29 53 126
at 31 december 2012 2357 172 770 1663 4962
depreciation
at 1 january 2012 1353 124 515 266 2258
charge for the year 172 26 110 655 963
disposalswrite offs 9 1 1 123 134
exchange differences 33 19 7 40 99
at 31 december 2012 1483 130 617 758 2988
net book value      
at 31 december 2012 874 42 153 905 1974
as part of the financing arrangement with the royal bank of scotland plc the bank has security over certain group assets
company
the company had no property plant or equipment at 31 december 2013 2012 nil 68
strategic report governance financial statements
notes to the financial statements
for the year ended 31 december 2013 continued
13 investments in subsidiary undertakings
2013
£’000s
2012
£’000s
company – cost and net book value 
at 1 january 2013 43183 43145
net increase in investments

179 38
at 31 december 2013 43362 43183
 included in increase in investments is £179000 relating to share based payments transactions with subsidiaries 2012 £38000
the company’s principal subsidiary undertakings at 31 december 2013 comprised the following
country of incorporation
total 
percentage 
held by the 
group 
total 
percentage 
held by the 
company 
statpro limited england and wales 100 100
performa consultants uk limited england and wales 100 100
statpro sa formerly statpro benelux sa

luxembourg 100 –
statpro international sarl luxembourg 100 –
statpro deutschland gmbh germany 100 –
statpro france sarl france 100 –
statpro italia srl italy 100 100
sisoft sarl

france 78 78
statpro suisse sarl switzerland 100 –
statpro inc usa 100 100
statpro canada inc canada 100 –
statpro north america inc canada 100 100
statpro south africa pty ltd republic of south africa 100 100
statpro asia ltd hong kong 100 100
statpro australia pty ltd australia 100 100
 in march 2013 statpro benelux sa was renamed statpro sa
 statpro group plc has exercised its option to acquire the remaining 22 of sisoft sarl however the legal process for completion of the transfer is not 
complete as some of the noncontrolling holders are disputing the valuation note 8
all trading subsidiaries are involved in either the development or marketing and distribution of software and data solutions and related 
professional services to the global asset management industry and have been included in the consolidation
14 trade and other receivables
group 
2013
£’000s
group 
2012
£’000s
company 
2013
£’000s
company 
2012
£’000s
trade debtors 4317 5161 – –
other debtors 56 140 24 429
prepayments 1266 1413 282 69
accrued income 212 161 – –
vat recoverable 92 – – –
rental deposits 224 87 – –
6167 6962 306 498 69
the ageing of the group’s trade debtors at 31 december 2013 is analysed as follows
2013
£’000s
2012
£’000s
neither past due nor impaired 1632 1391
not more than three months 2139 3670
more than three months and not more than six months 336 65
more than six months 210 35
4317 5161
noncurrent assets other receivables
group 
2013
£’000s
group 
2012
£’000s
company 
2013
£’000s
company 
2012
£’000s
rental deposits 135 231 – –
receivables from subsidiaries – – 14345 13888
135 231 14345 13888
15 trade and other payables
group
2013
£’000s
group 
2012
£’000s
company
2013
£’000s
company
2012
£’000s
trade creditors 769 668 48 56
other creditors and accruals 2352 2508 447 442
other taxation and social security 1279 1117 26 14
payable to subsidiaries – – 15230 16000
4400 4293 15751 16512
the noncurrent ‘other creditors and accruals’ of £015 million 2012 £021 million relates to lease inducements which are amortised 
over the period of the relevant lease
16 provisions
provisions – group
2013
contingent 
consideration
£’000s
2013
onerous 
contracts
£’000s
2013
restructuring 
provision
£’000s
2013
total
£’000s
2012
total
£’000s
at 1 january 1319 176 210 1705 1735
arising in the year 347 168 – 515 978
utilised in the year 990 90 221 1301 960
exchange differences 49 1 11 61 48
at 31 december 725 255 – 980 1705
the contingent consideration is the consideration on the sisoft acquisition and is now due to be utilised in 2014 although it is possible 
that it will fall beyond 12 months this provision was increased during the year following the outofcourt settlement reached with one of 
the shareholders see notes 3 8 and 26 the onerous contracts provision relates to onerous leases and other contracts and is expected 
to be utilised within four years the increase in the year is an onerous property lease and associated costs following a relocation of a 
data centre in north america the restructuring provision is the cost of redundancies and other cost associated with the restructuring 
and was fully utilised in the year 70
strategic report governance financial statements
notes to the financial statements
for the year ended 31 december 2013 continued
the ageing of provisions at 31 december 2013 is analysed as follows
group 
2013
£’000s
group
2012
£’000s
company
2013
£’000s
company
2012
£’000s
current 842 1530 725 1319
noncurrent 138 175 – –
980 1705 725 1319
17 deferred taxation
deferred tax comprises
deferred taxation – group
assets
2013
recognised 
asset
£’000s
2012
recognised 
asset
£’000s
2013
unrecognised 
asset
£’000s
2012
unrecognised 
asset
£’000s
accelerated capital allowances 15 34 – –
overseas tax losses 399 297 873 941
share based payments 36 53 – –
as at 31 december 450 384 873 941
liabilities
2013
recognised 
liability
£’000s
2012
recognised 
liability
£’000s
fair value adjustment to intangible assets 51 162
other timing differences 498 725
as at 31 december 549 887
the total potential underlying tax losses and other timing differences at the year end were £951 million 2012 £694 million of the 
total potential deferred tax asset of £132 million 2012 £132 million a total of £045 million 2012 £038 million which represents 
34 2012 29 of the total potential asset was recognised at the end of the year deferred tax has been calculated at an estimated 
average rate for the group of 20 2012 29 a proportion of the deferred tax assets for the group has been recognised as in the 
opinion of the directors this is the probable level of the recoverability of such losses
deferred taxation – company
asset and liability
2013
recognised 
asset 
recognised 
liability
£’000s
2012
recognised  
asset 
recognised 
liability
£’000s
2013
unrecognised 
asset
£’000s
2012
unrecognised 
asset
£’000s
share based payments 36 53 – –
other timing differences 68 44 – –
as at 31 december 32 9 – – 71
movements in deferred tax assets
group
2013
recognised 
asset
£’000s
group
2012
recognised 
asset
£’000s
company
2013
recognised 
asset
£’000s
company
2012
recognised 
asset
£’000s
