3 statpro overview 
5 highlights
6 chairman’s statement
9 chief executive’s review
13 financial review
19 regional reviews 
22 product strategy
23 marketing strategy
24 board of directors
24 group executive board
25 other senior executives
29 directors’ report
33 principal risks and uncertainties
36 corporate governance
39
43
remuneration report 
independent auditor’s report
45 group income statement
45 group statement of
comprehensive income 
46 balance sheets
47 cash flow statements
48 group statement of changes
in shareholders’ equity
49 company statement of
changes in shareholders’ equity
50 notes to the financial statements
85 five year record
86 financial calendar
87 directors and advisers
89 statpro office locations
annual report 2010  our webbased services provide vital analysis of portfolio 
performance and risk to hundreds of fund managers around the 
world by combining our software with our database of historical 
asset prices covering global equities bonds and mutual funds
statpro also provides a price valuation service that covers 
global equities bonds funds and complex assets 
founded in 1994 we have hundreds of client users 
in over 25 countries around the world and we have 
constantly developed and evolved our products to meet 
the changing demands and needs of our target client 
base we believe in providing great value for money and 
superb customer service and this is why we have grown 
revenues every year since we floated in 2000 we aim to 
continue to maintain these simple principles as they will 
guide us through good times and bad statpro revolution analysis dashboard     
y ear ended
31 december
2010
 
 
year ended
31 december
2009
 
 
change
revenue £3313 million £3156 million 5
profit before tax £562 million £737 million 24
adjusted profit before tax

£668 million £690 million 3
adjusted ebitda

£845 million £863 million 2
adjusted operating profit margin

223 247 
annualised recurring contract revenue
 
£2938 million £2812 million 4
earnings per share – basic 68p 93p 27
                                  – adjusted

84p 90p 7
dividend per share – total  for year 24p 21p 14
financial highlights
• 	 a n n u a l i s e d 	 r e c u r r i n g 	 c o n t r a c t 	 r e v e n u e 	 u p 	 4  	 t o 	 £ 2 9  3 8 	 m i l l i o n 	  2 0 0 9  	 £ 2 8  1 2 	 m i l l i o n
 
 
• 	 i m p r o v e d 	 r e n e w a l 	 r a t e 	 o n 	 r e c u r r i n g 	 c o n t r a c t s 	 t o 	 9 2  	  2 0 0 9  	 9 0  
• 	 a d j u s t e d 	 e b i t d a
 
	 r e d u c e d 	 m a r g i n a l l y 	 b y 	 2  	 t o 	 £ 8  4 5 	 m i l l i o n 	  2 0 0 9  	 £ 8  6 3 	 m i l l i o n 
 in year of increased investment
• 	 c a s h 	 fl o w 	 f r o m 	 o p e r a t i n g 	 a c t i v i t i e s 	  b e f o r e 	 e x c e p t i o n a l 	 p a y m e n t s  	 i n c r e a s e d
	 b y 	 5  	 t o 	 £ 1 0  6 6 	 m i l l i o n 	  2 0 0 9  	 £ 1 0  1 5 	 m i l l i o n 	 	 	
• 	 n e t 	 d e b t 	 r e d u c e d 	 s i g n i fi c a n t l y 	 t o 	 £ 5  5 2 	 m i l l i o n 	  2 0 0 9  	 £ 8  8 9 	 m i l l i o n 
	 a n d 	 r e p r e s e n t s 	 0  6 5 	 x 	 a d j u s t e d 	 e b i t d a
 
	  2 0 0 9  	 1  0 3 
• 	 t o t a l 	 d i v i d e n d 	 i n c r e a s e d 	 b y 	 1 4  	 t o 	 2  4 p 	  2 0 0 9  	 2  1 p 
operational highlights
•	 s tr a t egic	f o cus	on	tr ansf orming	t o	pur e	s of t w ar e	as	a	s er vic e	“ s aas ”
 business using cloud technology
• 30 of analytics revenue now on statpro seven platform 2009 20   
• continued investment in statpro revolution amounting to £219 million 2009 £069 million
 aimed at new broader market tier with live service launched in march 2011
• first major client contract for statpro revolution signed in q1 2011 with rbc dexia 
 adjusted profit before tax adjusted earnings per share adjusted operating profit and adjusted ebitda are profit before tax earnings per share operating profit and ebitda after 
adjustment for amortisation of acquired and purchased intangibles share based payments and exceptional items notes 3 and 10
 annualised recurring contract revenue is revenue contractually committed at year end  comparative is at constant currency and excludes disposal
revenue p r ofit	b ef or e	tax a djust ed	ebitd a
c a s h 	 fl o w 	 f r o m	
operating activities dividend progress  i am pleased to report that your company 
has again made substantial progress in 2010 increasing 
revenue by 5 to £331 million 2009 £316 million 
and increasing total annualised recurring revenue by 
4 to £294 million 2009 £281 million at constant 
currency and excluding disposal adjusted profit 
before tax fell by 3 to £67 million 2009 £69 million
dividend  your board is proposing a final dividend of 
17p per share for 2010 payable on 25 may 2011 to all 
shareholders on the register at the close of business 
on 26 april 2011 taking the total dividend to 24p per 
share 2009 21p per share an increase of 14 we 
intend to maintain a progressive dividend policy
products  in 2010 we increased our investment in 
research and development from £38 million to £54 
million mostly related to statpro revolution and 
cloud technology and we will continue to invest in 
2011 our software as a service “saas” strategy made 
further progress with the addition of 44 new clients 
for statpro seven 30 2009 20 by revenue of our 
software clients are now on saas 
people  our employees have once again done 
a great job and i take this opportunity to thank 
them for their contribution to meeting both the 
company’s objectives and the objectives of our 
clients i am confident that their hard work and 
enthusiasm will continue in what should prove to be 
an extremely exciting year for the company
prospects  we start 2011 in confident mood 
looking forward to the full launch of statpro 
revolution during the year a product with the 
potential to transform your company
c ar l	b ac on	
chairman 
25 march 2011   overview  we are pleased with our progress 
in 2010  as has been shown in recent years we 
have a robust business which is profitable and 
significantly cash generative  we operate in an 
expanding global market whose growth is set to 
accelerate and we have bolstered our product 
offering to cater for that demand
the major event of 2010 for statpro was the beta 
launch of cloudbased statpro revolution we have 
been working on statpro revolution since 2007 
and have been steadily increasing our investment 
in it over this period in anticipation of the growth 
in the global asset management industry statpro 
revolution is so named because of its significant 
difference to traditional software in terms of ease 
of use deployment price and scalability we have 
designed it to make it easy and free for users to 
share information with others and this will be the 
key benefit of the service to subscribers
the investment in revolution has impacted our 
profits in 2010 and we expect will continue to do 
so during 2011 as this is an important part of our 
future growth strategy we are delighted to have our 
first customers for revolution including rbc dexia 
investment services after it went live on 28 february 
2011 and we hope to sign up many more partners 
and clients during the course of 2011 as noted in 
our january 2011 trading statement we will also be 
expanding our investment during 2011 in statpro 
revolution not only in development but also for 
support sales and marketing
we continue to make excellent progress with 
statpro seven we are working hard to move 
our clients to our hosted environment and now 
have 30 by value converted 2009 20 we 
also secured 44 new client contracts during 
2010 one of our key strategies is to sell statpro 
revolution and statpro seven together with 
statpro seven as the production system and 
statpro revolution as the distribution system 
in this way clients can enjoy the combined 
benefits of our services
financial highlights  revenue for the year was up 
5 to £3313 million 2009 £3156 million adjusted 
profit before tax was down 3 to £668 million 
2009 £690 million reflecting the investment 
in statpro revolution which reduced operating 
margins to 223 2009 247 nevertheless net 
debt was reduced to £552 million 2009 £889 
million and cash flow from operating activities 
before exceptional payments increased 5 to 
£1066 million 2009 £1015 million our renewal 
rate improved to 92 2009 90 we still felt 
some residual impact of the 2008 financial crisis 
as consolidations and acquisitions represent the 
fundamental reasons behind cancellations of client 
contracts however the very stable nature of our 
core products the long term contracts and recurring 
revenue that they provide enable us to invest with 
confidence in the next generation of technology
regional performance  the strongest markets for 
us in 2010 were in the emeaa region in particular in 
europe our strategy for statpro seven has opened 
up the middle market for our services and resulted in 
an increase in activity there is considerable interest in 
risk systems and improving reporting solutions in all 
these markets our south african and australian offices 
also performed well and premarketing of statpro 
revolution shows that there is a strong appetite for it 
in these markets where asset managers generally have 
smaller budgets in north america we made good 
progress with sales of statpro seven however sales of 
statpro unlimited data services were lower year on 
year the vast us market has considerable potential for 
statpro revolution and seven and we stepped up our 
investment in sales staff during the year and we plan to 
recruit more sales people in 2011  products  the statpro revolution service is a powerful 
cloudbased service with rich functionality it comprises 
two main parts the first is a database of over 500000 
assets with historic prices together with thousands of 
benchmarks and investment classifications the second 
is that it has an integrated suite of portfolio analytics 
including performance attribution and risk together 
with reporting publishing and research
it is possible for a client to upload the historic 
positions in a portfolio and then see the portfolio’s 
performance risk and attribution with full reporting 
in a few minutes as an online service it is accessible 
immediately from any location with internet access 
we believe one of the biggest business benefits of the 
service will prove to be the ability to share the analysis 
a client can “invite” an investor or colleague to see his 
portfolio and so share it this feature will be of great use 
between professional investors such as a mutual fund 
manager and an independent financial adviser “if a” or 
between asset managers and pension fund clients as 
all the data is in one database and is shared rather than 
exchanged the use and access of data is greatly simplified
statpro revolution is priced at 100 per portfolio per 
month for 100 users and is therefore extremely economic 
a company with 20 portfolios can have up to 2000 users 
for just 2000 a month with no limit on the number of 
people who can access the published reports
through the course of 2011 we plan to add many 
additional features and continue to expand the database 
s t r a t e g y 		we have three target markets our existing 
clients distributors and online sales 
for our existing clients who tend to be the larger 
asset managers we have now built links between 
statpro revolution and statpro seven this will enable 
our existing statpro seven clients to easily integrate 
with statpro revolution bringing them considerable 
benefits many clients have a problem reconciling 
front and back office performance results because 
the systems are not integrated the back office role 
is to produce the statement of record and the front 
office team often prefers analysis provided by separate 
terminalbased solutions with statpro revolution it is 
now possible to achieve both as the service provides 
the sort of analysis required by portfolio managers but 
can use the information produced by the back office
we are also focusing on building a network of distributors 
for statpro revolution our first such distributor is rbc 
dexia investment services “rbcd” who plan to use a 
whitelabelled version of statpro revolution to provide 
portfolio analytics to their many clients rbcd now has 
the most sophisticated portfolio analytics service of 
any custodian and can implement a new client almost 
immediately the technology of revolution is ideal for 
custodian banks as they do not have to manage any 
complicated it platform or worry about installing a client 
other potential distributors are market data vendors 
and software companies there are many companies 
especially in the back office that have strong client 
positions in different markets as they have the clients’ 
portfolio data adding statpro revolution to their product 
suite is a relatively easy task for them which will add great 
value to their services we are marketing this to a wide 
range of companies in many parts of the world
finally there is the online market our research shows that 
there are at least 25000 companies that have 10 billion 
or less under management the rapid development of the 
bric brazil russia india and china economies and other 
markets means that there will soon be many more asset 
managers in this category south africa is a compelling 
example of the rapid growth of an asset management 
industry in strongly growing economies in 2000 there 
was approximately 100 billion under management in 
south africa growing in just ten years to over 1 trillion  
the obvious way for such newly established businesses in 
these markets to access portfolio analytics is via an online 
service providing a lower initial price point and scalability 
to easily expand the use of the service as they grow our 
challenge lies in making people aware that our service 
exists and ensuring that we progressively cover more data 
that is useful for each market
people  statpro employs around 250 people in 10 
offices around the world i would like to thank every 
one of them for their contribution to statpro over the 
last year we are all looking forward to 2011 and the 
exciting challenges that lie ahead
dividend  in line with our policy of paying a progressive 
dividend that balances our investment needs with return 
to investors we are pleased to announce an increase in 
our dividend to 24p from 21p in 2009
outlook  statpro is a robust business operating in a 
growth market the steady recurring revenue from our 
core business provides great stability for statpro and allows 
us to invest with confidence our accumulated expertise 
in portfolio analytics makes us a business with rare skills 
and the technology of revolution based on the best 
saas initiatives provides us with an exciting opportunity 
for future growth for these reasons although we cannot 
be sure of economic conditions or other factors we are 
looking forward to the rest of 2011 and beyond
justin wheatley
chief executive
25 march 2011  statpro revolution
    equity attribution overview   overview  the board continues to strive to achieve a 
good balance between investing for top line growth 
while delivering an acceptable profit margin  in 2010 
statpro made a significant increase in investment 
in the business whilst continuing to deliver a solid 
ebitda margin and achieving revenue growth of 
5 to £3313 million 2009 £3156 million adjusted 
ebitda was marginally lower at £845 million 2009 
£863 million but nevertheless was still above 25 
margin and this was achieved whilst increasing our 
spending on research and development from £383 
million to £540 million predominantly relating to 
an increase in expenditure on statpro revolution 
and cloud technology  we also increased our capital 
expenditure on property plant and equipment to 
£094 million 2009 £079 million  we continue to 
focus on good operating cash management and we 
achieved a significant reduction in net debt from 
£889 million to £552 million
key performance indicators for the business
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 highlighted below the kpis are 
discussed in detail in the relevant sections of this 
financial review
revenue  group revenue increased by 5 2009 13 
to £3313 million 2009 £3156 million we achieved 
growth in revenue in the emeaa region of 10  
2009 16 whilst revenue in the north american 
region fell by 3 2009 9 growth mainly due to 
lower data fees 
key performance indicators for the business 2010 2009
c lien t	r ela t ed	kpi s
new sales of recurring licences and data £340 million £347 million
new sales of consulting £228 million £212 million
recurring revenue £2938 million £2812 million
contract renewal rates 92 90
f inancial	and	op er a tional	kpi s
adjusted operating margin 223 247
adjusted ebitda £845 million £863 million
net debt £552 million £889 million
 at constant currency and excludes disposal software licence revenue grew by 8 to £2640 million 
2009 £2440 million while as expected data fees 
reduced by 12 to £445 million 2009 £504 million 
following the expiration in late 2009 of some legacy 
data contracts  the level of professional services 
revenues increased by 8 to £228 million 2009 £212 
million at constant currency ie using 2009 average 
exchange rates total revenue in 2010 would have 
been approximately £3211 million an increase of 2  
 