as at 1 january 384 649 53 9
differences in tax rates 8 11 11 3
recognisedutilised in the year 84 260 1 25
tax credited directly to equity 5 22 5 22
exchange differences 5 16 – –
as at 31 december 450 384 36 53
movements in deferred tax liabilities
group
2013
recognised 
liability
£’000s
group
2012
recognised 
liability
£’000s
company
2013
recognised 
liability
£’000s
company
2012
recognised 
liability
£’000s
as at 1 january 887 1260 44 194
differences in tax rates 116 40 6 3
utilisedrecognised in the year 222 333 30 147
as at 31 december 549 887 68 44
no deferred tax liability with respect to unremitted earnings has been recognised at the balance sheet date undistributed profits 
available to be remitted to the uk should meet the requirements of the uk dividend exemption and should therefore be exempt from 
uk corporation tax no deferred tax liability has been recognised with respect to the value of the underlying subsidiaries since in the 
event of a sale a gain or loss arising on disposal should meet the uk substantial shareholders exemption criteria and therefore be 
exempt from uk corporation tax the finance act 2013 included legislation to reduce the main rate of corporation tax from 23 to 21 
from 1 april 2014 and from 21 to 20 from 1 april 2015 as these changes were substantively enacted on 2 july 2013 and therefore 
before the balance sheet date uk deferred tax is recognised at 20 in the current period the rate changes will impact the amount of 
future tax payments to be made by the company
18 financial instruments and financial risk management
the company’s and group’s key financial risks and its approach to managing these risks are described in the financial review on 
pages 18 and 19
a financial instruments
the group’s financial instruments comprise cash money market deposits bank loans provisions derivative financial instruments and 
various other accounts receivable and accounts payable that arise directly from its operations
cash and money market deposits when held are carried at fair value all financial assets except derivatives belong to the category 
‘loans and receivables’ in ias 39 all financial liabilities except derivatives are held at amortised cost the only derivative financial 
instruments relate to forward currency contracts which are purchased from banks and are considered level 2 financial instruments in 
accordance with ifrs 7
bank loans are recorded at the value of the proceeds received less any direct issue costs which due to the shortterm nature of these 
instruments approximates to fair value they are subsequently stated at cost plus accrued interest less any repayments which due to 
the shortterm nature of these instruments approximates to amortised cost using the effective interest rate method 72
strategic report governance financial statements
notes to the financial statements
for the year ended 31 december 2013 continued
contingent consideration provision is considered a level 3 financial instrument further information on contingent consideration can be 
found in note 16
derivative financial instruments are used by the group to hedge against various financial risks such as foreign currency and interest 
rate risk they are initially recognised at fair value and are designated by the entity at fair value through profit or loss
as at 31 december 2013 the group held forward currency hedging contracts to mitigate the effects of currency exposure relating to 
nonsterling financial assets and liabilities cash flows and investments the fair value of forward currency contracts relating to 
commercial transactions is recognised through the income statement the net unrealised gain in respect of these contracts as at 
31 december 2013 was £74000 2012 £9000 the fair value of forward currency contracts relating to hedging of net investments 
designated in hedge accounting relationships is recognised through equity and the net unrealised gain relating to these contracts 
recognised through equity as at 31 december 2013 was £27000 2012 £14000 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 
interest income and expenses are recognised in the income statement on an accruals basis realised gains and losses upon expiry of 
derivative financial instruments are recognised on settlement of the underlying contract
financial assets
the group’s and company’s financial assets at the year end are analysed as follows
2013
group
£’000s
2012
group
£’000s
2013
company
£’000s
2012
company
£’000s
cash and cash equivalents 4014 3681 1331 1005
financial instruments 102 32 102 32
rental deposits falling due after more than one year 135 231 – –
rental deposits falling due within one year 224 87 – –
trade debtors 4317 5161 – –
accrued income 212 161 – –
9004 9353 1433 1037
financial liabilities
committed facilities
in may 2012 an agreement was signed with the royal bank of scotland plc to extend our existing financing facilities until may 2015 
we exercised an option to extend the facility to may 2016 and we have an option to extend for a further year to may 2017 subject to 
customary covenants and terms at 31 december 2013 the facility was £85 million £65 million of which is available as a revolving 
credit facility reducing by £05 million tranches every six months to a minimum of £55 million this restructured facility strengthens 
our financial position and provides financing options at a commercial cost and provides more flexibility than the previous arrangement 
which was negotiated in early 2009
as a result the facilities available as at 31 december 2013 comprise
• multicurrency fully revolving threeyear amortising facility amounting to an initial value of £8 million £65 million at december 
2013 with sixmonthly repayments of £05 million reducing the facility to a minimum of £55 million
• flexibility to repay early with no penalty and to redraw within the amortising limits
• option to extend for a further year to may 2017 subject to the royal bank of scotland plc credit committee approval and 
compliance with covenants
• multicurrency revolving working capital loan of £20 million £20 million available at december 2013 73
there are covenants associated with the facility primarily relating to the gearing net debtebitda interest cover and debt service 
ratios repayments of the facilities are on a sixmonthly basis and subject to compliance with the covenants the facility remains 
committed until may 2016 as part of the secured financing arrangement with the royal bank of scotland plc the bank has security over 
certain group assets including pledges over shares in certain subsidiaries