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 93 of total revenue 2009 93 
the annualised recurring revenue from software 
licences and data fees at the end of december 2010 
was £2938 million 2009 £2812 million at constant 
currency and excluding disposal new contracts signed 
in the year amounted to £340 million 2009 £347 
million and the renewal rate increased to 92 2009 
90  we also made further progress on our saas 
strategy by adding 44 new clients for statpro seven in 
the year and achieving 30 by revenue of our software 
clients now being on the saas platform 2009 20  
approximately 63 of new recurring contracted 
revenue arose from existing clients 2009 56
the proportion by value of recurring software 
licences and data clients at the end of 2010 secured 
to the end of 2011 or beyond increased to 84 
2009 81 due to the profile of renewals beyond 
2011 the weighted average length of contracts 
committed was slightly lower than the prior year at 
18 months 2009 20 months  
o p er a ting	e xp enses		operating expenses before 
amortisation of intangibles and exceptional items 
increased by 7 to £2348 million 2009 £2191 
million although at constant exchange rates 
the increase in expenditure was only 3  the 
average number of employees increased by 2 
to 248 2009 243 and we ended 2010 with 251 
employees 2009 246  
e x c e p t i o n a l 	 i te m s 	 	following a strategic review 
in the second half of 2010 which reaffirmed the 
board’s commitment to refocusing the business on 
saas and cloud computing the board implemented 
a restructuring of noncore operations  this resulted 
in an exceptional charge amounting to £096 
million in 2010 a further charge of approximately 
£024 million is anticipated to be incurred in 2011 
the charges relate principally to redundancy costs 
and onerous leases and the cash outflow in 2010 
amounted to £014 million 
revenue y ear to year to
31 december 31 december growth
2010 2009 year on year
£ million £ million 
software licences 2640 2440 8
data fees 445 504 12
t otal	r ecurring	r e v enue 3085 2944 5
professional services and other revenue 228 212 8
t otal	r e v enue 3313 3156 5
revenue y ear to year to
31 december 31 december growth
2010 2009 year on year
 £ million £ million 
t otal total
emeaa 2137 1941 10
north america 1176 1215 3
t otal	r e v enue 3313 3156 5
the split of revenue for the year by type was as follows
the analysis of revenue by region was as follows following the disposal of noncore software and related 
services under the jse contract in the first half of 2010 for 
a total cash amount of £250 million the company made 
an exceptional gain on the software element of £050 
million being the difference between the cash received 
for the software element £110 million and the carrying 
value and associated costs of the software £060 million 
a djust ed	op er a ting	pr ofit	mar gin		as a result 
of increased investment in our products and 
the exceptional charges described above the 
operating profit reduced in 2010 to £633 million 
2009 £710 million the adjusted operating profit 
reduced by 5 year on year to £739 million 2009 
£779 million as shown in note 3 with the adjusted 
operating profit margin reducing to 223 2009 
247 the adjusted ebitda note 3 fell by 2 to 
£845 million 2009 £863 million
 
r e s e a r c h 	 a n d 	 d e v e l o p m e n t 	 a n d 	 c a p e x 	 	in 2010 
total research and development expenditure amounted 
to £540 million an increase of 41 2009 £383 million 
and equating to 16 of group revenue 2009 12 
as we increased our expenditure on saas and cloud 
computing and in particular statpro revolution the 
total cash expenditure on statpro revolution including 
marketing and other costs incurred in 2010 amounted 
to £219 million which had a profit impact in the year 
of approximately £110 million after the impact of the 
capitalisation of development costs  in the light of the 
successful beta launch of statpro revolution in 2010 
the board approved additional cash expenditure to a 
level of around £40 million per annum for development 
support infrastructure and marketing in this area during 
the course of 2011  
of the total spend incurred on rd including 
purchased software £346 million was capitalised 
2009 £219 million amortisation excluding 
amortisation of acquired intangibles also increased 
to £238 million 2009 £196 million total capital 
expenditure on property plant and equipment 
which relates predominantly to investments in data 
centres and related equipment increased to £094 
million 2009 £079 million  
f inanc e	inc ome	and	e xp ense		net finance 
expense reduced to £071 million 2009 £089 million 
before exceptional item as a result of lower overall 
net debt the exceptional item in 2009 amounting to 
£116 million included within financing income was 
the pretax gain on refinancing 
p r ofit	b ef or e	tax		profit before taxation in 
2010 decreased by 24 to £562 million as a 
result of exceptional items 2009 £737 million 
after adjusting for amortisation of acquired and 
purchased intangibles share based payments and 
exceptional items the adjusted profit before taxation 
reduced by 3 to £668 million 2009 £690 million 
the impact of currency movements which was not 
material increased profit before taxation by £008 
million ie less than 2 impact  
t a x a t i o n 	 	the tax charge amounted to £146 
million 2009 £181 million giving an effective 
tax rate of 26 2009 25  the group has 
utilised further tax losses in the year and therefore 
continues to move towards a full tax charge  whilst 
the cash tax remains lower than the charge there 
was nevertheless a significant increase in the tax 
paid over the prior year with the uk companies 
operating under the quarterly instalment regime 
earnings	p er	shar e		basic earnings per share 
decreased by 27 to 68p 2009 93p diluted 
earnings per share decreased to 66p 2009 91p 
based on potentially dilutive shares outstanding 
amounting to 158 million 2009 142 million  
adjusted earnings per share note 10 reduced by 
7 to 84p 2009 90p  
s of t w ar e	lic enc es	and	da ta	f ees annualised 
recurring     
contract revenue
2010        
annualised 
recurring        
contract revenue 
2009                
 £ million £ million
as at 31 december 2009 2842 2839
net impact of exchange rates 103 052
at 1 january 2010 at dec 2010 rates 2945 2787
jse contract  disposal in 2010 133 
recurring contract revenue 
excluding disposal at dec 2010 rates
2812 2787
new contracted revenue 340 347
cancellations  reductions 214 292
net increase 126 055
recurring contract revenue as at 31 december 2010 2938 2842
renewal rate 92 90 b alanc e	s heet		the group’s net assets increased to 
£4372 million at 31 december 2010 2009 £3759 
million  this increase was mainly as a result of the 
net profits attributable to equity shareholders of 
£413 million and net exchange gains principally 
related to revaluation of goodwill through reserves 
amounting to £389 million   
n on c on tr olling	in t er est		statpro exercised its 
option to acquire the noncontrolling interest in 
sisoft in june 2010 for an estimated contingent 
consideration of approximately £13 million and 
our estimate has not changed but as the vendors 
are disputing certain aspects of the valuation 
the process has not been completed in 2010 as 
expected in january 2011 a legal process in the 
french commercial court was commenced to try 
to resolve the matter and formally complete the 
acquisition  it is probable that the matter will not 
be fully resolved during 2011 and we will provide a 
further update if the position changes materially or 
on the completion of the acquisition
n on curr en t	and	curr en t	assets		net movement 
on goodwill amounting to £503 million 2009 £179 
million relates to the estimate of the additional 
investment in sisoft £131 million together with 
revaluation to year end exchange rates £373 
million the carrying value for goodwill arising on 
all acquisitions has been reviewed and there have 
been no impairments  the level of current assets 
increased to £990 million 2009 £964 million 
excluding asset held for sale  trade debtors the 
largest component of debtors increased to £604 
million at the end of 2010 2009 £540 million 
following an increase in new business signed 
in december 2010  the level of cash and cash 
equivalents reduced to £176 million 2009 £237 
million as surplus cash was used to minimise the 
amount drawn under our revolving credit facility  
c urr en t	and	non curr en t	liabilities		the largest 
component of current and noncurrent liabilities 
was deferred income a noncash liability which 
increased by 9 to £1376 million 2009 £1260 
million the other main movements in creditors 
related to a reduction in trade and other payables 
an increase in contingent consideration an increase 
in provisions following the restructuring and 
reductions in the bank loan  
 
c ash	flo w	and	financing		2010 was another year of 
solid cash generation and further improvement year 
on year with cash inflow from operating activities 
before exceptional payments increasing by 5 
to £1066 million 2009 £1015 million  the net 
cash investment in acquisitions amounted to £033 
million during the year 2009 £093 million relating 
to payments of contingent consideration on past 
acquisitions the proceeds of share issues during the 
year amounted to £005 million 2009 £049 million 
mainly related to employee share options and we 
paid a total of £049 million 2009 £030 million 
related to net settlement of share options in order to 
minimise potential share dilution  there was also a 
net outflow of £020 million related to buying back 
treasury shares  whilst increasing the dividend we 
have maintained a good level of dividend cover free 
cash flow cash dividends of 34 times 2009 56
s har e	c apital	and	r eser v es		in 2010 027 million 
shares were issued 2009 121 million and the 
issued share capital amounted to £061 million 
2009 £061 million representing 6095 million 
shares of 1p nominal value 2009 6068 million the 
company purchased into treasury 475000 shares 
at an average price of 1077p and sold 250000 
at 128p leaving a balance of 225000 shares in 
treasury at 31 december 2010 as a result of these 
share transactions the share premium account has 
increased to £1718 million 2009 £1691 million 
dividends  the directors are recommending a 
final dividend for 2010 of 17p per share 2009 02p 
making a total dividend for 2010 of 24p per share 
2009 21p   it is intended to pay the final dividend 
on 25 may 2011 to all shareholders on the register 
at the close of business on 26 april 2011 total 
dividends paid in 2010 amounted to £135 million 
2009 £112 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 while 
maintaining a minimum cash dividend cover
principal risks and uncertainties  the principal 
business risks and uncertainties affecting the group 
are identified on pages 33 to 35 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 the business cash flows  
the directors believe that the financial risk profile has 
reduced significantly following the refinancing in 
2009 and the improvement in trading and reduction 
in net debt over the last two years  whilst the group 
still has net debt the gearing is now 065 times 
adjusted ebitda interest cover adjusted ebitda net 
finance costs increased to 119 times 2009 97 times liquidity risk  the group’s cash position is closely 
monitored with weekly updates from all overseas 
operations and daily updates of cash collected from 
customers  any aged debtor balance that is overdue 
is investigated to ascertain the reason and to resolve 
the situation promptly monitoring procedures for 
short term cash projections allow the group finance 
team to closely monitor the key liquidity and other 
financial ratios to ensure that there is sufficient 
liquidity in the business at all times and sufficient 
headroom in relation to the banking covenants
financing facilities  the company retains its senior 
debt facility currently amounting to £1515 million 
with rbs which is committed to february 2014 
subject to compliance with agreed covenants  in 
2010 the company agreed some amendments to 
the facility as follows
• 	 the £7 million bullet repayment can now be repaid 
in whole or in part using the revolving credit facility 
“rcf” this allows greater flexibility in financing 
arrangements previously the rcf needed to be 
fully repaid before repaying the bullet  
• the company voluntarily cancelled part of 
the rcf to reduce the facility to £615 million 
given our lower financing requirement whilst 
maintaining considerable financial headroom 
the company also has a multicurrency working 
capital loan of £20 million
at 31 december 2010 the group had both cash 
and undrawn credit facilities amounting to 
approximately £726 million available to support its 
business operations and therefore the board believes 
that the group is wellpositioned to manage the 
business risks in the current uncertain environment
f o r e i g n 	 e x c h a n g e 	 r i s k 	 m a n a g e m e n t 	 	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 £55 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  
i n t e r e s t 	 r a t e 	 r i s k 	 m a n a g e m e n t 	 	the group is 
exposed to interest rate risk as a result of the debt 
in the business although the lower gearing has 
reduced this risk an increase in interest rates would 
increase the interest payable on the group’s banking 
facility  the company has in place an interest rate cap 
expiring in february 2012 on a notional £10 million 
of debt at a strike price of 3 based on 3 month 
gbp libor which the board believes provides a cost 
effective way of benefiting from currently low interest 
rates whilst protecting the company from future 
potential adverse interest rate movements 
the risk to rising interest rates 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
finance director
25 march 2011  overview  statpro has a strong footprint in north 
america employing around 90 people in three 
offices in boston toronto and montréal these 
offices support a growing demand from the us 
and canadian markets as well as global markets 
being serviced by the rest of the group the north 
american regional revenue contribution to statpro 
group is around 35 2009 38 profitability was 
down in the year due to lower data revenue and 
increased investment in new products
the north american board “nab” is responsible 
for implementing our regional strategy as well as 
daytoday management of the region the nab 
meets every month to review performance and 
discuss operating matters
t he	re v olution	b egins	with	the	signing	of	
a global custodian  we are very excited about 
our launch of statpro revolution a cloudbased 
portfolio analytics platform with rbc dexia investor 
services recently signing up for this service  we 
expect to leverage our existing relationships with 
asset managers in north america to promote 
statpro revolution  additionally there is a large 
market in the americas for direct subscription for 
portfolio analytics over the web  it is therefore very 
encouraging to see a healthy increase in statpro 
revolution trial accounts from the americas 
b alanc ed	s c or ec ar d	appr oach	t o	s tr a t egy	
i mplemen ta tion		during 2010 we adopted the 
balanced scorecard methodology to strategy 
planning and execution this helps us align each and 
every individual in our operations to a single focus 
to be an innovative provider of portfolio analytics 
and valuation solutions
sas70 c omplian t	da ta	and	h ost ed	s of t w ar e	
platform  we now have around 53 by revenue 
2009 45 of our software clients in the north 
american region on the software as a service 
“saas” platform and our focus is to increase this 
throughout 2011 to that end we continue to 
invest time and money into additional data centre 
infrastructure and accreditations to ensure that our 
saas backbone is of the highest quality we expect 
to have our data and hosted software platform 
certified as soc 2 under the new ssae 16 standard 
which replaces the sas70 in mid 2011 
s ta t e  of the ar t	c o lo c a tion	da ta	c en tr e
maintaining the confidentiality integrity and 
availability of our clients’ data is of paramount 
importance to statpro and our hosted platform  
we recently made a strategic decision to move our 
toronto and montréal onsite data centres to the bell 
colocation data centre in toronto montréal remains 
our disaster recovery site  statpro revolution and 
statpro unlimited are in place in the new data 
centre as are our sas70compliant saas systems for 
new clients  over the next few months our existing 
clients hosted in our onsite toronto data centre will 
be transitioned to the new infrastructure the bell 
data centre is a top tier facility and this move will 
help us achieve even higher levels of service and 
allow us to grow with our clients’ needs
g lobal	hub	f or	e v alua t ed	da ta	o p er a tions
in addition to housing a saas data centre montréal 
is also the global hub of our statpro unlimited 
operations in utilising industry best practices 
such as itil information technology infrastructure 
library we are able to create maintain and 
distribute data on a large scale while meeting 
the strict deadlines imposed by such timecritical 
information all of the data supplied to the 
statpro revolution and statpro seven products 
as well as to our dataonly clients is produced by 
the montréal data operations team working in 
conjunction with the milan team
people  all of these activities and initiatives are 
only possible with a dedicated and experienced 
staff   we’re fortunate that our people are passionate 
about statpro and our business  i’d like to take this 
opportunity to thank everyone in the region for their 
hard work in 2010  
andrew peddar
ceo north america
25 march 2011 
s ta tp r o	n or th	a meric a overview  within the emeaa region statpro has 
5 european offices located in london paris milan 
frankfurt and luxembourg there are around 100 
people that work in these offices performing local 
sales service and support to our clients across 
europe within the region we develop our risk and 
complex asset pricing services and our new cloud
based portfolio analytics platform revolution
our cape town office is where statpro’s other 
analytics products are developed and tested and 
as a result it is our largest with 54 people in south 
africa we are proud to have 3 of the 4 largest 
custodian banks and the 20 top asset managers in 
the country as clients
in australia our 6 person team looks after all our local 
clients as well as clients spread across asia we will 
be looking to open an office in asia early in 2012
the teams in the emeaa region collectively manage 
around 65 of the group’s revenue
2010  we signed many new clients to our statpro 
seven service in 2010 and we implemented them 
in a remarkably short timeframe as a result of our 
software as a service strategy some of these new 
clients were smaller asset managers who were able 
to benefit from statpro seven’s per portfolio pricing 
which provides a low cost of entry 
the total cost of ownership of statpro seven is much 
lower than the old style installed products offered 
by other vendors and many of our clients recognise 
the benefits of converting to statpro’s hosting 
services and we now have around 21 of our clients 
benefitting from software as a service and we 
expect many more to be converting in 2011 
we also recruited a new european sales director in 
2010 ruggero frisina and he is building up the sales 
team to drive revolution and seven sales in 2011
iso	27001	i nf orma tion	s ecurit y	m anagemen t
as a software as a service provider protecting client 
data and maintaining uptime of hosted servers in 
our london docklands data centre is paramount we 
achieved accreditation to the iso 27001 standard for 
information security management in 2008 and have 
continued to improve our processes at each annual 
reassessment and audit 
s t a t p r o 	 r e v o l u t i o n 		we get positive feedback each 
time we demonstrate our stunning new statpro 
revolution product now the service is live we already 
have clients in various corners of the globe analysing 
their portfolios by subscribing to revolution again 
these are new clients from a completely different 
market segment to our existing clients creating a 
superb growth opportunity for the group
our existing clients are showing high levels of 
interest in revolution as well given that they can 
load their portfolios’ weights and returns from the 
traditional products directly into revolution and 
thereby offer their end customers an enhanced 
interactive web reporting and distribution service
we shall be launching statpro revolution in the uk 
at a prestigious london venue on the 18 may 2011 
at which time we hope to welcome clients and 
many other interested parties to the event
people  at statpro we continually invest in the 
development of people through both internal 
and external training courses this enables us to 
offer better informed service and support to our 
clients and in 2010 we successfully passed our 
reassessment of the investors in people standard 
and i would like to thank all staff in the region for 
their efforts in 2010
simon	johns
ceo 	emeaa
25 march 2011
 
s ta tp r o	emeaa  t he	re v olution	c on tinues		the product strategy
for 2011 continues to be dominated by statpro 
revolution our aim with revolution is to create a 
platform where the owners and managers of money 
can share analytics information in real time thus 
increasing transparency and communication as well as 
helping to fulfil regulations with the minimum of fuss 
the technology leap makes possible what previously 
was not rather than sending information to each 
other and duplicating it and creating silos of dead 
information revolution allows instant access without 
duplication keeping information easy open and fresh
the revolution platform brings together
three key elements
 stateoftheart technology
 data
 analytics and financial expertise
statpro has years of experience and expertise with 
analytics and by leveraging the undoubted power 
and ease of use of the internet revolution brings 
exciting new functionality to our clients over the last 
three years an enormous amount has been achieved 
by our development team to deliver the first live 
version of the service there remain many exciting 
projects and challenges for the year ahead which will 
boost the quality and benefits of revolution
exp er t	da ta	i n t egr a tion		revolution already 
contains good fixed income coverage but there are 
ongoing projects that will dramatically boost the 
capacity of coverage in this area
in 2011 revolution will become a multiplesource 
platform in the fixed income space we are opening 
partnerships with thirdparty data providers who will 
be able to distribute their fixed income information 
such as prices corporate actions and risk numbers 
revolution users will be able to build a price hierarchy 
to analyse their portfolios choosing the preferred 
sources in the desired priority
at the same time we are implementing a 
sophisticated process that will leverage the 
quantitative expertise accumulated in the risk 
management operations our risk solution 
today offers the widest coverage in the industry 
extending its reach to about 300 different types of 
pricing functions the simple idea is to transfer this 
breadth of coverage inside revolution making the 
platform able to cover any potential fixed income 
instrument that clients may have
part of this development is the production of risk 
numbers such as yield to maturity “ytm” modified 
duration and convexity during 2011 with one simple 
enhancement we will be able to provide option
adjusted risk numbers for any fixed income asset 
class already covered in the risk service this means 
that we will produce and integrate inside revolution 
reliable and unique optionadjusted risk figures for 
instruments like floating rate notes convertible bonds 
mortgagebacked securities constantmaturity swaps 
range accruals and similar instruments
f i n a l i s i n g 	 t h e 	 i n f r a s t r u c t u r e 		during 2011 we will 
see the completion of the main components of our 
technology infrastructure a report writer is already 
in place and will be soon followed by an information 
distribution system available under the “publish” tab of 
revolution this component empowers the users to 
manage the reporting workflow organising centrally the 
distribution of reports and information on portfolios
the integration of billing systems and the statpro shop 
will allow us to leverage our online marketing capabilities 
and extend our commercial reach around the world 
n ot	o nly	re v olution		while revolution is certainly 
the biggest development we have there are other 
exciting plans for our other products statpro seven 
will bring to market an integrated interface for our 
expert production system for the middle office 
incorporating several improvements including a 
new messaging system and statpro unlimited now 
provides not only valuations but a fresh array of new 
data including risk numbers at individual asset level 
and “greeks” for any instrument
2011 will be the year that statpro shows the benefits from 
the combination of our data and our software expertise
dario	c in tioli
product director 
25 march 2011 although it is a cliché this time it is true we live in 
rapidly changing times  the internet is opening up 
new markets and opportunities that would have 
seemed impossible just a few years ago  statpro 
revolution is a pure cloudbased internet offering 
which is perfectly suited to take advantage of such 
opportunities on a global scale  marketing such a 
revolutionary product requires a new approach a 
new way of thinking  statpro is leveraging the power 
of the internet to launch and promote revolution to 
a global audience while still engaging prospects and 
clients locally with launch and workshop events in 
many cities around the world  
there are many ways of reaching new markets and 
spreading the core message of statpro revolution  
our strategy is to initiate several streams of activity to 
promote revolution and track these to understand 
the value of each stream in fine detail  this tracking 
of marketing activity using new methods and tools 
provides rapid feedback on the success of individual 
campaigns and allows the business to focus on what 
is yielding the most new business
there are so many new ways of engaging people in 
today’s digital economy  companies like facebook 
have shown in spectacular fashion how people want 
to stay connected with each other  apparently if 
facebook were a country it would be the third most 
populated country on earth behind china and india 
with over 500 million users  understanding how 
people communicate with each other and show 
an interest in a product is key to getting it in front 
of the largest audience possible  statpro is working 
with several specialist partners to ensure revolution 
is positioned in the right places to the right people 
who are looking for portfolio analysis solutions  
creating high quality targeted content that is 
optimised for search engines and promoted through 
many channels is just one of dozens of methods to 
promote inbound marketing that leads to sales  
statpro revolution is free for users to test and our 
strategy is to attract as many people as possible 
to the service in this way so they can see for 
themselves the enormous business benefits of 
a cloud based portfolio analysis and distribution 
system  our mission is to put revolution on the 
screen of every portfolio manager  from there 
revolution will hopefully sell itself and if you open a 
trial account at httpwwwstatprocomrevolution 
you will understand what we mean  
n eil	sm yth	
marketing and technology director
25 march 2011
 
 statpro revolution contribution overview  c ar l	b ac on	cip m	
1 2 3
nonexecutive chairman
carl 48 was appointed chairman 
in 2000 previously he worked 
as director of risk control and 
performance at fc investment 
management limited and prior 
to that was vice president – head 
of performance at j p morgan 
investment management inc he 
is a founder member of both the 
investment performance council 
and gips® chair of the gips executive 
committee chair of the verification 
subcommittee a member of the uk 
investment performance committee 
and a member of the advisory 
board of the journal of performance 
measurement carl is also the author 
of “practical portfolio performance 
measurement  attribution”  
justin wheatley
group chief executive
justin 46 began his career with 
micropal in 1988  in 1991 he set up 
an agency to sell micropal products 
in switzerland and from there grew 
the business by expanding it in 
france and luxembourg  in 1994 
he founded statpro to develop 
portfolio analysis software systems 
in 1999 he sold off the micropal 
agency to raise £17 million to 
fund statpro’s growth and in may 
2000 he floated statpro by raising 
£50 million to build up statpro’s 
international expansion since 
flotation justin has led several 
secondary fund raisings acquired 
10 businesses and disposed of two 
business units  he has day to day 
responsibility for the group 
a ndr e w	f abian	fc a	fc t
group finance director
andrew 49 was appointed finance 
director in 2000  prior to joining 
statpro he was group financial 
controller at william baird plc  
andrew has significant experience 
in the financial services sector both 
through senior finance roles at 
william baird plc and de la rue plc 
and also through advising financial 
institutions as a management 
consultant at deloitte  touche  
andrew is a chartered accountant 
and qualified corporate treasurer 
he is a fellow of both the icaew 
and the association of corporate 
treasurers and served for three years 
on the act’s governing council  
andrew is responsible for the finance 
and operations functions at statpro
g r oup	ex ecutiv e	b oar d justin wheatley group chief executive
andrew fabian group finance director
simon	johns ceo emeaa
andrew peddar ceo north america
m ichel	l empick i corporate development director
dario	c in tioli product director
n eil	sm yth marketing and technology director c har les	f air bairn	a c a	
1 2 3
nonexecutive director
charles 48 has many years’ 
experience in the media sector 
and in growing entrepreneurial 
companies  he is currently a 
director of a number of private 
companies he has been a 
nonexecutive director of many 
other aim listed companies 
including research now plc that 
was sold in 2009 previously he 
worked for pearson plc both 
as finance director of pearson 
new entertainment limited a 
startup division with interests in 
computer publishing which was 
sold to apax partners in 1998 for 
£142 million and as group chief 
accountant  charles chairs the 
group’s audit committee
m ar k	a dorian	
1 2 3
nonexecutive director
mark 48 was appointed to the 
board in 2002  he was previously 
managing director of standard 
 poor’s fund services mark co
founded micropal the global fund 
performance analysis company 
in 1986 becoming their sales  
marketing director in 1987 in 1992 
he became managing director of 
micropal and subsequently in 1997 
negotiated the sale of micropal to 
standard  poor’s a division of the 
mcgrawhill companies between 
1999 and 2001 mark was managing 
director of standard  poor’s fund 
services a business created through 
the merger of micropal together 
with two existing standard  poor’s 
businesses and another acquisition 
his specific responsibilities 
included the global development 
of the enlarged entity mark chairs 
the group’s nominations and 
remuneration committees
s tuar t	c lar k	
1 2
nonexecutive director
stuart 63 was appointed to 
the board in 2009  he has 
been employed in the financial 
information industry since 1968 
from 1995 to 2009 stuart held 
various senior positions at interactive 
data corporation “idc” and 
served as a member of the board 
of directors from 2000 to 2009 
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 york based 
leading provider of deal execution 
platforms market intelligence and 
investor communication tools
1 member of the audit committee
2 member of the remuneration committee
3 member of the nominations committee
o ther	s enior	ex ecutiv es emeaa	region
simon	c heung director client services uk
ruggero frisina sales director europe 
greg howell ceo australasia
laurent laclaverie managing director france
andrew philbrick development director analytics
m ar c	z andt ceo south africa
n or th	a meric an	region
atif ansari cfo north america
daryl peddar senior vice president client services north america
simon	s tillw ell senior vice president sales north america
ian	s w ain executive vice president data north america    the directors present their annual report and the audited financial statements for the year ended 31 december 2010
principal activity
the principal activity of the company and its subsidiaries during the year was 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 
review of business and future developments
the directors are pleased with the performance of the group which has achieved further growth in revenue and a solid level of profits 
and cash flow in a year with a considerable increase in investment in the business a review of the business and likely future developments 
is contained in the chairman’s statement on page 6 and chief executive’s review on pages 9 and 10
principal risks and uncertainties
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 our clients are relatively resilient to the challenging economic backdrop this is because like statpro itself they themselves 
have recurring revenue models and to a large extent the services and software provided by statpro are reasonably embedded within their 
core operations 
the board closely monitors clients that are potentially at risk as well as the pipeline of new business we plan for 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 software service 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 liquidity 
risks to the 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 wellpositioned to manage the business risks in the current uncertain environment
the principal risks and uncertainties that affect the group are identified on pages 33 to 35
financial risk management
the principal financial risks that the group is exposed to and the approach to risk management are described in the financial review on 
pages 16 to 17
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
research and development 
the group continues to invest in developing improved software products and services development expenditure incurred during the year 
was £540 million 2009 £383 million in accordance with ifrs development costs are capitalised where recognition criteria are met and 
written off over the useful life currently estimated by the directors at three years the amount capitalised in the year was £321 million 2009 
£219 million and the total amount of amortisation of internally generated development expenditure was £234 million 2009 £196 million 
r e s u l t s  	 d i v i d e n d s 	 a n d 	 t r a n s f e r s 	 t o 	 r e s e r v e s
the group’s profit attributable to equity shareholders for the financial year was £413 million 2009 £557 million a final dividend of 
17p per ordinary share 2009 02p has been recommended by the directors taking the total dividend for the year to 24p 2009 21p if 
approved by the passing of a resolution at the 2011 annual general meeting it is intended to pay the final dividend on 25 may 2011 to all 
shareholders on the register at close of business on 26 april 2011 exdiv date will be 20 april 2011 a second interim dividend for 2009 of 
13p per ordinary share was paid in march 2010 the profit for the year has been transferred to reserves
s h a r e s 	 i s s u e d 	 i n 	 y e a r
during 2010 the company issued 273291 shares 2009 1209489 as detailed in note 20 to the financial statements also net purchases of 
treasury shares resulted in 225000 shares being held in treasury at 31 december 2010 2009 nil 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
post balance sheet events
there have been no post balance sheet events donations
the group made charitable donations for educational purposes of £33000 2009 £23000 during the year the main component of which 
related to scholarships and sponsorships to students from disadvantaged backgrounds to various educational establishments in south 
africa no political donations 2009 nil were made during the year
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 fairbairn nonexecutive director
mc adorian nonexecutive director
sj clark 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 jmbt wheatley seek 
reelection at the forthcoming annual general meeting 
directors’ interests in the company’s share capital and share options are detailed on page 42
d i r e c t o r s ’ 	 i n t e r e s t s 	 i n 	 s i g n i fi c a n t 	 c o n t r a c t s
directors’ interests in significant contracts are described in note 21 to the financial statements
policy and practice on payment of creditors
the group recognises the importance of good relationships with its suppliers and subcontractors and has established the following 
payment policy
a  agree payment terms in advance of any commitment being entered into
b  ensure suppliers are made aware of these terms by inclusion of the terms of payment on the purchase order or the contract
c  ensure that payments are made in accordance with the terms of the contract or order providing that the presented documentation 
is complete and accurate
the number of days purchases outstanding at 31 december 2010 for the group was 28 days 2009 51 and for the parent company was 
33 days 2009 40
s t a t e m e n t 	 o f 	 d i r e c t o r s ’ 	 r e s p o n s i b i l i t i e s
the directors are responsible for preparing the annual report the directors’ remuneration 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 parent company financial statements in accordance with international financial reporting standards ifrss 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 of 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 as adopted by the european union have been followed subject to any material departures disclosed 
and explained in the financial statements
• 	 prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business the directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions 
and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that 
the financial statements and the directors’ remuneration report comply with the companies act 2006 they are also responsible for 
safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud 
and other irregularities
the directors are responsible for the maintenance and integrity of the company’s website legislation in the united kingdom governing 
the preparation and dissemination of financial statements may differ from legislation in other jurisdictions 
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 has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information 
and to establish that the group’s auditors are aware of that information
this confirmation is given in accordance with section 418 of the companies act 2006
s u b s t a n t i a l 	 s h a r e h o l d i n g s
the company has been notified of the following disclosable holdings of voting rights in the company’s issued share capital as at 1 march 2011
 