the maturity of the group’s financial liabilities as at 31 december 2013 was as follows
payable in 
1 year 
or less
£’000s
payable in 
more than 
1 but 
less than 
2 years
£’000s
payable in 
more than 
2 but 
less than 
5 years
£’000s
31 december
2013
total
£’000s
bank loans and overdrafts 12 – – 12
trade creditors 769 – – 769
other creditors and accruals 2352 – – 2352
provisions – contingent consideration 725 – – 725
provisions – onerous contracts 117 28 110 255
3975 28 110 4113
the maturity of the group’s financial liabilities as at 31 december 2012 was as follows
payable in 
1 year 
or less
£’000s
payable in 
more than 
1 but 
less than 
2 years
£’000s
payable in 
more than 
2 but 
less than 
5 years
£’000s
31 december 
2012
total
£’000s
bank loans and overdrafts 14 – – 14
trade creditors 668 – – 668
other creditors and accruals 2508 – – 2508
provisions – contingent consideration 1319 – – 1319
provisions – restructuring 125 85 – 210
provisions – onerous contracts 86 90 – 176
4720 175 – 4895
all trade creditors are due in less than three months
the maturity of the company’s financial liabilities as at 31 december 2013 was as follows
payable in 
1 year 
or less
£’000s
payable in 
more than 
1 but 
less than 
2 years
£’000s
payable in 
more than 
2 but 
less than 
5 years
£’000s
31 december 
2013 
total
£’000s
bank loans and overdrafts – – – –
trade creditors 48 – – 48
other creditors and accruals 447 – – 447
payable to subsidiaries 15230 – – 15230
provisions – contingent consideration 725 – – 725
16450 – – 16450 74
strategic report governance financial statements
notes to the financial statements
for the year ended 31 december 2013 continued
the maturity of the company’s financial liabilities as at 31 december 2012 was as follows
payable in 
1 year 
or less
£’000s
payable in 
more than 
1 but 
less than 
2 years
£’000s
payable in 
more than 
2 but 
less than 
5 years
£’000s
31 december 
2012 
total
£’000s
bank loans and overdrafts – – – –
trade creditors 56 – – 56
other creditors and accruals 442 – – 442
payable to subsidiaries 16000 – – 16000
provisions – contingent consideration 1319 – – 1319
17817 – – 17817
net investment in foreign operations
as part of our liability management in order to provide a partial currency hedge against movements in the fair value of investments in 
overseas subsidiaries we have made use of currency swaps to create synthetic currency hedges denominated in a mixture of currencies 
usd cad and eur at 31 december 2013 the group had currency swaps in place with a notional principal amount of £519 million 
2012 £523 million as synthetic loan hedges the group recognised a net gain on the hedging instrument of £013 million 2012 
£014 million in equity
b financial risk management
interest rate risk
financial assets as at 31 december 2013
at floating 
interest rates
£’000s
at fixed 
interest rates
£’000s
noninterest 
bearing
£’000s
total
£’000s
weighted 
average 
interest rate

sterling 1068 – 266 1334 04
us dollar – – 728 728 –
euro 120 – 1409 1529 03
swiss franc – – 165 165 –
australian dollar – – 57 57 –
canadian dollar – – 342 342 –
south african rand 34 – 238 272 35
hong kong dollar – – 48 48 –
1222 – 3253 4475
financial assets as at 31 december 2012
at floating 
interest rates
£’000s
at fixed 
interest rates
£’000s
noninterest 
bearing
£’000s
total
£’000s
weighted 
average 
interest rate

sterling 587 – 1193 1780 02
us dollar – – 518 518 –
euro 13 – 831 844 15
swiss franc – – 127 127 –
australian dollar – – 89 89 –
canadian dollar – – 343 343 –
south african rand 91 – 205 296 35
hong kong dollar – – 34 34 –
691 – 3340 4031 75
floating rate financial assets comprise cash rental deposits and shortterm bank deposits bearing interest based on bank base rates 
the noninterest bearing financial assets represent rental deposits and cash balances held in noninterest bearing accounts in overseas 
entities trade debtors of £432 million 2012 £516 million have been excluded from the above tables and are noninterest bearing
financial liabilities as at 31 december 2013
at floating 
interest rates
£’000s
at fixed 
interest rates
£’000s
noninterest
bearing
£’000s
total
£’000s
canadian dollar – – 167 167
us dollar – – 88 88
euro 12 – 725 737
12 – 980 992
financial liabilities as at 31 december 2012
at floating 
interest rates
£’000s
at fixed 
interest rates
£’000s
noninterest
bearing
£’000s
total
£’000s
sterling – – 78 78
canadian dollar – – 1 1
us dollar – – 184 184
euro 14 – 1476 1490
australian dollar – – 3 3
14 – 1742 1756
trade creditors other creditors and accruals and other taxes of £440 million 2012 £429 million have been excluded from the above 
tables and are noninterest bearing
floating rate financial liabilities predominantly relate to bank loans in sterling canadian dollars us dollars and euros some debt is 
denominated in currencies in order to provide a currency hedge for profits generated by overseas subsidiaries and the investments in 
those overseas net assets
as at 31 december 2013 the group had no material borrowings and therefore it has not assumed any risk sensitivity to reasonably 
possible changes in interest rates with all other variables held constant on the group’s profit before tax through the impact of floating 
rate borrowings the group did not assume any risk sensitivity in 2012 as it had no borrowings
currency risk
the group’s principal exposure to exchange rate fluctuations arises on the translation of overseas net assets and trading results into 
sterling for accounting purposes the group has a minimal transaction risk as most of the transactions are invoiced by the entities in 
their local currency where there are material exposures these are covered by taking out currency contracts to eliminate the exposure 
however offsetting revenues against costs in the same currency reduces this risk so that only the residual accounting profit translation 
element is at risk the balance sheet exposures are minimised by reducing the net asset exposure for example by arranging borrowings 
in local currency where appropriate where the resulting hedge qualifies for hedge accounting under ias 39 the gains and losses on the 
translation of both the loan and the investment are deferred in equity as the group continues to grow and generates greater net profits 
overseas this exchange rate exposure will increase following the increase in the percentage of the group’s operations that are overseas 
the exposure to us dollars and euros in particular has increased 
the table below shows the estimated sensitivity of the profit before tax and the net assets to movements in the key exchange rates to 
which the group is exposed if the us dollar and the euro strengthenweaken against sterling this is expected to increasedecrease 
profits as shown below 76
strategic report governance financial statements
notes to the financial statements
for the year ended 31 december 2013 continued
change 
in gbp vs
 currency
effect on
 profit before
 tax
 £’000s
2013
sterlingus dollar 5 122
5 111
sterlingeuro 5 169
5 153
2012
sterlingus dollar 5 116
5 105
sterlingeuro 5 161
5 146
the main balance sheet translation exposure is to the revaluation of goodwill denominated in foreign currency the largest component 
relates to the goodwill arising on the acquisition of fri a canadian business and is denominated in canadian dollars a depreciation of 
10 in sterling against the canadian dollar would result in a £11 million increase in net assets and an appreciation of 10 in sterling 
against the canadian dollar would result in a £11 million decrease in net assets
the fair value of all financial assets and liabilities is approximately equal to book value the group has a forward foreign exchange 
facility which allows the group to hedge foreign exchange exposures the group does not permit anyone in the group to trade in 
financial instruments
counterparty credit risk
this is the risk that a counterparty will be unable to pay amounts in full when due credit risks are associated with deposits with banks 
and receivables from customers the group takes into account the credit risk of the counterparty to any major bank deposits but 
currently the level of bank deposits is such that this is not considered a material risk there is no large concentration of credit risk with 
customers as the largest customer group currently represents less than 6 of projected group revenues the maximum exposure to 
credit risk comprises the value of the group’s cash and debtor balances from time to time
liquidity risk
this is the risk that the group will have insufficient funds to meet its cash obligations when due the group manages this risk by close 
monitoring of projected cash collection from customers and cash obligations to suppliers and salary payments to staff as well as all 
other cash commitments at 31 december 2013 the group also had £850 million headroom under its committed revolving credit and 
overdraft facility in addition to cash reserves to reduce the risk that an unforeseen change in the group’s liquidity position will result in a 
breach of statutory or other payment obligations 77
the table below summarises the maturity of the group’s financial liabilities as at 31 december 2013 and 2012 based on contractual 
undiscounted payments
the group’s liquidity risk – 31 december 2013
on demand
£’000s
payable in
 1 year
 or less
£’000s
payable in
 more than
 1 but
 less than
 2 years
£’000s
payable in
 more than
 2 but
 less than
 5 years
£’000s
31 december
 2013
 total
£’000s
nonderivative financial liabilities
interest bearing loans and overdrafts – 12 – – 12
trade creditors and other payables – 3121 – – 3121
other liabilities – 842 28 110 980
– 3975 28 110 4113
derivative financial liabilities
foreign exchange forward contracts outflow – 7471 – – 7471
foreign exchange forward contracts inflow – 7577 – – 7577
– 106 – – 106
the group’s liquidity risk – 31 december 2012
on demand
£’000s
payable in
 1 year
 or less
£’000s
payable in
 more than
 1 but
 less than
 2 years
£’000s
payable in
 more than
 2 but
 less than
 5 years
£’000s
31 december
 2012
 total
£’000s
nonderivative financial liabilities
interest bearing loans and overdrafts – 14 – – 14
trade creditors and other payables – 3176 – – 3176
other liabilities – 1530 175 – 1705
– 4720 175 – 4895
derivative financial liabilities
foreign exchange forward contracts outflow – 8229 – – 8229
foreign exchange forward contracts inflow – 8265 – – 8265
– 36 – – 36 78
strategic report governance financial statements
notes to the financial statements
for the year ended 31 december 2013 continued
the company’s liquidity risk – 31 december 2013
on demand
£’000s
payable in 
1 year
 or less
£’000s
payable in
 more than
 1 but
 less than
 2 years
£’000s
payable in
 more than
 2 but
 less than
 5 years
£’000s
31 december
 2013
 total
£’000s
nonderivative financial liabilities
interest bearing loans and overdrafts – – – – –
trade creditors and other payables – 495 – – 495
other liabilities – 725 – – 725
payable to subsidiaries – 15230 – – 15230
– 16450 – – 16450
derivative financial liabilities
foreign exchange forward contracts outflow – 7471 – – 7471
foreign exchange forward contracts inflow – 7577 – – 7577
– 106 – – 106
as noted in the financial review the group has a further £850 million of undrawn facilities available to it under the terms of its 
revolving credit and working capital facilities
the company’s liquidity risk – 31 december 2012
on demand
£’000s
payable in
 1 year
 or less
£’000s
payable in
 more than
 1 but
 less than
 2 years
£’000s
payable in
 more than
 2 but
 less than
 5 years
£’000s
31 december
 2012
 total
£’000s
nonderivative financial liabilities
interest bearing loans and overdrafts – – – – –
trade creditors and other payables – 498 – – 498
other liabilities – 1319 – – 1319
payable to subsidiaries – 16000 – – 16000
– 17817 – – 17817
derivative financial liabilities
foreign exchange forward contracts outflow – 8229 – – 8229
foreign exchange forward contracts inflow – 8265 – – 8265
– 36 – – 36
capital risk
the board’s policy is to maintain a strong capital base so as to maintain investor creditor and market confidence and to sustain further 
development of the business the board monitors the composition of investors as well as the return on capital measured as earnings 
per share profit attributable to shareholders divided by the weighted average number of ordinary shares in issue during the year the 
capital managed by the group comprises equity of £4691 million 2012 £4962 million and borrowings of £12000 2012 £14000 
as capital 79
19 obligations under operating leases
the total of future minimum lease payments under noncancellable operating leases are
2013
£’000s
2012
£’000s
land and buildings
due within one year 987 1165
due between one year and five years 3378 1788
due beyond five years 1301 45
5666 2998
2013
£’000s
2012
£’000s
other leases
due within one year 41 66
due between one year and five years 30 37
due beyond five years – 1
71 104
a new operating lease commitment was entered into in december 2013 for a period of ten years
other leases relate to computer equipment under operating leases
20 called up share capital
2013
£’000s
2012
£’000s
authorised