n u m b e r	o f	
shares
 of share 
capital 
jmbt wheatley 7159367 117
herald investment trust 6981784 115
axa framlington 6638750 109
liontrust asset management 4576467 75
artemis investment management 3897670 64
svg capital 2627307 43
mc adorian 2520698 42
brown brothers harriman  co 1964166 32
in addition to the above holdings jmbt wheatley and gfmt wheatley company secretary hold 162000 ordinary shares representing 
03 of the ordinary share capital in a family trust both of them being a trustee and potential indirect beneficiary of the trust 
e m p l o y m e n t 	 p o l i c i e s
the group acknowledges the vital role that all employees play in its success through their skills initiative and commitment all operations 
are encouraged to provide the proper resources to maximise this potential through efficient systems of recruitment communication 
training and development it is the group’s policy to give full and fair consideration to the employment and career development of 
disabled persons commensurate with their aptitudes and abilities the group’s policy in respect of staff who become disabled whilst 
employed is to seek to train and assist them wherever possible to continue employment within the group the group is also committed 
to providing equal opportunities regardless of age gender religion or ethnic origin
the group ensures that all employees are kept fully informed as far as it is practicable with regard to the activities of the group by 
circulation of news and regular meetings between directors managers and other employees the london office of statpro the group’s 
head office and base of uk operations retains its investors in people “iip” award in recognition of the investment the company has made 
in its people the award demonstrates that we believe in and recognise the value of our staff their performance and their contribution to 
the success of the business  h e a l t h 	 a n d 	 s a f e t y
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
during 2010 ernst  young llp was appointed by the board as independent auditor to the group following a competitive tender 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
g f m t 	 w h e a t l e y 
c o m p a n y 	 s e c r e t a r y 
25 march 2011 the directors have evaluated the principal business risks and uncertainties affecting the group which are documented in a group risk 
manual below is a summary of the principal business risks and uncertainties together with mitigations in place although it is not intended 
to be an exhaustive list for each risk the directors have identified means by which its impact could be reduced or controlled in a cost 
effective way whilst accepting that some risks cannot be completely eliminated and there may be other risks to the business that we have 
not identified the group executive board actively monitors risk issues and reports regularly to the main board on such matters including 
progress on resolving risk issues
s t r a t e g i c 
risks m i t i g a t i o n s
failure to identify market requirements 
and opportunities competitor products 
are developed that are superior to 
statpro’s offering
• the group executive board “geb” has regular meetings with sales  marketing client services 
and development teams to ensure that statpro’s products and services meet market requirements 
and exploit market opportunities
statpro’s marketing and sales efforts may 
not lead to sufficient new business
• the geb has regular meetings between sales and client services teams to exploit market 
intelligence and ensure that statpro’s products and services meet clients’ needs and are not 
competitive in statpro’s chosen market niches
•  in addition to statpro’s traditional marketing strategies such as event hosting and sponsorship 
statpro aims to use costeffective online advertising tools to track and report interest in its 
products and services thereby enabling a more effective and efficient marketing and sales effort
brand is not sufficiently wellknown in 
the marketplace
• statpro actively promotes itself within the asset management industry by way of thought 
leadership press releases event sponsorship and appropriate sales and marketing campaigns
loss of good reputation • continual proactive account management to maintain good reputation and ensuring staff focus 
on commitment to providing high quality client services including addressing any shortfalls in a 
swift and transparent manner
• ensure good understanding of market’s and clients’ needs
• ensure good communications to board of potential problems and quick resolution
technological change • continual proactive investment in latest technology and practices for code development 
combined with appropriate investment in hardware and software to ensure that we minimise 
the risk to changes in technology and obsolescence we believe that our significant investment 
in research and development and progress in software as a service technology puts us at the 
leading edge of technology
the market takeup of statpro revolution 
may not be as fast as expected
• given that statpro is developing a new service statpro revolution it is difficult to estimate 
precisely the budget and cash flow impacts for current and future years
• once the current betatesting period is complete and statpro revolution beta meets statpro’s 
quality standards statpro revolution will be released to subscription users and the marketing 
effort increased to drive subscription takeup this staged approach will minimise any adverse 
impact on the statpro brand of launching a new product operational 
risks m i t i g a t i o n s
failure to meet client expectations 
or contractual commitments when 
implementing products and services 
with a new client
• all clients allocated an account manager to manage the client relationship and escalate any issues 
to director level
• all client accounts closely monitored for satisfaction
failure to service clients in a timely 
manner leading to dissatisfaction and 
ultimately cancelled or notrenewed key 
customer contracts
• regular monitoring and reporting of clients at risk and proactive account management by client 
services team who categorise and manage clients by their satisfaction with statpro
• the group executive board “geb” has regular meetings with sales client services and 
development represented to ensure that statpro meets client expectations
• longterm contracts foster client commitment
inability to recruit or retain high calibre 
management key staff or management 
leave jeopardising statpro’s ability to 
efficiently and effectively develop new 
products and functionality win new 
business and service current clients
• statpro’s investors in people accreditation helps senior management ensure that staff needs and 
aspirations are met within the organisations objectives and resources
• documenting of key procedures eg under the iso 27001 accreditation program helps ensure 
that an institutional memory is created to capture and exploit key knowledge 
excessive staff turnover jeopardises 
statpro’s ability to operate efficiently and 
effectively
• continual review of hr issues introduction of balance scorecard approach to team and 
individual evaluation
• recruitment planning and implementation
• implement appropriate remuneration schemes
• legal advice on employment law and contract
development delays or undetected 
errors in system code poor design and 
obsolescence
• continual investment in development and quality assurance
• regular monitoring and reporting of development project progress quality and user acceptance 
testing of enhancements
data or hosting software delivery failure • outsourcing of data centres and backup facilities to specialist data centre providers
• disaster recovery plans are in place and are regularly tested
• continual investment in appropriate technology to provide reasonable assurance of meeting high 
levels of service in line with service level agreements
• backup data providers in place so that we minimise risk to provision of pricing data to our clients 
in the event of failure by data supplier to deliver accurate data on time
financial 
risks m i t i g a t i o n s
liquidity risk the group is exposed to 
the risk that there is insufficient financing 
available for our day to day operations
• the group’s cash position is closely monitored as are 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 banking covenants
• the company has in place a committed banking facility with rbs currently amounting to £1515 
million which is available the rcf element is available on an amortising basis subject to 
compliance with covenants to february 2014
currency risk the group operates 
internationally and therefore financial 
results are exposed to movements in the 
exchange rates of currencies in particular 
the us dollar and euro but also the 
canadian dollar south african rand and 
australian dollar
• client contracts are generally denominated in the currency of operation of the sales and support 
unit thereby creating a reasonable degree of natural hedging
• all material currency transaction exposures are hedged through use of foreign exchange contracts
• use is made of currency swaps to create synthetic hedges against movements in the fair value of 
overseas investments
interest rate risk the group has net debt 
and therefore is exposed to movements 
of interest rates
• the level of gearing has reduced significantly and the net debt amounts now to 065 x ebitda
• we have in place an interest rate cap covering a notional £10 million of debt which is capped at a 
libor of 3 to february 2012 c o m p l i a n c e 
risks m i t i g a t i o n s
information systems or information 
security failure
• iso 27001 and sas70 accreditation help ensure that the confidentiality integrity and availability of 
information are preserved
• business continuity and disaster recovery plans implemented and tested to help manage any 
business interruption events
loss of investor confidence  inability to 
raise finance
• regular communication with investors  financial advisors  brokers  communication consultants
noncompliance with applicable laws 
regulations and best business practice to 
manage stakeholder expectations
• laws and regulations are monitored by relevant managers assisted by external specialist input 
where required
• product specialists ensure that statpro’s products comply with all relevant market regulations
• the group finance director manages banking relationships and together with the group ceo 
manages the investor relations
inadequate insurance levels for business 
interruption product liability and 
professional indemnity
• insurance levels reviewed regularly and at least annually in particular levels for professional 
indemnity insurance director’s liability cover and key man insurance
lack of management control over 
acquisitionestablishment of new 
companiesoffices
• contracts structured to limit financial risk
• local management incentivised to ensure common goals and management approach
challenges to intellectual property 
rights there is a risk that third parties will 
breach ip rights held by statpro there 
is also a risk that a third party alleges 
patent infringement or other breach of 
intellectual property rights by statpro 
alleged ip breaches can be very expensive 
to defend even if there is apparently little 
ground for the claim because of the legal 
and technical complexities involved in 
asserting ip rights
• ensure adequate protection of our own ip is in place
• legal advice received on cost effective way to register trademarks and other ip rights in key markets
• ensure legal advice sought to ensure risk of potential ip infringement by statpro is minimised
litigation relating to contractual client 
arrangement or employee contract
• ensure appropriate legal advice taken when any matter is likely to result in legal action c o m p l i a n c e 	 w i t h 	 t h e 	 c o m b i n e d 	 c o d e
as the company is listed on the alternative investment market of the london stock exchange “aim” the company is not required to follow 
the combined code which applies only to fully listed companies nevertheless the company is committed to high standards of corporate 
governance and the board is accountable to the company’s shareholders for good corporate governance this statement describes how 
the principles of corporate governance are applied to the company and the company’s compliance with the code provisions except as 
noted below the company has been in compliance with the provisions set out in the 2008 frc combined code during the year
t h e 	 w o r k i n g s 	 o f 	 t h e 	 b o a r d 	 a n d 	 i t s 	 c o m m i t t e e s
t h e 	 b o a r d
the board currently comprises the nonexecutive chairman the group chief executive the group finance director and three other non
executive directors and is responsible to shareholders for the proper management of the group directors’ biographies appear on page 
24 and 25 and demonstrate a range of relevant experience bringing independent judgement to bear on issues of strategy performance 
resources industry knowledge and standards of conduct which is vital to the success of the group 
all directors have access to the company secretary who is responsible for all company secretarial matters and compliance with relevant 
statutory obligations all directors receive adequate training to enable them to comply with their duties as a director
to enable the board to discharge its duties all directors have full and timely access to all relevant information the board meets at least 
quarterly and has adopted a formal schedule of matters specifically reserved for decision by it thus ensuring that it exercises control over 
appropriate strategic financial operational and compliance issues at these meetings the board reviews trading performance ensures 
adequate financing sets and monitors strategy examines investment and acquisition opportunities and discusses reports to shareholders 
the directors can also take independent professional advice as appropriate at the company’s expense 
the board has a process for evaluating the performance of each director the performance of the executive directors is reviewed by the 
nonexecutive directors the performance of the chairman and each of the nonexecutive directors is reviewed on an individual basis by 
the other directors the overall effectiveness of the board and its subcommittees is reviewed by the board as a whole through completion 
of a formal questionnaire the following committees have been established to deal with specific aspects of the group’s affairs
a u d i t 	 c o m m i t t e e
the audit committee is chaired by charles fairbairn and also comprises the chairman carl bacon mark adorian and stuart clark and 
meets at least three times annually the audit committee provides a forum for reporting by the group’s external auditors meetings are 
also attended by invitation by the group finance director 
the audit committee is responsible for reviewing a wide range of 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 and monitoring the controls which are in force 
to ensure the integrity of the financial information reported to shareholders the audit committee reviews the appointment of external 
auditors and their remuneration both for audit and nonaudit work and discusses the nature and scope of the audit the audit committee 
regularly reviews the level of nonaudit work being performed by the auditors to ensure that they remain independent and the audit 
committee is satisfied that the current level of nonaudit work being performed by the auditors is appropriate
the audit committee needs to assess annually the qualification expertise and resources and independence of the external auditors and 
the effectiveness of the audit process in june 2010 as previously announced ernst  young llp were appointed by the board as auditor 
to the group following a competitive tender process the previous auditor pricewaterhousecoopers llp  had been the group’s auditors 
since april 2000
r e m u n e r a t i o n 	 a n d 	 n o m i n a t i o n s 	 c o m m i t t e e s
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 mark adorian is the 
chairman of the remuneration committee and the other members are charles fairbairn carl bacon and stuart clark who was appointed 
to the committee on 1 july 2010
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 39 to 42 
mark adorian is the chairman of the nominations committee and the other members are carl bacon and charles fairbairn the nominations 
committee undertakes the function of nominating appointments to the board although all such appointments are reviewed and 
approved by the full board there were six full scheduled board meetings held in 2010 during the year there were three audit committee meetings two remuneration 
committee meetings and there were no nominations committee meetings the number of full scheduled board meetings and main sub
committee meetings attended by each director during the year were as follows
 
s c h e d u l e d	
b o a r d	
meetings
audit 
c o m m i t t e e	
meetings
remuneration 
c o m m i t t e e	
meetings
n o m i n a t i o n s	
c o m m i t t e e	
meetings
cr bacon 6 3 2 –
jmbt wheatley 6
am fabian 6
mc fairbairn 6 3 2 –
mc adorian 6 3 2 –
sj clark 6 3 1
sj clark was appointed to remuneration committee on 1 july 2010
g r o u p 	 e x e c u t i v e 	 b o a r d
the group executive board “geb” is the executive committee which comprises the executive directors together with other senior 
executives of the group who meet at least ten times per annum to discuss strategic and operational matters regional executive boards 
and product focused committees have been established to deal with executive decisions within clearly defined terms of reference 
established by the board 
the following changes to the composition of the geb have occurred in december 2010 mark bramley resigned from the group executive 
board with effect from 1 january 2011 two senior executives dario cintioli and neil smyth were promoted to the group executive board 
at the same time the roles and responsibilities of all geb members were reviewed and are now as follows
justin wheatley group chief executive
andrew fabian group finance director
s i m o n 	 j o h n s ceo emeaa
andrew peddar ceo north america
m i c h e l 	 l e m p i c k i corporate development director
d a r i o 	 c i n t i o l i product director
n e i l 	 s m y t h marketing and technology director
the group executive board has the following subcommittees
r e g i o n a l 	 b o a r d s
e m e a a 	 r e g i o n 	  e u r o p e  	 s o u t h 	 a f r i c a 	 a n d 	 a u s t r a l a s i a  	 a n d 	 n o r t h 	 a m e r i c a n 	 r e g i o n
operational decisions on implementing the group’s strategy including sales and client services strategy 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 
p r o d u c t 	 s t r a t e g y
operational decisions on implementing the group’s product strategy including development plans together with 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 
relations with shareholders
communications with shareholders are given high priority there is regular dialogue with institutional shareholders and market analysts 
including presentations after the company’s preliminary announcement of the annual and interim results and other major announcements 
i n t e r n a l 	 c o n t r o l s 	 a n d 	 r i s k 	 m a n a g e m e n t	
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 in accordance with the combined code this review is required to address not only internal 
financial controls but other risks and controls of the business the directors acknowledge that they are responsible for the company’s 
system of internal control which is designed to manage rather than eliminate business risks and which provides reasonable but not 
absolute assurance against material misstatement or loss  the company has established risk management procedures which the directors consider appropriate to a group of statpro’s size and 
complexity and during the year the internal controls and 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 by region and by function and the controls in place to manage the risks and identifies actions 
to be taken to improve risk management processes the risk review process was enhanced during the year by the implementation of a 
new risk management framework which focuses on adopting enterprise wide risk management techniques on a consistent basis and 
improving risk reporting and management given the size and nature of the business the directors consider that the group is compliant 
with the requirements of the turnbull report
each senior executive is responsible for managing risks in his or her region or function and making regular reports on risk issues to both 
the main board and group executive board this risk analysis covers all business risks including commercial financial operational legal 
and environmental risks these reports include the potential impact to the business of each key risk and its likelihood the board is thus 
able to monitor the risk profile for all significant business risks recommendations on internal controls and risk improvement are reviewed 
by the audit committee and the board 
risk awareness is further embedded within the business at a series of review meetings during the year extending to group executive board 
and other directors and senior managers
a statement of the directors’ responsibilities in respect of the financial statements is set out on pages 30 to 31 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 together with accounting policies and procedures which are approved by the board
b u d g e t a r y 	 p r o c e s s	
each year the board approves the annual budget and key risk areas are identified performance is monitored and relevant action is taken 
throughout the year through regular reporting to the board of variances from the budget updated forecasts for the year together with 
information on the key risk areas
i nv e s t m e n t 	 a p p r a i s a l	
major capital and other project expenditure is controlled by a budgetary process and authorisation levels for capital expenditure above 
specified levels and for acquisitions and disposals detailed written proposals have to be submitted to the board for approval 
i n t e r n a l 	 a u d i t	
the group currently does not have an internal audit function as the directors consider this to be inappropriate given the current size 
of the group however this situation is reviewed by the board annually an element of internal audit assurance is achieved by use of 
internal staff working on specific projects for example to review 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 
 
g f m t 	 w h e a t l e y 
c o m p a n y 	 s e c r e t a r y 
25 march 2011 mark adorian is the chairman of the remuneration committee and the other members of the committee are charles fairbairn carl 
bacon and stuart clark who was appointed to the committee on 1 july 2010 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 but has taken no 
external advice 
remuneration policy
the group’s policy is to attract retain and motivate high calibre executives by rewarding them with remuneration packages which 
reflect both individual performance and the results of the operations under their control packages consist of basic salary benefits share 
options performancerelated bonuses pensions and other benefits with a significant proportion of potential remuneration based upon 
achievement of demanding performance targets consideration is given to pay and employment policies elsewhere in the group details 
of the remuneration package of each director are set out on page 41
the group has needed to have a remuneration policy to steer the group towards the objectives of all its shareholders the current focus is 
on the achievement of group revenue growth and profit targets and bonuses will form a greater part of the overall remuneration package
b a s i c 	 s a l a r y 	 a n d 	 b e n e fi t s
salaries are established by reference to prevailing market rates adjusted to reflect individual performance experience responsibilities and 
skills in october 2010 justin wheatley relocated to luxembourg to head up the group’s statpro revolution operation and as a result of this 
justin wheatley signed a new service agreement with a luxembourg subsidiary of the group the terms of the new agreement stipulated 
some flexibility within the remuneration package to swap salary and pension for other allowances within a total remuneration including 
pension and allowances of €330000 per annum 
with effect from 1 january 2011 the remuneration committee approved an increase to this remuneration package for justin wheatley 
to €395000 to include salary pension accommodation and car allowances but excluding any potential performancerelated bonus the 
remuneration committee approved an increase in basic salary for andrew fabian to £142000 with effect from 1 january 2011 there were 
no changes to the fee arrangements for nonexecutive directors
s h a r e 	 o p t i o n s	
share options are granted to directors and eligible employees under established hmrc approved and unapproved employee share option 
schemes as the company places emphasis on the encouragement and motivation of staff details of the options outstanding under the 
schemes are provided in note 20 to the financial statements options are awarded at the higher of market value at the date of grant and 
a minimum level established by the remuneration committee as being acceptable to all shareholders the remuneration committee 
ensures that awards are made within the overall limits authorised by shareholders and at an appropriate level for the individual taking 
into account their role and contribution to the business previous option grants and market practice share options granted to directors 
and senior managers include performance criteria as determined by the remuneration committee from time to time primarily being that 
exercise is dependent on achieving a minimum share price and earnings per share growth target 
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 2010 the targets for performancerelated bonuses for main board executive directors related to the group exceeding a demanding 
target for growth in group ebitda and as a result no bonuses were awarded to executive directors for 2010 the committee may also 
award individual discretionary bonuses in 2010 additional discretionary awards were made to justin wheatley and to andrew fabian 
following the successful disposal of the jse contract generating revenue of us 41 million in 2009 there were no discretionary awards 
bonuses do not form part of pensionable earnings 
the remuneration committee wants to focus the executive team on increasing the revenue growth rate of the business and therefore 
for 2011 bonuses will also be payable based upon achieving a revenue growth target whilst ensuring that ebitda and operating cash 
performance are above a minimum threshold it is anticipated that basic salary will be the substantial element of each package unless 
revenue and profits are substantially higher than the target
l o n g  t e r m 	 i n c e n t i v e 	 p l a n
under the ltip  each year after the annual results have been announced the committee will decide the number of shares over which 
options will be granted to each participant and the performance terms for those options the key factor governing the total number 
of options granted will be that the company meets its earnings per share eps target assuming that this is met and providing that 
participants have met their individual performance objectives as agreed at the start of each year then they will be granted a number of 
options at an exercise price to be determined by the committee  for the 2009 award granted in 2010 45000 options over shares were granted to justin wheatley and 35000 options over shares were 
granted to andrew fabian the strike price for these options is 135p and there are other performance conditions attached for the 2011 
award the committee is recommending the grant of options to executive directors and senior executives with a notional value at grant 
dependent upon the seniority of the participant and will be related to the participant’s base salary these options will have a strike price 
based on a premium to the market price at the time and they will be exercisable after three years the rules governing these options will 
be identical to existing option schemes although there will be performance criteria relating to growth in eps
p e n s i o n s 	 a n d 	 o t h e r 	 b e n e fi t s
the company also operates a defined contribution pension scheme for executive directors other benefits include allowances life 
assurance cover of four times basic salary and membership of a private healthcare scheme 
s e r v i c e 	 c o n t r a c t s
each of the executive directors has a rolling contract of service which is terminable by no more than twelve months’ notice in the event 
of termination of a service contract compensation amounting to the notice period would be payable details of service agreements for 
each executive director are as follows
 
date of 
service 
agreement
n o t i c e	
period on 
termination
jmbt wheatley 29 october 2010 6 months
am fabian 10 july 2000 12 months
nonexecutive directors do not have service contracts cr bacon and jmbt wheatley seek reelection at the forthcoming annual general 
meeting biographical details of all directors can be found on page 24 and 25
performance graph 