125000000 2012 125000000 ordinary shares of 1p each 1250 1250
allotted called up and fully paid
67703650 2012 67703650 ordinary shares of 1p each 677 677
the company has only one class of ordinary shares in issue and there are no restrictions regarding voting or other distribution or 
repayment rights at 31 december 2013 the company held 225000 shares in treasury 2012 225000 and therefore 67478650 
ordinary shares is the number of shares that may be used by shareholders in the company as the denominator for the calculations by 
which they will determine if they are required to notify their interest in or a change in their interest in the share capital of the company 
under the fsa’s disclosure and transparency rules and for earnings per share calculations the share premium account has remained 
the same 2012 £2347 million
no shares were issued in 2013 80
strategic report governance financial statements
notes to the financial statements
for the year ended 31 december 2013 continued
shares issued during 2012 comprised
ordinary
shares of
1p each
number
gross
proceeds
value
£’000s
expenses
£’000s
net
proceeds
value
£’000s
employee and executive options exercised 90333 52 – 52
share placing 6059613 6120 314 5806
total 6149946 6172 314 5858
outstanding options over shares in the company
2013 2012
number of
options
‘000s
weighted 
average
exercise price
number of
options
‘000s
weighted 
average
exercise price
outstanding at 1 january 5959 110p 4989 103p
granted 450 98p 3350 106p
exercised – – 90 60p
lapsed 164 114p 2290 91p
outstanding at 31 december 6245 109p 5959 110p
exercisable at 31 december 1108 90p 1114 90p
for options outstanding at 31 december 2013 the exercise price and weighted average remaining contractual lives were as shown below
options outstanding options exercisable
exercise price
no of
shares
weighted 
average
remaining life 
yrs
no of
shares
weighted 
average
remaining life 
yrs
60p 225000 12 225000 12
88p 200000 28 200000 28
98p 440000 92 – –
100p 1562500 35 682500 14
108p 2400000 82 – –
130p 522500 42 – –
135p 895000 34 – –
6245000 57 1107500 16 81
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 typically issued at a premium to the market price the contractual life is 
generally ten years from date of grant although occasionally a shorter period has been chosen options become exercisable after three 
years although exceptionally the period is shorter options issued to directors and senior executives carry performance criteria there 
are other vesting conditions for options identified in the scheme rules including performance conditions which are in the option terms 
with typically eps growth above a minimum hurdle share price growth above a minimum level and a vesting period of three years 
options are valued using the blackscholes optionpricing model and the fair market value after consideration of market based 
performance conditions has been estimated using the following key assumptions
2013
issue
2012
issue 1
2012
issue 2
2012
issue 3
average exercise price 98p 100p 108p 108p
average market price at date of grant 88p 895p 985p 985p
total number of options under grant granted after november 2002 450000 950000 600000 1800000
average vesting period years 3 3 3 3
expected volatility 25 25 25 25
option life years 7 7 7 10
expected life years 5 5 5 7
risk free rate 103 135 083 083
expected dividend yield 307 295 295 295
expected lapse rate 10 10 10 10
fair value of options issued in year 1236p 1098p 1137p 1281p
the risk free rate is based on the yield to maturity of a uk government bond for a term consistent with the assumed life of the options 
the average share price in the year was 86p the expected volatility level was determined by comparing the historic and current 
volatility for the company and comparing with the average volatility for companies in the same sector to determine a reasonable 
estimate for the future volatility the total charge in the income statement for the year relating to employee share based payments for 
the group was £192000 2012 credit of £159000 and for the company was £13000 2012 credit of £197000
there were 1107500 options exercisable at the balance sheet date 2012 1114367 with a weighted average exercise price of 90p 
2012 90p the weighted average remaining contractual life for options outstanding at the balance sheet date is 567 years 
2012 636 years
21 related party transactions
during the year the group paid a fee of £14658 2012 £18695 for training courses and other services supplied by otos limited of 
which cr bacon is a director the year end creditor balance with otos limited was nil 2012 £4000
statpro group plc made a financial support payment of £50000 in 2013 2012 £25000 to the freedom index company ltd a notfor
profit organisation of which cr bacon chairman is a director the freedom index company ltd is creating the freedom index 
benchmarks which are made available free of charge to the asset management community cr bacon receives no fee for his services as 
a director of the freedom index company ltd
during the year the group paid a fee of £76950 2012 £183600 for consultancy services supplied by mc adorian nonexecutive 
director in relation to statpro revolution sales initiatives including developing the sales function the year end creditor balance with mc 
adorian was nil 2012 £19176 82
strategic report governance financial statements
notes to the financial statements
for the year ended 31 december 2013 continued
the company undertakes a range of transactions including management recharges with its subsidiaries which are summarised 
as follows
company
transactions with related parties
balances 
owed by 
due to the 
company  
as at
31 december 
2013
£’000s
balances 
owed by 
due to the 
company 
as at
31 december 
2012
£’000s
payable to subsidiaries
statpro limited 7294 –
performa consultants uk limited 1912 7607
statpro sa 801 690
statpro france 232 177
statpro inc 371 3916
statpro canada inc 4620 3610
15230 16000
receivables from subsidiaries 
statpro limited – 3234
statpro south africa pty ltd 87 109
statpro north america inc 4311 4327
statpro international sarl 9947 6218
14345 13888
company
nature of transactions
value of 
transactions  
2013
£’000s
value of 
transactions  
2012
£’000s
revenue from subsidiaries 12058 11397
expenses recharged from subsidiaries 10684 9325
expenses recharged to subsidiaries 3383 3078
interest paid to subsidiaries 723 571
interest received from subsidiaries 839 680
dividends received from subsidiaries 900 2300
5773 7559 83
key management includes the executive directors and other members of the group executive board the compensation paid or payable 
to the executive directors is shown in the directors’ remuneration report on page 43 and the share based payment charge relating to 
the executive directors is £40000 2012 £9000 the compensation paid or payable to key management for employee services is 
shown below
key management compensation
year to
31 december
2013
£’000s
year to
31 december
2012
£’000s
salaries and other shortterm employee benefits 1393 1223
defined contribution pension benefits 46 77
compensation for loss of office – 75
1439 1375
share based payment 108 213
1547 1162
22 reconciliation of profit before tax to net cash inflow from operating activities
group
2013
£’000s
group
2012
£’000s
company
2013
£’000s
company
2012
£’000s
profit before taxation 3113 3782 4855 5380
dividends received – – 900 2300
net finance expense 273 493 159 380
operating profit 3386 4275 4114 3460
exceptional items 347 978 389 9
operating profit before exceptional items 3733 5253 4503 3469
depreciation of property plant and equipment 898 963 – –
loss on disposal of property plant and equipment – 62 – –
amortisation of intangible assets 4041 3732 1123 1782
decreaseincrease in receivables 993 501 79 6699
decreaseincrease in payables and provisions 107 115 1325 3345
decreaseincrease in deferred income 347 715 – –
share based payments 192 159 13 195
net cash inflow from operating activities before exceptional items 9403 10180 4235 1702
cash payments in respect of exceptional item – restructuring costs – 947 – 9
net cash inflow from operating activities 9403 9233 4235 1693 84
strategic report governance financial statements
notes to the financial statements
for the year ended 31 december 2013 continued
23 analysis of changes in net cashdebt
at
1 january 
2013
£’000s
cash flow
£’000s
noncash 
changes
£’000s
exchange 
differences
£’000s
at 
31 december 
2013
£’000s
cash and cash equivalents per balance sheet 3681 431 – 98 4014
overdrafts – – – – –
cash and cash equivalents per statement of cash flows 3681 431 – 98 4014
bank and other loans 14 – – 2 12
net cash 3667 431 – 96 4002
at
1 january 
2012
£’000s
cash flow
£’000s
noncash 
changes
£’000s
exchange 
differences
£’000s
at
31 december 
2012
£’000s
cash and cash equivalents per balance sheet 2447 1291 – 57 3681
overdrafts – – – – –
cash and cash equivalents per statement of cash flows 2447 1291 – 57 3681
bank loans net of issue costs deferred 5846 6250 415 3 14
net debtcash 3399 7541 415 60 3667
24 reconciliation of net cash flow to movement in net cashdebt
2013
group
£’000s
2012
group
£’000s
2013
company
£’000s
2012
company
£’000s
increasedecrease in cash and cash equivalents in the year 431 1291 326 89
movement on bank loans – 6250 – 6250
exchange movements 96 60 – –
other noncash movements – 415 – 415
movement in net cashdebt 335 7066 326 5746
net cashdebt at beginning of year 3667 3399 1005 4741
net cash at end of year 4002 3667 1331 1005 85
25 pensions
the company operates a defined contribution pension scheme for directors and certain employees the total costs of pension 
contributions during the year were £446000 2012 £478000 contributions outstanding at the end of december 2013 were £27000 
2012 £26000
26 contingent liabilities
as is normal for a group of our size and scope of operations group companies are involved in a number of potential legal claims 
and disputes from time to time arising from our activities none of which are expected to have a material impact on the group’s 
financial results
as noted in previous annual reports the group exercised its option to acquire a 49 noncontrolling interest in sisoft in june 2010 for 
an estimated contingent consideration of approximately £13 million the vendors were disputing certain aspects of the valuation and 
the process has not been completed as originally expected and a legal process in the french commercial court is still ongoing in 2013 
we proposed an outofcourt settlement and the offer was accepted by 55 of the minority shareholders and as a result €116 million 
£099 million was paid out in july 2013 
the board expects the remaining contingent consideration payable to the 45 minority shareholder party 22 of total shares in sisoft  
to be in the range of €07 million – €11 million approximately £06 million – £09 million and has increased the provision by approximately 
€04 million £035 million it is possible that it will not be fully resolved during 2014 there is also a risk that the final consideration 
determined by the court including related costs will be higher than the amount provided although the board’s estimate of the 
measurement of the liability has not changed allowing for fluctuations in exchange rates – see note 16
27 capital commitments
at 31 december 2013 the group had expenditure committed but not yet incurred of £046 million relating to leasehold improvements 
and furniture for our new london office 86
strategic report governance financial statements
statpro group plc
five year record
2013
£’000s
2012
£’000s
2011
£’000s
2010
£’000s
2009
£’000s
revenue
– continuing operations 32486 32001 31715 33131 31556
operating profit
– continuing operations before exceptional items 3733 5253 4490 6785 7103
– exceptional operating items 347 978 – 456 –
3386 4275 4490 6329 7103
net finance expense 273 493 627 708 890
exceptional gain on refinancing – – – – 1158
profit before taxation 3113 3782 3863 5621 7371
taxation 1030 1102 955 1480 1813
profit after taxation 2083 2680 2908 4141 5558
profit attributable to equity shareholders 2083 2680 2908 4106 5569
profitloss attributable to noncontrolling interests – – – 35 11
adjusted ebitda

5463 6728 6118 8452 8629
cash inflow from operating activities 9403 9233 9925 10522 10147
free cash flow 3277 3476 3865 4647 6274
net assets
goodwill and other intangible assets 53524 57683 59045 59378 53164
property plant and equipment 1883 1974 2390 2490 2441
other assets and receivables 6883 7609 7227 8969 8529
cash 4014 3681 2447 1757 2366
current liabilities 18514 19927 19445 20724 17078
noncurrent liabilities 882 1400 7834 8741 11836
net assets 46908 49620 43830 43129 37586
shareholders’ equity
share capital 677 677 616 610 607
share premium 23472 23472 17675 17176 16913
shares to be issued 63 63 63 528 695
treasury shares 249 249 249 249 –
other reserves 7650 10776 11760 12551 8569
retained earnings 15295 14881 13965 12513 10773
total shareholders’ equity 46908 49620 43830 43129 37557
noncontrolling interests in equity – – – – 29
total equity 46908 49620 43830 43129 37586
net cashdebt 4002 3667 3399 5523 8891
earnings per share – basic 31p 43p 48p 68p 93p