50
100
150
200
250
dec05 dec06 dec07 dec08 dec09 dec10
statpro ftse aim all share
31 december 2005  100
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 2005 to 31 december 2010 the total shareholder return for statpro was 893 over the same period 
the ftse™ aim total shareholder return was 544  directors’ remuneration
this part of the remuneration report is audited
2010
salaryfees 
£’000
performance
related 
bonus 
£’000
discretionary 
bonus 
£’000
benefits 
£’000
total 
excluding 
pensions 
£’000 
pensions 
£’000 
t o t a l	2 0 1 0 
£’000
cr bacon 36 – – – 36 – 36
jmbt wheatley 176 – 40 21 237 18 255
am fabian 132 – 10 7 149 13 162
mc fairbairn 35 – – – 35 – 35
mc adorian 30 – – – 30 – 30
sj clark 29 – – – 29 – 29
 438 – 50 28 516 31 547
 
2009
salaryfees 
£’000
performance
related 
bonus 
£’000 
discretionary 
bonus 
£’000
benefits 
£’000
total 
excluding 
pensions 
£’000 
pensions 
£’000 
t o t a l	2 0 0 9 
£’000
cr bacon 36 – – – 36 – 36
jmbt wheatley 180 54 – 23 257 18 275
am fabian 132 32 – 7 171 13 184
mc fairbairn 35 – – – 35 – 35
mc adorian 30 – – – 30 – 30
sj clark appointed 1 september 2009 9 – – – 9 – 9
 422 86 – 30 538 31 569
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 new service 
agreement following his relocation to luxembourg in october 2010 he has opted to receive an accommodation allowance in lieu of salary and other benefits
directors’ pension arrangements 
this part of the remuneration report is audited
the table below shows directors’ pension arrangements in respect of a defined contribution scheme 
 
contribution 
rate 
relevant 
salary 
£’000
c o n t r i b u t i o n s 
2010 
£’000
contributions 
2009 
£’000
jmbt wheatley 10 180 18 18
am fabian 10 132 13 13
as part of jmbt wheatley’s new service agreement jmbt wheatley has opted to swap pension benefits for other allowances and therefore with effect from 1 
january 2011 he no longer receives a pension contribution from the company directors’ interests 
i n t e r e s t s 	 i n 	 s h a r e s	
 
as at 
31 december 
2010 
n u m b e r	
as at 
31 december 
2009 
number 
cr bacon 7 5 0  0 0 0 700000
jmbt wheatley 7  1 5 9  3 6 7 7101219
am fabian 2 0 7  7 9 5 207795
mc fairbairn 7 7 9  8 3 4 779834
mc adorian 2  5 2 0  6 9 8 2520698
sj clark – –
in addition to the above interests jmbt wheatley and gfmt wheatley company secretary have an interest in 162000 ordinary shares 
2009 200000 in a family trust both of them being a trustee and potential beneficiary of the trust
i n t e r e s t s 	 i n 	 s h a r e 	 o p t i o n s	
this part of the remuneration report is audited
 
as at 
31 december 
2009 
number 
granted 
in year 
number 
exercised 
in year 
number 
lapsed 
in year 
number 
as at 
31 december 
2010 
n u m b e r	
exercise 
price 
pence
exercise 
period 
cr bacon 200000 – 200000 – – 60 20062010
 
jmbt wheatley 1000000 – – – 1  0 0 0  0 0 0 975 20092013
45000 – – – 4 5  0 0 0 100 20112015
45000 – – – 4 5  0 0 0 80 20122016
 – 45000 – – 4 5  0 0 0 135 20132017
 1090000 45000 – – 1  1 3 5  0 0 0  
am fabian 77000 – – – 7 7  0 0 0 60 20062013
35000 – – – 3 5  0 0 0 100 20112015
35000 – – – 3 5  0 0 0 80 20122016
 – 35000 – – 3 5  0 0 0 135 20132017
 147000 35000 – – 1 8 2  0 0 0  
 performance criteria are attached to these options with respect to the share price on exercise
 part was net settled for cash see below
gains made by directors on share options 
in 2010 cr bacon exercised 200000 shares 150000 of which were net settled for cash at a weighted average price of 128p realising a gain 
before applicable taxes of £136000 in 2009 options over 698000 shares were exercised by directors and the gain arising was £260000 
s h a r e 	 p r i c e	
the highest and lowest midmarket prices of the company’s ordinary shares during the year were 1285p and 102p respectively and the 
midmarket price on 31 december 2010 was 1145p 
this report was approved by the board on 25 march 2011
 
m c 	 a d o r i a n 
c h a i r m a n 	 o f 	 r e m u n e r a t i o n 	 c o m m i t t e e 
25 march 2011 we have audited the financial statements of statpro group plc for the year ended 31 december 2010 which comprise the group income 
statement group statement of comprehensive income group and parent company balance sheets group and parent company cash 
flow statements group statement of changes in shareholders’ equity and parent company statement of changes in equity and the 
related notes 1 to 25 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 and 
our engagement letter dated 18 june 2010 our audit work has been undertaken so that we might state to the company’s members those 
matters we are required to state to them in an auditor’s report and for no other purpose to the fullest extent permitted by law we do not 
accept or assume responsibility to anyone other than the company and the company’s members as a body for our audit work for this 
report or for the opinions we have formed
respective responsibilities of directors and auditor
as explained more fully in the directors’ responsibilities statement set out on pages 30 to 31 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
in addition the company has also instructed us to
• 	 report our opinion on whether the section of the directors’ remuneration report that is described as audited has been properly 
prepared in accordance with the basis of preparation described therein and whether the part of the directors’ remuneration report 
to be audited is not in agreement with the accounting records and returns
• 	 review the directors’ statement in relation to going concern as set out on page 38 which for a premium listed uk incorporated 
company is specified for review by the listing rules of the financial services authority
• 	 review certain elements of the report to shareholders by the board on directors’ remuneration which for a premium listed uk 
incorporated company is specified for review by the listing rules of the financial services authority and
• 	 review the part of the corporate governance statement relating to the company’s compliance with the nine provisions of the june 
2008 combined code which for a premium listed company is specified for review by the listing rules of the financial services authority
s c o p e 	 o f 	 t h e 	 a u d i t 	 o f 	 t h e 	 fi n a n c i a l 	 s t a t e m e n t s
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
o p i n i o n 	 o n 	 fi n a n c i a l 	 s t a t e m e n t s
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 
2010 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
o p i n i o n 	 o n 	 o t h e r 	 m a t t e r 	 p r e s c r i b e d 	 b y 	 t h e 	 c o m p a n i e s 	 a c t 	 2 0 0 6
in our opinion the information given in the directors’ report for the financial year for which the financial statements are prepared is 
consistent with the financial statements
opinion on other matter
in our opinion the part of the directors’ remuneration report to be audited has been properly prepared in accordance with the basis of 
preparation as described therein m a t t e r s 	 o n 	 w h i c h 	 w e 	 a r e 	 r e q u i r e d 	 t o 	 r e p o r t 	 b y 	 e x c e p t i o n
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
where under the terms of our engagement we are required to report to you if in our opinion
• 	 the part of the directors’ remuneration report to be audited is not in agreement with the accounting records and returns or
 
where under the terms of our engagement we are required to review
• 	 the directors’ statement set out on page 38 in relation to going concern
• 	 the part of the corporate governance statement relating to the company’s compliance with the nine provisions of the june 2008 
combined code and
• 	 certain elements of the report to shareholders by the board on directors’ remuneration
a n d y 	 g l o v e r 	  s e n i o r 	 s t a t u t o r y 	 a u d i t o r  
f o r 	 a n d 	 o n 	 b e h a l f 	 o f 	 e r n s t 	  	 y o u n g 	 l l p  	 s t a t u t o r y 	 a u d i t o r 
london 
25 march 2011  notes
year to 
31 december 
2010 
£’000
year to 
31 december 
2009 
£’000
group revenue
continuing operations 2 3 3  1 3 1 31556
operating expenses before amortisation of intangibles  2 3  4 8 1  21911
amortisation of acquired intangibles 11  4 8 6  580
amortisation of other intangibles 11  2  3 7 9  1962
exceptional item  gain on disposal of software 3 502 –
exceptional item  restructuring costs 3  9 5 8  –
o p e r a t i n g	e x p e n s e s 3  2 6  8 0 2  24453
operating profit 6  3 2 9 7103
finance income 6 44 14
finance expense 6  7 5 2  904
exceptional gain on refinancing 3 – 1158
n e t	f i n a n c e	 e x p e n s e   i n c o m e  7 0 8  268
p r o f i t	b e f o r e	t a x a t i o n 2 5  6 2 1 7371
taxation 7  1  4 5 5  1813
profit for the year 4  1 6 6 5558
profitloss attributable to noncontrolling interests 8 35 11
profit attributable to equity shareholders 4  1 3 1 5569
  4  1 6 6 5558
e a r n i n g s	p e r	s h a r e	–	b a s i c 10 68p 93p
 – diluted 10 66p 91p
g r o u p 	 s t a t e m e n t 	 o f 	 c o m p r e h e n s i v e 	 i n c o m e
 
year to 
31 december 
2010 
£’000
year to 
31 december 
2009 
£’000
profit for the year 4  1 6 6 5558
other comprehensive income
net exchange differences 3  8 9 2 2654
total comprehensive income for the year 8  0 5 8 8212
attributable to
noncontrolling interests 34 14
equity shareholders 8  0 2 4 8226
total comprehensive income for the year 8  0 5 8 8212  notes
group 
as at 
31 december 
2010 
£’000
group 
as at 
31 december 
2009 
£’000
c o m p a n y 
as at 
31 december 
2010 
£’000
company 
as at 
31 december 
2009 
£’000
n o n  c u r r e n t	a s s e t s
goodwill 11 5 2  5 8 3 47550 – –
intangible assets 11 5  7 6 1 5122 1  1 3 9 310
property plant and equipment 12 2  4 9 0 2441 – –
other receivables 14 131 359 4  5 7 3 4912
deferred tax assets 17 699 899 35 –
investments 13 – – 4 2  5 6 9 45892
6 1  6 6 4 56371 4 8  3 1 6 51114
c u r r e n t	a s s e t s
trade and other receivables 14 7  9 0 6 7189 203 161
financial instruments 44 – 44 –
current tax assets 189 82 179 –
cash and cash equivalents 14 1  7 5 7 2366 – 804
9  8 9 6 9637 426 965
asset held for sale 3 – 492 – 492
9  8 9 6 10129 426 1457
liabilities
c u r r e n t	l i a b i l i t i e s
financial liabilities – borrowings 1418  8 8 6  119  8 7 5  107
financial instruments  1 1 5  –  1 1 5  –
trade and other payables 15  3  5 2 2  3869  1 1  1 63  14415
current tax liabilities  5 4 2  396  8 9  268
deferred income  1 3  63 0  12347 – –
provisions 16  2  0 2 9  347  1  3 9 3  262
   2 0  7 2 4  17078  1 3  63 5  15052
      
n e t	c u r r e n t	l i a b i l i t i e s  1 0  8 2 8  6949  1 3  2 0 9  13595
n o n  c u r r e n t	l i a b i l i t i e s
financial liabilities – borrowings 18  6  3 9 4  11138  6  3 9 4  11138
other creditors and accruals 15  3 1 7 335 – –
deferred income  1 3 1  257 – –
provisions 16  2 7 7 106 – –
   7  1 1 9  11836  6  3 9 4  11138
      
n e t	a s s e t s 4 3  7 1 7 37586 2 8  7 1 3 26381
s h a r e h o l d e r s ’	e q u i t y
ordinary shares 20 610 607 610 607
share premium 1 7  1 7 6 16913 1 7  1 7 6 16913
shares to be issued 528 695 63 63
treasury shares  2 4 9  –  2 4 9  –
other reserves 1 2  4 6 2 8569 2  3 6 9 2369
retained earnings 1 3  1 9 0 10773 8  7 4 4 6429
t o t a l	s h a r e h o l d e r s ’	e q u i t y 4 3  7 1 7 37557 2 8  7 1 3 26381
noncontrolling interests in equity 8 – 29 – –
t o t a l	e q u i t y 4 3  7 1 7 37586 2 8  7 1 3 26381
the financial statements on pages 45 to 84 were approved by the board of directors on 25 march 2011 and were signed on its behalf by
 directors
 
  
	 j m b t 	 w h e a t l e y 	 	 	 a m 	 f a b i a n  notes
group 
year to 
31 december 
2010 
£’000
group 
year to 
31 december 
2009 
£’000
c o m p a n y 
year to 
31 december 
2010 
£’000
company 
year to 
31 december 
2009 
£’000
c a s h	f l o w s	f r o m	o p e r a t i n g	a c t i v i t i e s
net cash inflow from operating activities 
before exceptional items 22 1 0  6 6 1 10147 1  5 1 9 6079
cash payments in respect of exceptional item – 
restructuring costs 22  1 3 9  – – –
cash generated from operations 1 0  5 2 2 10147 1  5 1 9 6079
interest received 44 14 – 3
interest paid  5 5 7 826  5 5 7 826
tax received 63 127 – –
tax paid  1  0 2 4  204  4 3 3  –
n e t	c a s h	f r o m	o p e r a t i n g	a c t i v i t i e s 9  0 4 8 9258 529 5256
c a s h	f l o w s	f r o m	i n v e s t i n g	a c t i v i t i e s
acquisition of subsidiaries net of cash acquired 16  3 2 8  930  3 2 8  930
investment in intangible assets 11  3  4 5 7 2194  2  5 7 0  1176
disposal of software 3 1  1 0 2 – 1  1 0 2 –
repayment of investment loan 13 – – 5  1 7 7 –
purchase of property plant and equipment 12  9 4 4  790 – –
dividends received from subsidiaries  – – 1  4 3 7 3000
n e t	c a s h	 u s e d	i n   f r o m	i n v e s t i n g	a c t i v i t i e s  3  6 2 7 3914 4  8 1 8 894
c a s h	f l o w s	f r o m	f i n a n c i n g	a c t i v i t i e s
repayment of bank loan on refinancing – 17629 – 17629
repayment of bank loan 23  4  8 8 8  5325  4  8 8 8  5325
proceeds from new bank loanoverdraft – 19816 – 19816
financing costs for bank loan – 958 – 958
proceeds from issue of ordinary shares 20 50 485 50 485
payment for net settlement of share options 20  4 8 7 296  4 8 7 296
acquisition of own shares 20  5 1 7 –  5 1 7 –
disposal of own shares 20 317 – 317 –
dividends paid to shareholders 9  1  3 4 8  1121  1  3 4 8  1121
n e t	c a s h	 u s e d	i n   f r o m	f i n a n c i n g	a c t i v i t i e s  6  8 7 3  5028  6  8 7 3  5028
      