earnings per share – diluted 31p 43p 47p 66p 91p
adjusted earnings per share

45p 59p 57p 82p 90p
dividends per share 28p 27p 26p 24p 21p
 adjusted for amortisation of acquired intangibles share based payments and exceptional items 87
annual general meeting 14 may 2014 
final dividend for 2013 21 may 2014 
interim report for 2014 august 2014 
interim dividend for 2014 5 november 2014
preliminary announcements of 2014 results march 2015
report and accounts for 2014 april 2015 
financial calendar 88
strategic report governance financial statements
directors and advisers
directors
cr bacon nonexecutive chairman
jmbt wheatley group chief executive
am fabian group finance director
mc adorian nonexecutive director
sj clark  nonexecutive director
je tozer  nonexecutive director
secretary and registered office
am fabian
mansel court
mansel road
wimbledon
london sw19 4aa
registrars
capita asset services
the registry
34 beckenham road
beckenham
kent br3 4tu
nomad and broker
cenkos securities plc
678 tokenhouse yard
london ec2r 7as
solicitors
boyes turner
abbots house
abbey street
reading rg1 3bd
registered auditors
ernst and young llp
1 more london place
london se1 2af
bankers
the royal bank of scotland plc
280 bishopsgate
london ec2m 4rb
financial pr consultants
newgate threadneedle communications
5th floor 
33 king william street  
london ec4r 9as
company registration no 2910629
incorporated in england  wales 44 01244 304 030
statpro ltd
mansel court
mansel road
wimbledon
london sw19 4aa
united kingdom
t 44 20 8410 9876
f 44 20 8410 9877
statpro france sarl
62 rue de la
chaussée d’antin
75009 paris
france
t 33 1 40 20 1200
f 33 1 40 20 1201
statpro international sarl
148150 boulevard de la pétrusse
l2330 luxembourg
luxembourg
 
t 352 28 37 14 48
f 352 30 74 24 40 
statpro sa
148150 boulevard de la pétrusse
l2330 luxembourg
luxembourg
 
t 352 30 74 24 1
f 352 30 74 24 40
statpro italia srl
via edmondo
de amicis 53
20123 milan
italy
t 39 02 00 693 1
f 39 02 00 693 605
statpro office locations
statpro deutschland gmbh
taunusanlage 1
60329 frankfurt am main
germany
t 49 69 505 060 622
f 49 69 505 060 912
from 1 may 2014
kirchnerstraße 68
d60311 frankfurt am main
germany
statpro inc
99 summer street
suite 1660
boston
ma 02110
usa
t 1 617 692 1150
f 1 617 692 1151
statpro canada inc
33 yonge street
suite 1101
toronto
ontario m5e 1g4
canada
t 1 416 598 9500
f 1 416 598 9530
statpro canada inc
1801 mcgill college avenue
suite 750
montréal
quebec h3a 2n4
canada
t 1 514 842 5091
f 1 514 842 8809
statpro south africa pty ltd
level 3
clock tower office suites
va waterfront
cape town 8001
south africa
t 27 21 443 2140
f 27 21 418 3835
statpro australia pty ltd
chatswood chambers
level 10
815 pacific highway
chatswood sydney
nsw 2067
australia
t 61 2 9884 9045
f 61 2 9884 9027
statpro asia ltd
unit 460711
level 46
the center
99 queen’s road central
hong kong
china
t 852 3796 7065
f 852 3796 7000
for enquiries please email
infostatprocom
wwwstatprocom
annual report 2013 statpro group plc
mansel court
mansel road
wimbledon
london
sw19 4aa
united kingdom
t 44 20 8410 9876
f 44 20 8410 9877
wwwstatprocom
 
      
search ‘statpro’
statpro group plc 
annual report  accounts 2013


Summary:
 jus tin wheatley
strategic report governance financial statements
10
we are pleased with the excellent progress 
achieved during the year in transforming 
our business to a purely cloudbased 
analytics provider we have seen a 
significant increase in our existing clients 
signing up to statpro revolution as the word 
spreads about its unique capabilities to help 
asset managers increase sales improve 
their client service comply with regulations 
and reduce their costs it is our view that 
we can help clients greatly reduce the 
complexity of their client reporting process 
by replacing old technology with new
the number of clients using statpro 
revolution grew to 257 in 33 countries 
by year end 2012 156 in 22 countries 
and statpro revolution recurring revenue 
increased by 114 to £320 million 2012 
£149 million we successfully grew 
the number of our fund administrator 
partners to 34 by year end 2012 21 
fund administrators are core partners 
ensuring that we can provide our 
clients with a smooth implementation 
process of statpro revolution
financial highlights
we are pleased to report that revenue 
for 2013 increased to £3249 million 
2012 £3200 million as expected our 
profits before tax reduced to £311 million 
2012 £378 million following increased 
investment in development sales and 
client services for our cloud services cash 
generated from operations was lower at 
£940 million 2012 £1018 million but 
our net cash position at the end of the 
year increased to £400 million 2012 
367 million adjusted earnings per share 
reduced to 45p 2012 59p and the board 
has recommended an increase in the full 
year dividend to 28p per share 2012 27p
a key performance indicator is the measure 
of the total value of contracts we have 
with clients who have also subscribed for 
statpro revolution this grew by 134 
to £919 million 2012 £392 million and 
represents 37 2012 16 of our total 
recurring software revenues a strong 
indication that we are making good 
progress in demonstrating to our existing 
clients the benefits of statpro revolution 
total annualised recurring revenues grew 
to £2872 million 2012 £2847 million 
there was a reduction in revenues from 
statpro seven to £2402 million 2012 
£2460 million and data revenues to £421 
million 2012 £469 million counteracted 
by an increase in statpro revolution 
subscriptions generating overall growth
strategic focus
our three areas of focus are existing 
clients fund administrators and the 
growing private wealth market our 
existing clients are a readymade 
marketplace for statpro revolution and we 
are making steady progress in this area 
we believe that in the course of 2014 as 
we add functionality to statpro revolution 
we will see an even greater uptake 
fund administrators are a key focus for 
us as they hold the investment book of 
record for many asset managers this 
means that once they have built an 
automated data connection to statpro 
revolution adding more of their clients is a 
relatively straightforward process it is our 
view that fund administrators will win a 
growing market share of the performance 
reporting market as outsourcing this 
function is an economically logical 
action for most asset managers 
however we also think that our 
combined solution of statpro r and 
statpro revolution will enable fund 
administrators to offer a more flexible 
more responsive and more sophisticated 