n e t	 d e c r e a s e   i n c r e a s e	i n	c a s h	a n d	c a s h	e q u i v a l e n t s  1  4 5 2  316  1  5 2 6  1122
c a s h	a n d	c a s h	e q u i v a l e n t s	a t	s t a r t	o f	ye a r 2  2 4 7 1664 697 549
effect of exchange rate movements 76 267  4 6  124
c a s h	a n d	c a s h	e q u i v a l e n t s	a t	e n d	o f	ye a r 14 871 2247  8 7 5  697
in the current year management have included the bank overdraft within cash and cash equivalents for the basis of the cash flow statement as they believe it is an 
integral part of the cash management of the group the comparative amounts for opening and closing cash and equivalents have been represented accordingly  
s h a r e 
capital 
£’000
s h a r e 
premium 
£’000
s h a r e s 
to be 
 issued 
£’000
t r e a s u r y 
shares 
£’000
other 
reserves 
£’000
retained 
earnings 
£’000
n o n  
controlling 
interests 
£’000
t o t a l 
£’000
at 1 january 2009 595 16276 827 – 5912 6515 43 30168
profit for the year – – – – – 5569 11 5558
other comprehensive 
income
exchange differences – – – – 2657 – 3 2654
t o t a l	c o m p r e h e n s i v e	
income – – – – 2657 5569 14 8212
transactions with owners
share based payment 
transactions – – – – – 107 – 107
net settlement of share 
options 1 – – – – 297 – 296
shares issued 11 637 132 – – – – 516
dividends – – – – – 1121 – 1121
 12 637 132 – – 1311 – 794
at 31 december 2009 607 16913 695 – 8569 10773 29 37586
 
s h a r e 
capital 
£’000
s h a r e 
premium 
£’000
s h a r e s 
to be 
issued 
£’000
t r e a s u r y 
shares 
£’000
other 
reserves 
£’000
retained 
earnings 
£’000
n o n  
controlling 
interests 
£’000
t o t a l 
£’000
at 1 january 2010 607 16913 695 – 8569 10773 29 37586
profit for the year – – – – – 4131 35 4166
other comprehensive 
income
exchange differences – – – – 3893 – 1 3892
t o t a l	c o m p r e h e n s i v e	
income – – – – 3893 4131 34 8058
transactions with owners
share based payment 
transactions – – – – – 78 – 78
acquisition of non
controlling interests – – – – – – 63 63
acquisition of own shares – – – 517 – – – 517
disposal of own shares – 49 – 268 – – – 317
net settlement of share 
options – – – – – 487 – 487
tax credit relating to share 
option scheme – – – – – 43 – 43
shares issued 3 214 167 – – – – 50
dividends – – – – – 1348 – 1348
 3 263 167 249 – 1714 63 1927
at 31 december 2010 610 1 7  1 7 6 528  2 4 9  1 2  4 6 2 1 3  1 9 0 – 4 3  7 1 7
other reserves include merger reserves amounting to £2369000 2009 £2369000 and translation reserve amounting to a surplus of £10093000 2009 
£6200000 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 expenses associated with shares issued in the year amounted to nil 2009 £3000 c o m p a n y
s h a r e 
capital 
£’000
s h a r e 
premium 
£’000
s h a r e s 
to be 
issued 
£’000
t r e a s u r y 
shares 
£’000
other 
reserves 
£’000
retained 
earnings 
£’000
t o t a l 
£’000
at 1 january 2009 595 16276 63 – 2369 2197 21500
shares issued 11 637 – – – – 648
profit for the year – – – – – 5590 5590
dividends paid – – – – – 1121 1121
share based payment 
transactions – – – – – 60 60
net settlement of share 
options 1 – – – – 297 296
at 31 december 2009 607 16913 63 – 2369 6429 26381
 
c o m p a n y
s h a r e 
capital 
£’000
s h a r e	
premium 
£’000
s h a r e s 
to be 
issued 
£’000
t r e a s u r y	
shares 
£’000
other 
reserves 
£’000
retained 
earnings 
£’000
t o t a l 
£’000
at 1 january 2010 607 16913 63 – 2369 6429 26381
shares issued 3 214 – – – – 217
acquisition of own 
shares – – – 517 – – 517
disposal of own shares – 49 – 268 – – 317
profit for the year – – – – – 3795 3795
dividends paid – – – – – 1348 1348
share based payment 
transactions – – – – – 312 312
tax credit relating to 
share option scheme – – – – – 43 43
net settlement of share 
options – – – – – 487 487
at 31 december 2010 610 1 7  1 7 6 63  2 4 9  2  3 6 9 8  7 4 4 2 8  7 1 3
other reserves are merger reserves amounting to £2369000 2009 £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 £305000 relating to investments in subsidiaries 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 and ifric interpretations 
endorsed by the european union eu and with those parts of the companies act 2006 applicable to companies reporting under ifrs the 
financial statements have been prepared under the historical cost convention as modified by available for sale investments and 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
the preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates and 
assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts 
of revenues and expenses during the reporting period although these estimates are based on management’s best knowledge of the 
amount event or actions actual results ultimately may differ from those estimates
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 £3795000 2009 £5590000
b a s i s 	 o f 	 p r e p a r a t i o n 	 – 	 g o i n g 	 c o n c e r n
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 the clients 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 we have a client base of around 260 client groups 2009 255 which is diversified geographically and by 
product and with no significant client concentration our 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 we plan for 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 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 the 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 wellpositioned to manage the business risks in the current uncertain environment
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’s financial statements
c r i t i c a l 	 a c c o u n t i n g 	 e s t i m a t e s 	 a n d 	 j u d g m e n t s
the preparation of financial statements under ifrs requires management to make estimates and assumptions concerning the future 
the resulting accounting estimates will by definition therefore not necessarily equate to the actual outcome estimates are made by the 
directors based on experience and estimates believed to be reasonable expectations of future outcomes critical accounting estimates 
and judgments are made in the following areas
	 • 	 impairment of nonfinancial assets
	 • 	 intangible assets – carrying value
	 • 	 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
i m p a i r m e n t 	 o f 	 n o n  fi n a n c i a l 	 a s s e t s
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 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
i n t a n g i b l e 	 a s s e t s 	 – 	 c a r r y i n g 	 v a l u e
development costs are capitalised in accordance with the accounting policy given below initial capitalisation of costs 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
d e f e r r e d 	 t a x 	 r e c o g n i t i o n
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 judgment 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 
n e w 	 a n d 	 a m e n d e d 	 a c c o u n t i n g 	 s t a n d a r d s 	 a n d 	 i n t e r p r e t a t i o n s
the following new and amended ifrs and ifric interpretations were effective as of 1 january 2010
	 • 	 ifrs 2 “sharebased payment group cashsettled sharebased payment transactions” effective 1 january 2010
	 • 	 ifrs 3 “business combinations revised” and ias 27 “consolidated and separate financial statements amended” effective 1 july 
2009 including consequential amendments to ifrs 2 ifrs 5 ifrs 7  ias 7 ias 21 ias 28 ias 31 and ias 39
	 • 	 ias 39 “financial instruments recognition and measurement – eligible hedged items” effective 1 july 2009
	 	 	 ifric 17 “distributions of noncash assets to owners” effective 1 july 2009
	 • 	 ifric 18 “transfer of assets from customers” effective 1 july 2009
	 • 	 improvements to ifrss may 2008
	 • 	 improvements to ifrss april 2009
the adoption of the standards or interpretations is described below
• 	 ifrs 2 amendments “group cashsettled sharebased payment transactions” effective from 1 january 2010 in addition to 
incorporating ifric 8 “scope of ifrs 2” and ifric 11 “ifrs 2 – group and treasury share transactions” the amendments expand on 
the guidance in ifric 11 to address the classification of group arrangements that were not covered by the interpretation the new 
guidance did not have a material impact on the group’s financial statements
• 	 ifrs 3 “business combinations revised” and ias 27 “consolidated and separate financial statements amended”
 ifrs 3 revised “business combinations – comprehensive revision on applying the acquisition method” effective from 1 july 2009 
which will impact the way future acquisitions are reported the group applied ifrs 3 revised from 1 january 2010 with the main 
changes being that directly attributable costs such as advisers fees and stamp duty will be charged to the income statement 
revisions to contingent cash consideration in the period following the acquisition will be recorded in the income statement and any 
difference between the fair value of the consideration in the buyout of noncontrolling interests and the value of their reported 
noncontrolling interest will be recorded against equity
 ias 27 revised “consolidated and separate financial statements” effective from 1 july 2009 the revised standard requires 
the effects of all transactions with noncontrolling interests to be recorded in equity if there is no change in control and these 
transactions will no longer result in goodwill or gains and losses the standard also specifies the accounting when control is lost any 
remaining interest in the entity is remeasured to fair value and a gain or loss is recognised in profit or loss the group has applied 
ias 27 revised prospectively to transactions with noncontrolling interests from 1 january 2010
• 	 ias 39 amendment “financial instruments recognition and measurement – eligible hedged items” effective from 1 july 2009 the 
amendment clarifies that an entity is permitted to designate a portion of the fair value changes or cash flow variability of a financial 
instrument as a hedged item this also covers the designation of inflation as a hedged risk or portion in particular situations the 
amendment had no impact on the financial position or performance of the group as the group has not entered into any such hedges
• 	 ifric 17 “distributions of noncash assets to owners” effective from 1 july 2009  comprehensive guidance on when dividends 
payable should be recognised and how an entity measures the dividend payable and how any difference between the carrying 
amount of the assets distributed and the carrying amount of the dividend payable is accounted for the interpretation has no effect 
on either the financial position or the performance of the group
• 	 ifric 18 “transfer of assets from customers” effective 1 july 2009 – the interpretation applies to entities that receive from customers 
items of property plant and equipment or cash for the acquisition or construction of such items  these assets are then used to 
connect customers to a network or to provide ongoing access to the supply of goods or services  as the group does not enter such 
transactions this interpretation is not relevant to the group • 	 improvements to ifrss in may 2008 and april 2009 the iasb issued omnibus of amendments to its standards primarily with a view 
to removing inconsistencies and clarifying wording there are separate transitional provisions for each standard the adoption of 
the following amendments resulted in changes to accounting policies but did not have any impact on the financial position or 
performance of the group
• 	 ias 38 amendment “intangible assets” the amendment is part of the iasb’s annual improvements project published in april 2009 
and the group and company will apply ias 38 amendment from the date ifrs 3 revised is adopted the amendment clarifies 
guidance in measuring the fair value of an intangible asset acquired in a business combination and it permits the grouping of 
intangible assets as a single asset if each asset has similar useful economic lives the amendment will not result in a material impact 
on the group or company’s financial statements
• 	 ifrs 5 amendment “measurement of noncurrent assets or disposal groups classified as heldforsale” the amendment is part 
of the iasb’s annual improvements project published in april 2009 the amendment provides clarification that ifrs 5 specifies the 
disclosures required in respect of noncurrent assets or disposal groups classified as held for sale or discontinued operations it also 
clarifies that the general requirement of ias 1 still apply particularly paragraph 15 to achieve a fair presentation and paragraph 125 
sources of estimation uncertainty of ias 1 the group and company has applied ifrs 5 amendment from 1 january 2010 it had no  
material impact on the group or company’s financial statements
• 	 ias 1 amendment “presentation of financial statements” the amendment is part of the iasb’s annual improvements project 
published in april 2009 the amendment provides clarification that the potential settlement of a liability by the issue of equity is 
not relevant to its classification as current or non current by amending the definition of current liability the amendment permits a 
liability to be classified as noncurrent provided that the entity has an unconditional right to defer settlement by transfer of cash or 
other assets for at least 12 months after the accounting period notwithstanding the fact that the entity could be required by the 
counterparty to settle in shares at any time the group and company will apply ias 1 amendment from 1 january 2010 it had no  
material impact on the group or company’s financial statements
i n t e r p r e t a t i o n s 	 a n d 	 r e v i s e d 	 s t a n d a r d s 	 t h a t 	 a r e 	 n o t 	 y e t 	 e ff e c t i v e 	 a n d 	 h av e 	 n o t 	 b e e n 	 e a r l y 	 a d o p t e d 	 b y 	 t h e 	 g r o u p
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 7 amendment “disclosures – transfers of financial assets not eu endorsed” from 1 july 2011
• 	 ifrs 1 amendment “limited exemption from comparative ifrs 7 disclosures for firsttime adopters” from 1 july 2010
• 	 ifric 14 amendment “prepayments of a minimum funding requirement” from 1 january 2011
• 	 ifric 19 “extinguishing financial liabilities with equity instruments” from 1 july 2010
• 	 ifrs 9 “financial instruments not eu endorsed” from 1 january 2013
• 	 ias 12 “recovery of underlying assets” from 1 january 2011
• 	 ias 24 revised “related party transactions” from 1 january 2011
• 	 ias 32 amendment “classification of rights issues” from 1 february 2010
b a s i s 	 o f 	 c o n s o l i d a t i o n
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 all 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 as follows
a licence revenue and related software support contracts
licence revenue and software support contract income relating to obligations under contracts is recognised in the income statement over 
the period of the contract on a monthly basis from the start of the month in which the licence commences any balance not relating to 
the accounting period is carried forward as deferred income on the balance sheet
b data fees
data fee income is recognised in the income statement over the period of the contract on a monthly basis from the start of the month in 
which the contract commences any balance not relating to the accounting period is carried forward as deferred income on the balance 
sheet data overage revenue on data contracts data revenue in excess of contracted amount is recognised in the period that the overage 
was incurred
c professional services revenue
income relating to consultancy projects is recognised in the income statement as a right to consideration is established as a result of performance 
 d royalty revenue
income is recognised in the income statement as rights to consideration accrue s e g m e n t a l 	 r e p o r t i n g
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 fact that the asset and related costs can be separately identifiable the use of the asset is technically feasible and intended 
and that the asset is 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 development expenditure is amortised over a three year period as this is the 
period that the directors expect the benefits to arise from the expenditure incurred 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
i n t a n g i b l e 	 a s s e t s 	 – 	 c u s t o m e r 	 c o n t r a c t s
customer contracts acquired with acquisitions are valued based on the net contribution expected to be realised over the estimated life 
of the contracts and discounted at an appropriate discount rate taking into account any tax effects the intangible assets created are 
then amortised over a period of between three and seven years as this is the period that the directors expect the benefits to arise from 
the contracts 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 on 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 complete 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
b u s i n e s s 	 c o m b i n a t i o n s
the results and net assets of subsidiary undertakings acquired are included in the group income statement and balance sheet using the 
acquisition method of accounting from the effective date of acquisition the date control is gained over the subsidiary the results and 
net assets of subsidiary undertakings disposed of are included in the group income statement and balance sheet using the acquisition 
method of accounting to the effective date of disposal income and expenditure relating to transactions between group undertakings are 
eliminated on consolidation
depreciation
the cost of fixed assets is depreciated on a straight line basis over the expected useful lives of the assets as follows
improvements to short leasehold property  over the period of the lease 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
i n v e s t m e n t s
investments in subsidiary undertakings are stated at cost including estimated contingent consideration less any provisions for impairment
cu r r e n t 	 a n d 	 d e f e r r e d 	 t a x a t i o n
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 at 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 selling in the shortterm derivatives are also categorised as held for trading unless they are designated as 
hedges assets in this category are classified 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 included in current assets except for those with maturities greater than 12 months after the balance sheet date which are 
classified 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
b o r r o w i n g s
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 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
c a s h 	 a n d 	 c a s h 	 e q u i v a l e n t s
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 shown 
within borrowings in current liabilities on the balance sheet
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
s h a r e  b a s e d 	 p ay m e n t s
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 which affect the value and the board has considered carefully 
these assumptions in order to derive an appropriate charge for the cost of options note 20 the financial effect 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 investments 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
e x c e p t i o n a l 	 i t e m s
material and nonrecurring amounts are disclosed as exceptional items when in the opinion of the directors the size or nature of the 
amounts is such that separate disclosure is considered necessary foreign currencies
transactions in foreign currencies are recorded at the rate ruling at the date of the transaction monetary assets and liabilities denominated 
in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date all differences are taken to the income 
statement the 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 	 s e g m e n t a l 	 i n f o r m a t i o n
the group’s operating segments have been determined based on the information regularly reviewed by the group executive board 
which has been identified as the chief operating decision maker “codm” during the year there has been a change in the way the 
business is managed and in the information presented to and reviewed by the codm the reportable segments in the prior year of united 
kingdom rest of europe and rest of the world are considered as emeaa after presenting central costs separately the north american 
regional segment is unchanged the reportable segments in the current year reflect the revised structure and the prior year has been re
presented accordingly the group executive board considers the business to be split into two primary geographical markets emeaa and 
north america which are each managed by a regional ceo central costs relate to the expenses related to the group’s headquarters and 
costs directly associated with the parent company which are managed by the group management team exceptional items relating to the 
software disposal in 2010 and the refinancing in 2009 are included under central the external debt is 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 data solutions and related professional 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 £81 million 2009 £86 million with noncurrent assets 
held by uk entities totalling £221 million 2009 £196 million
for the year ended 31 december 2010
 
e m e a a 
£’000
n o r t h 
america 
£’000
ce n t r a l 
£’000
t o t a l 
£’000
revenue 21372 11759 – 33131
segment expense 14848 10365 1133 26346
exceptional items 315 643 502 456
operating profitloss 6209 751 631 6329
finance costs 44 – 752 708
p r o f i t   l o s s 	b e f o r e	t a x a t i o n 6  2 5 3 751  1  3 8 3  5  6 2 1
s t a t e m e n t	o f	f i n a n c i a l	p o s i t i o n
assets 29513 41935 112 71560
liabilities 15095 3001 9747 27843
n e t	a s s e t s 1 4  4 1 8 3 8  9 3 4  9  63 5  4 3  7 1 7
other
purchase of property plant and equipment 292 652 – 944
net investment in intangibles 1612 580 2572 4  7 6 4
depreciation 407 655 – 1  0 6 2
amortisation 2194 671 – 2  8 6 5 for the year ended 31 december 2009
 
e m e a a 
£’000
n o r t h 
america 
£’000
ce n t r a l 
£’000
t o t a l 
£’000
revenue 19405 12151 – 31556
segment expense 14873 8549 1031 24453
operating profitloss 4532 3602 1031 7103
finance costs 11 1 900 890
nonoperating exceptional item – – 1158 1158
profitloss before taxation 4543 3601 773 7371
s t a t e m e n t	o f	f i n a n c i a l	p o s i t i o n
assets 29277 36683 540 66500
liabilities 13918 2435 12561 28914
net assets 15359 34248 12021 37586
other
purchase of property plant and equipment 380 410 – 790
net investment in intangibles 652 233 1176 2061
depreciation 383 456 – 839
amortisation 2186 356 – 2542
3 	 o p e r a t i n g 	 	 e x p e n s e s
 
2010 
£’000
2009 
£’000
operating expenses relate to
staff costs
– research and development 5  3 9 9 3831
– other staff costs 1 0  1 5 4 10631
– share based payment 78 107
– internal development costs capitalised note 11  3  2 0 5  2194
total staff costs note 4 1 2  4 2 6 12375
depreciation of tangible fixed assets 1  0 6 2 839
amortisation of intangibles 2  8 6 5 2542
operating lease rentals in respect of
– hire of computer equipment 200 176
– other operating lease rentals 1  3 6 1 1060
auditors’ remuneration see below 153 165
operating exceptional items
– gain on disposal of software  5 0 2  –
– restructuring costs 958 –
other operating expenses 8  2 1 0 7287
exchange differences 69 9
t o t a l	o p e r a t i n g	e x p e n s e s 2 6  8 0 2 24453 auditors’ remuneration
during the year the group including its overseas subsidiaries obtained the following services from the group’s auditor at costs as detailed below
 
2010 
£’000
2009 
£’000
audit of the financial statements 67 53
local statutory audits of subsidiaries 23 54
t o t a l	a u d i t	f e e s 90 107
taxation services 48 10
all other services – current auditors ey 15 48
 153 165
e x c e p t i o n a l 	 i t e m s
exceptional items are summarised as follows
 
2010 
jse software 
disposal 
£’000
2010 
restructuring 
£’000
2010 
t o t a l 
£’000
2009 
total 
£’000
software disposal proceeds 1102 – 1  1 0 2 –
asset held for sale 492 –  4 9 2  –
severance payments and related costs – 701  7 0 1  –
onerous leases – 257  2 5 7 –
other costs 108 –  1 0 8  –
exceptional gain on refinancing – – – 1158
total exceptional items 502 958  4 5 6  1158
the company made an exceptional gain on disposal of software of £050 million being the difference between the cash received for 
the software element £110 million and the carrying value and associated costs of the software £060 million following the disposal of 
noncore software and related services under the jse contract in the first half of 2010 for a total cash amount of £250 million
the operating exceptional item of £096 million relates to severance payments and onerous leases following a restructuring in the second 
half of 2010 to refocus the business on saas there were no operating exceptional items in 2009
the nonoperating exceptional gain on refinancing in february 2009 amounting to £116 million resulted from the redemption of the old 
financing facility at an amount below the carrying value of the debt
a d j u s t e d 	 p r o fi t 	 b e f o r e 	 t a x a t i o n  	 a d j u s t e d 	 o p e r a t i n g 	 p r o fi t 	 m a r g i n 	 a n d 	 a d j u s t e d 	 e b i t d a
in order to provide the reader of the accounts with profit measures that more clearly demonstrate the underlying business performance 
from year to year a number of adjusted profit measures are shown below
a d j u s t e d 	 p r o fi t 	 b e f o r e 	 t a x a t i o n
group
year to 
31 december 
2010 
£’000
year to 
31 december 
2009 
£’000
profit before taxation 5  6 2 1 7371
add back amortisation on purchased intangibles 41 –
add back amortisation on acquired intangibles 486 580
add back share based payments 78 107
add backdeduct exceptional items 456 1158
a d j u s t e d	p r o f i t	b e f o r e	t a x 6  6 8 2 6900 a d j u s t e d 	 o p e r a t i n g 	 p r o fi t
group
year to 
31 december 
2010 
£’000
year to 
31 december 
2009 
£’000
operating profit 6  3 2 9 7103
add back amortisation on purchased intangibles 41 –
add back amortisation on acquired intangibles 486 580
add back share based payments 78 107
add back exceptional operating items 456 –
a d j u s t e d	o p e r a t i n g	p r o f i t 7  3 9 0 7790
a d j u s t e d	o p e r a t i n g	p r o f i t	m a r g i n 223 247
a d j u s t e d 	 e b i t d a
group
year to  
31 december 
2010 
£’000
year to  
31 december 
2009 
£’000
operating profit 6  3 2 9 7103
add back depreciation of fixed assets 1  0 6 2 839
add back amortisation on purchased intangibles 41 –
add back amortisation on acquired intangibles 486 580
add back share based payments 78 107
add back exceptional operating items 456 –
a d j u s t e d	e b i t d a 8  4 5 2 8629
a d j u s t e d	e b i t d a	m a r g i n 255 273
f r e e 	 c a s h 	 fl o w
 
year to  
31 december 
2010 
£’000
year to  
31 december 
2009 
£’000
cash generated from operations 1 0  5 2 2 10147
net interest paid  5 1 3  812
net tax paid  9 6 1  77
purchase of property plant and equipment  9 4 4  790
investment in intangible assets  3  4 5 7 2194
free cash flow 4  6 4 7 6274
4 	 e m p l o y e e s
the average number of full time equivalent employees including executive directors employed by the group during the year was as follows
 
2010 
n u m b e r
2009 
number
b y	a c t i v i t y
selling distribution and client services 115 110
research and development 92 84
operations management and administration 41 49
 248 243 s t a f f	c o s t s	w e r e 
2010 
£’000
2009 
£’000
wages and salaries 1 3  1 8 4 12132
share based payments note 20 78 107
social security costs 1  8 6 0 1783
other pension costs 509 547
1 5  63 1 14569
capitalisation of internal development costs  3  2 0 5  2194
employee costs charged to income statement 1 2  4 2 6 12375
5 directors’ emoluments
details of the remuneration of each director pension entitlements and share options are included in the remuneration report on pages 
41 to 42 the average number of full time equivalent employees directly employed by the company was 2 2009 2 the employees being 
the two executive directors and details of their remuneration can be found in the table on page 41 of the remuneration report with 
effect from october 2010 following his relocation to luxembourg jmbt wheatley transferred to a service agreement with a luxembourg 
subsidiary within the group
6 	 n e t 	 fi n a n c e 	 c o s t s
 
2010 
£’000
2009 
£’000
bank interest receivable 44 14
bank interest payable  5 2 6  714
amortisation of arrangement fees  2 2 6  190
net finance costs before exceptional item  7 0 8  890
exceptional gain on refinancing note 3 – 1158
n e t	f i n a n c e	 e x p e n s e   i n c o m e  7 0 8  268
7 	 t a x a t i o n
 
2010 
£’000
2009 
£’000
c u r r e n t	t a x
current tax on profits for the year  9 4 4  444
adjustments in respect of prior years  1 9 4  190
t o t a l	c u r r e n t	t a x  1  1 3 8  254
t o t a l	d e f e r r e d	t a x  3 1 7 1559
i n c o m e	t a x	e x p e n s e  1  4 5 5  1813
the tax impact of the exceptional items is as follows
2010 2009
 £’000 £’000
tax charge on profit before tax and exceptional items  1  5 8 3  1544
tax creditcharge on exceptional items 128 269
tax charge on profit before tax and after exceptional items  1  4 5 5  1813
the portion of exchange differences taken to equity as shown in the group statement of comprehensive income on page 45 that have 
a tax impact solely relate to the exchange differences arising on the translation of the borrowings as disclosed in note 18 in 2010 the tax 
expense relating to these items is £46000 2009 £23000 the tax on the group’s profit before tax differs from the standard rate of corporation tax in the uk of 28 2009 28 as follows
 
2010 
£’000
2009 
£’000
p r o f i t	b e f o r e	t a x 5  6 2 1 7371
tax charge on profit before tax at standard rate of corporation tax in the uk of 28 2009 28  1  5 7 4  2064
tax effects of
nontaxable income and nondeductible expenses 490 158
utilisationrecognition of tax losses in the year  1 5 8  126
adjustments in respect of prior years  1 9 4  190
difference in tax rates on current tax  3 2  124
difference in tax rates on deferred tax 13 99
t a x	c h a r g e  1  4 5 5  1813
8 	 n o n  c o n t r o l l i n g 	 i n t e r e s t s
noncontrolling interests at the year end which related to noncontrolling interests in sisoft sarl were as follows
 
2010 
£’000
2009 
£’000
at 1 january 2010 29 43
income statement 35 11
acquisition of noncontrolling interests in sisoft sarl  63  –
exchange differences  1  3
at 31 december 2010 – 29
statpro exercised its option to acquire the 49 noncontrolling interest in sisoft in june 2010 for an estimated contingent consideration of approximately £13 
million and our estimate has not changed but as the vendors are disputing certain aspects of the valuation the process has not been completed in 2010 as 
expected in january 2011 a legal process in the french commercial court was commenced to try to resolve the matter and formally complete the acquisition it is 
probable that the matter will not be fully resolved during 2011 and we will provide a further update if the position changes materially or on the completion of the 
acquisition
9 dividends
dividends amounting to £135 million were declared and paid during the year 2009 £112 million as follows
dividend
dividend 
rate 
pshare
2010 
amount 
£’000
second interim dividend 2009 13 798
final dividend 2009 02 123
interim dividend 2010 07 427
  	1  3 4 8
dividend
dividend 
rate 
pshare
2009 
amount 
£’000
final dividend 2008 125 755
interim dividend 2009 06 366
   1121
the directors are recommending a final dividend of 17p per ordinary share 2009 02p making a total dividend for the year of 24p per ordinary share 2009 21p 
if the dividend is approved at the annual general meeting in may 2011 then the dividend will be paid on 25 may 2011 to shareholders on the register at the close of 
business on 26 april 2011 exdiv date 20 april 2011 the company paid a second interim dividend for 2009 of 13p per ordinary share payable on 24 march 2010 in 
accordance with ifrs the dividend is not provided in the accounts until it becomes a legal liability of the company and will therefore be recorded in the interim and 
annual accounts for 2011 1 0 	 e a r n i n g s 	 p e r 	 s h a r e
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 done 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
the exchangeable nonvoting shares in statpro canada inc formerly fri corporation which are held by former holders of ordinary shares 
in fri corporation and can be exchanged for statpro group plc ordinary shares at any time prior to 24 october 2011 are excluded from the 
basic earnings per share calculation but they are included in the potentially dilutive shares in the diluted earnings per share calculation
e a r n i n g s 	 p e r 	 s h a r e 	 – 	 b a s i c 	 a n d 	 d i l u t e d
 
e a r n i n g s 
2010 
£’000
weighted 
average 
number of 
shares 
2010 
’000
e a r n i n g s	p e r	
share 
2010 
pence
earnings 
2009 
£’000
weighted 
average 
number of 
shares 
2009 
’000
earnings per 
share 
2009 
pence
e a r n i n g s	p e r	s h a r e	–	b a s i c 4  1 3 1 6 0  6 0 2 68 5569 59849 93
potentially dilutive shares – 1  5 8 3  0  2  – 1417 02
e a r n i n g s	p e r	s h a r e	–	d i l u t e d 4  1 3 1 6 2  1 8 5 66 5569 61266 91
a d j u s t e d 	 e a r n i n g s 	 p e r 	 s h a r e
 
e a r n i n g s 
2010 
£’000
weighted 
average 
number of 
shares 
2010 
’000
e a r n i n g s	p e r	
share 
2010 
pence
earnings 
2009 
£’000
weighted 
average 
number of 
shares 
2009 
’000
earnings per 
share 
2009 
pence
earnings per share – basic 4  1 3 1 6 0  6 0 2 68 5569 59849 93
add back amortisation of acquired and 
purchased intangibles 527 – 09 580 – 10
add back share based payments 78 – 01 107 – 02
add back exceptional losses 456 – 08 1158 – 19
tax credit on exceptional losses  1 2 8  –  0  2  269 – 04
a d j u s t e d	e a r n i n g s	p e r	s h a r e 5  0 6 4 6 0  6 0 2 84 5367 59849 90
potentially dilutive shares – 1  5 8 3  0  3  – 1417 02
a d j u s t e d	e a r n i n g s	p e r	s h a r e	–	d i l u t e d 5  0 6 4 6 2  1 8 5 81 5367 61266 88
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
1 1 	 i n t a n g i b l e 	 fi x e d 	 a s s e t s
goodwill
 £’000
n e t	b o o k	v a l u e
at 1 january 2009 45760
adjustment to contingent consideration 133
exchange differences 1923
at 31 december 2009 47550
adjustment to contingent consideration 1307
exchange differences 3726
at 31 december 2010 5 2  5 8 3 the movement on goodwill relates to adjustments to contingent consideration of £131 million primarily relating to the estimated 
contingent consideration for sisoft sarl see note 8 and exchange differences of £373 million the goodwill total amounting to £5258 
million includes goodwill for the north american region amounting to £3523 million 2009 £3235 million and goodwill for the emeaa 
region amounting to £1735 million 2009 £1520 million
other intangible assets
 
development 
costs 
–	i n t e r n a l l y 
generated 
£’000
development 
costs 
– acquired 
£’000
c u s t o m e r	
contracts 
– acquired 
£’000
other 
intangibles 
– purchased 
software 
£’000
i n t a n g i b l e	
assets 
–	t o t a l 
£’000
c o s t
at 1 january 2010 7065 895 3249 – 11209
additions 3205 – – 252 3457
exchange differences – 50 103 – 53
at 31 december 2010 1 0  2 7 0 945 3  1 4 6 252 1 4  6 1 3
amortisation
at 1 january 2010 3912 851 1324 – 6087
charge for the year 2338 24 462 41 2865
exchange differences – 3 103 – 100
at 31 december 2010 6  2 5 0 878 1  6 8 3 41 8  8 5 2
n e t	b o o k	v a l u e
at 31 december 2010 4  0 2 0 67 1  4 63 211 5  7 6 1
 
 
development 
costs 
–	i n t e r n a l l y 
generated 
£’000
development 
costs 
– acquired 
£’000
c u s t o m e r	
contracts 
– acquired 
£’000
i n t a n g i b l e	
assets 
–	t o t a l 
£’000
c o s t
at 1 january 2009 5436 879 3172 9487
additions 2194 – – 2194
reclassified as asset held for sale 565 – – 565
exchange differences – 16 77 93
at 31 december 2009 7065 895 3249 11209
amortisation
at 1 january 2009 2023 760 795 3578
charge for the year 1962 75 505 2542
reclassified as asset held for sale 73 – – 73
exchange differences – 16 24 40
at 31 december 2009 3912 851 1324 6087
n e t	b o o k	v a l u e
at 31 december 2009 3153 44 1925 5122
included within internally generated development costs are costs capitalised of £139 million in relation to statpro revolution 2009 £030 
million and the amortisation charge during 2010 was £050 million 2009 £024 million c o m p a n y
development 
c o s t s 
–	i n t e r n a l l y 
generated 
£’000
other 
i n t a n g i b l e s 
– purchased 
£’000
development 
c o s t s 
–	t o t a l 
£’000
c o s t
at 1 january 2010 2181 – 2181
additions 2551 19 2570
at 31 december 2010 4  7 3 2 19 4  7 5 1
amortisation
at 1 january 2010 1871 – 1871
charge for the year 1741 – 1741
at 31 december 2010 3  6 1 2 – 3  6 1 2
n e t	b o o k	v a l u e
at 31 december 2010 1  1 2 0 19 1  1 3 9
 