service than they could do otherwise 
due to our leadingedge technology 
lastly the private wealth market offers us 
many opportunities this is in part because 
it is relatively underserviced in the area of 
sophisticated analysis yet the companies 
in this market are quick to adopt any tool 
that will give them an advantage over 
rivals it is also a growing trend among 
the larger asset managers to merge their 
asset management and private wealth 
businesses to reap economies of scale and 
provide institutional investment skills to the 
private wealth market such organisations 
need and want selfservice solutions like 
statpro revolution in the same way that 
banks have adopted online banking they 
effectively outsource the responsibility 
of reporting to the individual client and 
cut costs significantly we already have a 
number of large private banks as clients 
of statpro revolution and we believe that 
we can grow our revenues in this area
chief executive’s review 11
business transformation
the biggest challenge for statpro is the 
business transformation from supplier 
of traditional software solutions to a new 
cloudbased service provider it has been 
our view from early on that the economic 
reality of the productivity gains possible 
through new cloud technology will cause 
significant change in our market the 
complexity of old processes will be swept 
away and replaced with entirely new 
technology platforms one very large asset 
manager client has a project to replace 100 
separate backoffice systems with just one 
cloud solution we believe that this type of 
project will happen increasingly frequently 
and statpro is well placed to take advantage 
of this as we have made the necessary 
and significant investments to do so 
as we have said before it will take a 
number of years to complete the business 
transformation where most of our 
clients have wholly or partly migrated 
to statpro revolution and statpro r 
but we believe we remain on track to 
achieve a successful transformation
reinventing the performance 
 reporting process
with the launch of the beta version of 
statpro r in 2013 and its combination 
with statpro revolution we believe that 
our new technology will make asset 
managers rethink how they structure their 
performance teams data management 
has become a massively labourintensive 
and complex task for many organisations 
and statpro r offers a means of greatly 
simplifying this as well as offering 
significant increases in scale and speed our 
new technology will make it practical for 
organisations to operate client reporting 
on a daily basis rather than the current 
industry standard of monthly reporting 
the issues of checking data and getting 
signoff by the compliance function are also 
dealt with in an efficient and transparent 
way it is also possible to offer more 
detailed analysis for smaller portfolios 
such as private wealth and consequently 
expand the number of reported portfolios
on the information distribution side asset 
managers are increasingly realising that 
the selfservice model of client reporting 
is the strategic route they must adopt 
sending out standard reports which 
are known to be neither wanted nor 
understood is a very unproductive activity 
on the other hand a solution like statpro 
revolution where subject to permission 
you can see which clients have logged on 
and when and what type of analysis they 
were interested in provides invaluable 
intelligence as well as being much cheaper 
to run this is a radical turning point for 
the industry and statpro is well placed to 
profit from this evident market trend 
development 
there were several significant version 
releases of statpro revolution in 2013 at 
the start of the year we launched our very 
popular stocklevel attribution analysis 
we followed that with the launch of our 
first premium module in may 2013 for 
ucits reporting this has proven popular 
and now represents about 6 of statpro 
revolution recurring revenue in the 
second half of 2013 we focused on adding 
extra sharing functionality so that clients 
can share precisely what they want within 
statpro revolution including specified 
portfolios and time periods this means 
that a mutual fund company can share 
information on its funds up to a particular 
date avoiding revealing its current 
position whilst being transparent to its 
distributors and investors it also greatly 
simplifies the management of the process
in 2014 we have an ambitious schedule of 
development starting with the release of 
our aifmd module which is a complement 
to our ucits module all alternative 
investment fund managers aifm in the 
eu must comply with the new directive 
which stipulates how they report on their 
derivatives exposure our new module 
provides a simple and costeffective way 
to achieve this and we expect it to receive 
a good level of uptake following this we 
intend to deliver an extended fixed income 
attribution module for which we have 
significant demand as well as add to the 
risk management capabilities of statpro 
revolution with these two developments 
we will be able to offer existing clients 
approximately 55 of statpro seven 
fixed income and risk modules sfi  
srm a functionally superior upgrade
people
i would like to thank all our employees 
for the great work they have done in 
2013 transforming a business is not easy 
but everyone has made a great effort to 
contribute to the process and i also know 
that everyone is very proud of the new 
products and services that we offer
dividend
in line with our policy of paying a 
progressive dividend which aims to balance 
return to investors with our investment 
needs we are pleased to announce an 
increase in our full year dividend to 
28p per share in 2013 2012 27p
outlook
as statpro revolution begins to gain 
critical mass in terms of clients users 
and revenue we believe that the next 
steps become clearer as our clients use 
statpro revolution more we note the 
pickup of additional subscriptions with 
approximately onethird of revenues 
coming from repeat purchases as our 
clients begin to share their portfolios 
with others outside their companies 
we note that we have more inbound 
calls from prospects as we get more 
practised at selling statpro revolution 
we see our pipeline of opportunities 
growing steadily as our products add 
more functionality and capacity we can 
cover more needs of asset managers for 
all these and other reasons we believe 
that 2014 will be a good year for statpro
justin wheatley
group chief executive
14 march 2014