c o m p a n y  
development 
c o s t s 
–	i n t e r n a l l y 
generated 
£’000
c o s t
at 1 january 2009  1570
additions  1176
reclassified as asset held for sale  565
at 31 december 2009  2181
amortisation
at 1 january 2009  599
charge for the year  1345
reclassified as asset held for sale  73
at 31 december 2009  1871
n e t	b o o k	v a l u e
at 31 december 2009  310
i m p a i r m e n t 	 r e v i e w
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 zero growth thereafter the expected future cash flows are discounted 
at a discount rate of 10 2009 10 based upon an estimated riskadjusted pretax weighted average cost of capital 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 using 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 the goodwill on all acquisitions has been reviewed and in the opinion of the directors there are no 
impairments to the carrying values at 31 december 2010 2009 nil acquired and internally generated development costs
expenditure on research and development comprises salaries and related costs of personnel involved in software programming and 
development activities development costs are capitalised where recognition criteria are met as a result there is an intangible asset 
relating to capitalised development costs both internally developed and acquired recognised on the group’s balance sheet where the 
board expects the benefits to be recovered through incremental revenue from future sales development expenditure is amortised over a 
three year period as in the opinion of the directors this is the period over which the benefits arise the carrying values which are analysed 
by product are considered carefully by the board and if there has been any impairment in any development costs then the carrying value 
is written down accordingly there were no impairments in 2010 2009 nil
cu s t o m e r 	 c o n t r a c t s
customer contracts acquired were valued on acquisition by estimating the future cash flows deriving from those contracts over a period 
varying between three and seven years depending on the type of contract and discounting the flows at a discount rate of 10 2009 
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 is reviewed against the carrying values to assets for impairment the acquired customer contracts 
have been reviewed and in the opinion of the directors there are no impairments to the carrying values at 31 december 2010 2009 nil
1 2 	 p r o p e r t y  	 p l a n t 	 a n d 	 e q u i p m e n t
a group
 
i m p r o v e m e n t s	
to short 
leasehold 
property 
£’000
office 
equipment 
£’000
f i x t u r e s 
and 
fi t t i n g s 
£’000
c o m p u t e r 
equipment 
£’000
t o t a l 
£’000
c o s t
at 1 january 2010 1593 285 651 4021 6550
additions in the year 51 25 28 840 944
disposals – – – 40 40
exchange differences 155 5 61 675 896
at 31 december 2010 1  7 9 9 315 740 5  4 9 6 8  3 5 0
depreciation
at 1 january 2010 616 169 333 2991 4109
charge for the year 176 25 114 747 1062
disposals – – – 40 40
exchange differences 64 – 41 624 729
at 31 december 2010 856 194 488 4  3 2 2 5  8 6 0
n e t	b o o k	v a l u e
at 31 december 2010 943 121 252 1  1 7 4 2  4 9 0  
i m p r o v e m e n t s	
to short 
leasehold 
property 
£’000
office 
equipment 
£’000
f i x t u r e s 
and 
fi t t i n g s 
£’000
c o m p u t e r 
equipment 
£’000
t o t a l 
£’000
c o s t
at 1 january 2009 1432 235 516 3240 5423
additions in the year 93 55 123 519 790
disposals – – 11 14 25
exchange differences 68 5 23 276 362
at 31 december 2009 1593 285 651 4021 6550
depreciation
at 1 january 2009 423 153 236 2165 2977
charge for the year 174 22 95 548 839
disposals – – 11 14 25
exchange differences 19 6 13 292 318
at 31 december 2009 616 169 333 2991 4109
n e t	b o o k	v a l u e
at 31 december 2009 977 116 318 1030 2441
as part of the financing arrangement with the royal bank of scotland plc the bank has security over certain of the group’s assets
b company
the company had no property plant or equipment at 31 december 2010 2009 nil
1 3 	 i nv e s t m e n t s 	 i n 	 s u b s i d i a r y 	 u n d e r t a k i n g s
c o m p a n y	–	c o s t	a n d	n e t	b o o k	v a l u e
2010 
£’000
2009 
£’000
at 1 january 2010 4 5  8 9 2 45240
revaluation of investment loan  – 785
net increasedecrease in investments  1  8 5 4 133
partial repayment of investment loan  5  1 7 7 –
at 31 december 2010 4 2  5 6 9 45892
 the investment loan was redenominated in gbp in 2010 £11834000 2009 £17011000
 included in increase in investments is £305000 relating to share based payments transactions with subsidiaries the company’s subsidiary undertakings at 31 december 2010 comprised the following
 
c o u n t r y	o f	
incorporation
t o t a l 
percentage 
held by the 
group
t o t a l 
percentage 
held by the 
c o m p a n y
statpro limited england and wales 100 100
delve limited dormant england and wales 100 100
performa consultants uk limited england and wales 100 100
statistical analysis software limited dormant england and wales 100 100
statpro australia pty ltd australia 100 100
alphai pty ltd australia 100 100
statpro benelux sa luxembourg 100 –
statpro international sarl luxembourg 100 –
statpro deutschland gmbh germany 100 –
statpro france sarl france 100 –
statpro inc usa 100 100
statpro suisse sarl switzerland 100 –
statpro south africa pty ltd republic of south africa 100 100
statpro italia srl italy 100 100
sisoft sarl 
1
france 51 51
kizen pty ltd dormant republic of south africa 100 100
statpro canada inc formerly fri corporation 
2
canada 100 –
statpro north america inc canada 100 100
1 statpro group plc has exercised its option to acquire the remaining 49 of sisoft sarl but the legal process for completion of the transfer is not complete 
because the minority holders are disputing the valuation see note 8
2 524272 exchangeable nonvoting shares in statpro canada inc formerly fri corporation are held by former holders of ordinary shares in fri corporation as at 
31 december 2010 these exchangeable shares can be exchanged for statpro group plc ordinary shares at any time prior to 24 october 2011
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
1 4 	 t r a d e 	 a n d 	 o t h e r 	 r e c e i v a b l e s
 
group 
2010 
£’000
group 
2009 
£’000
c o m p a n y 
2010 
£’000
company 
2009 
£’000
trade debtors 6  0 3 6 5399 – –
other debtors 240 421 – –
prepayments 948 1000 181 161
accrued income 414 297 – –
vat recoverable 46 14 22 –
rental deposits 222 58 – –
trade and other receivables 7  9 0 6 7189 203 161
n o n  c u r r e n t	a s s e t s 	o t h e r	r e c e i v a b l e s
group 
2010 
£’000
group 
2009 
£’000
c o m p a n y 
2010 
£’000
company 
2009 
£’000
rental deposits 131 359 – –
receivables from subsidiaries – – 4  5 7 3 4912
other receivables 131 359 4  5 7 3 4912 c a s h 	 a n d 	 c a s h 	 e q u i v a l e n t s
cash and cash equivalents in the cash flow statement is shown net of any overdrafts the presentation of financing activities for 2009 has 
been amended to reflect this in the cashflow the following table provides a reconciliation of the cash and cash equivalents in the balance 
sheets to the amounts presented in the cash flow statements
 
group 
2010 
£’000
group 
2009 
£’000
c o m p a n y 
2010 
£’000
company 
2009 
£’000
cash and cash equivalents per balance sheet 1  7 5 7 2366 – 804
overdrafts  8 8 6  119  8 7 5  107
cash and cash equivalents per cash flow statement 871 2247  8 7 5  697
1 5 	 t r a d e 	 a n d 	 o t h e r 	 p a y a b l e s
 
group 
2010 
£’000
group 
2009 
£’000
c o m p a n y 
2010 
£’000
company 
2009 
£’000
trade creditors 454 528 85 –
other creditors and accruals 2  1 5 3 2898 435 408
other taxation and social security 915 443 9 –
payable to subsidiaries – – 1 0  63 4 14007
 3  5 2 2 3869 1 1  1 63 14415
the noncurrent “other creditors and accruals” amounting to £032 million 2009 £034 million relates to lease inducements which are 
being amortised over the period of the relevant lease
16 provisions
 
group 
2010 
£’000
group 
2009 
£’000
c o m p a n y 
2010 
£’000
company 
2009 
£’000
current 2  0 2 9 347 1  3 9 3 262
noncurrent 277 106 – –
 2  3 0 6 453 1  3 9 3 262
total movement on provisions for the group is as follows
provisions – group
2010 
contingent 
consideration 
£’000
2010 
onerous 
contracts 
£’000
2010 
restructuring 
provision 
£’000
2010 
t o t a l 
£’000
2009 
total 
£’000
at 1 january 262 191 – 453 1964
arising in the year 1549 257 701 2  5 0 7 –
released during the year 143 – –  1 4 3  133
amounts utilised in the year 328 107 139  5 7 4  1448
exchange differences 53 14 4 63 70
at 31 december 1393 355 558 2  3 0 6 453
the contingent consideration arising in the year relates predominantly to the contingent element of consideration on the sisoft acquisition 
and is due to be utilised in 2011 see note 8 and an element related to an increase in estimate for kizen which was utilised in 2010 the 
onerous contracts provision relates to onerous leases and other contracts and is expected to be utilised within five years the restructuring 
provision relates to the costs of redundancies amounting to £064 million and other costs associated with the restructuring in 2010 and 
is expected to be utilised in 2011 p r o v i s i o n s	–	c o m p a n y	
2010 
contingent 
consideration 
£’000
2010 
t o t a l 
£’000
2009 
total 
£’000
at 1 january 262 262 1325
arising in the year 1549 1  5 4 9 –
released during the year 143  1 4 3  133
amounts utilised in the year 328  3 2 8  930
exchange differences 53 53 –
at 31 december 1393 1  3 9 3 262
1 7 	 d e f e r r e d 	 t a x a t i o n
provision for deferred tax comprises
d e f e r r e d	t a x a t i o n	–	g r o u p
2010 
 r e c o g n i s e d	
asset 
£’000
2009 
recognised 
asset 
£’000
2010 
 u nr e c o g ni s e d	
asset 
£’000
2009 
unrecognised 
asset 
£’000
accelerated capital allowances 20 14 – –
uk tax losses – 137 – –
overseas tax losses  6 8 4  748  4 8 1  933
share based payments  3 5  –  1 6 6  –
total deferred tax  6 9 9  899  6 4 7 933
the total potential underlying tax losses at the year end were £443 million 2009 £611 million of the total potential deferred tax asset of 
£135 million 2009 £183 million a total of £070 million 2009 £090 million which represents 52 2009 49 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 31 2009 30 
a proportion of the deferred taxation 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
d e f e r r e d	t a x a t i o n	–	c o m p a n y	
2010 
 r e c o g n i s e d	
asset 
£’000
2009 
recognised 
asset 
£’000
2010 
 u nr e c o g ni s e d	
asset 
£’000
2009 
unrecognised 
asset 
£’000
share based payments  3 5  –  1 6 6  –
total deferred tax  3 5  –  1 6 6  –
m o v e m e n t s	i n	d e f e r r e d	t a x
group 
2010 
£’000
group 
2009 
£’000
c o m p a n y 
2010 
£’000
company 
2009 
£’000
as at 1 january  8 9 9  2374 – 72
differences in tax rates  1 3  99 – –
utilisedrecognised in the year 330 1460  3 5  72
tax credited directly to equity  3 0  – – –
exchange differences  8 7 84 – –
as at 31 december  6 9 9  899  3 5  – 1 8 	 f i n a n c i a l 	 i n s t r u m e n t s 	 a n d 	 fi n a n c i a l 	 r i s k 	 m a n a g e m e n t
the company’s and group’s key financial risks and its approach to managing these risks are described in the financial review on pages 
16 to 17
a financial instruments
the group’s financial instruments comprise cash money market deposits bank loans provisions derivative financial instruments and 
various other items such as accounts receivable and accounts payable that arise directly from its operations
cash and money market deposits 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 financial derivatives relate to forward 
currency contracts and interest rate caps which are purchased from banks and these 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 short term nature of these 
instruments approximates to fair value they are subsequently stated at cost plus accrued interest less any repayments which due to the 
short term nature of these instruments approximates to amortised cost using the effective interest rate method
further information on contingent consideration can be found in note 16
derivative financial assets are used by the group to hedge against various financial risks such as foreign currency and interest rate risk 
they are initially recognised at fair value and are designated by the entity at fair value through profit or loss
as at 31 december 2010 the group held forward currency hedging contracts to mitigate the effects of currency exposure relating to non sterling 
financial assets and liabilities cash flows and investments the fair value of forward currency contracts relating to commercial transactions is 
recognised through the income statement the net unrealised gain in respect of these contracts as at 31 december 2010 was £44000 the fair 
value of forward currency contracts relating to hedging of net investments designated in hedge accounting relationships is recognised through 
equity the net unrealised loss relating to these contracts recognised through equity as at 31 december 2010 was £1 15000
the company recognises financial instruments in its accounts when it enters into a binding agreement to receive cash or other economic 
benefits and derecognises them once all parties to the agreement have discharged all of their obligations
financial assets comprise cash rental deposits and trade debtors rental deposits have maturity profiles of less than one year and between 
one and five years and are settled net in cash bank loans and provisions have maturity profiles of less than one year and between one 
and five years
interest income and expenses are recognised in the income statement on an accruals basis realised gains and losses upon expiry of 
derivative financial instruments are recognised on settlement of the underlying contract
financial assets
the group’s and company’s financial assets at the yearend are analysed as follows
 
2010 
group 
£’000
2009 
group 
£’000
2010 
c o m p a n y 
£’000
2009 
company 
£’000
cash and cash equivalents 1  7 5 7 2366 – 804
financial instruments 44 – – –
rental deposits falling due after more than one year 131 359 – –
rental deposits falling due within one year 222 58 – –
trade debtors 6  0 3 6 5399 – –
accrued income 414 297 – –
 8  6 0 4 8479 – 804 the ageing of the group’s trade debtors as at 31 december 2010 is analysed as follows
 
2010 
£’000
2009 
£’000
neither past due nor impaired 3  1 6 4 3207
not more than 3 months 2  7 8 9 1759
more than 3 months and not more than 6 months 42 335
more than 6 months 41 98
 6  0 3 6 5399
none of the above debtors which are past due are impaired
financial liabilities
c o m m i t t e d 	 f a c i l i t i e s
the company retains its senior debt facility with rbs which is committed to february 2014 subject to compliance with agreed covenants 
in 2010 the company agreed some amendments to the facility as follows
• 	 the £7 million bullet repayment can be repaid in whole or in part using the revolving credit facility “rcf” this allows greater 
flexibility in financing arrangements as previously the rcf needed to be fully repaid before repaying the bullet
• 	 the company voluntarily cancelled part of the rcf to reduce the facility to £615 million given our lower financing requirement 
whilst maintain considerable financial headroom
as a result the current facilities available as at 31 december 2010 comprise
• term loan of £70 million with bullet repayment in february 2014 early repayment allowed
• multicurrency fully revolving fiveyear amortising loan amounting to an initial value of £1025 million with sixmonthly repayments 
approximately £615 million available 2009 £915 million
• flexibility to repay early with no penalty and to redraw within the amortising limits
•  multicurrency revolving working capital loan amounting to £20 million approximately £111 million available 2009 £188 million
there are covenants associated with the facility primarily relating to the gearing gross debtebitda interest cover and debt service ratio 
repayments of the loans are on a sixmonthly basis and subject to compliance with the covenants the facility remains committed until 
february 2014
as part of the secured financing arrangement with the royal bank of scotland plc the bank has security over certain of the group’s assets 
including pledges over shares in certain subsidiaries
the maturity of the group’s financial liabilities as at 31 december 2010 was as follows
 
payable in 
1 year 
or less 
£’000
payable in 
more than 
1 but less 
than 2 years 
£’000
payable in 
more than 
2 but less 
than 5 years 
£’000
31 december 
2010 
t o t a l 
£’000
bank loans and overdrafts 886 – 6394 7280
trade creditors 454 – – 454
other creditors and accruals 2153 – – 2153
provisions – contingent consideration 1393 – – 1393
provisions – restructuring 551 7 – 558
provisions – onerous contracts 85 87 183 355
 5  5 2 2 94 6  5 7 7 1 2  1 9 3 the maturity of the group’s financial liabilities as at 31 december 2009 was as follows
 
payable in 
1 year 
or less 
£’000
payable in 
more than 
1 but less 
than 2 years 
£’000
payable in 
more than 
2 but less 
than 5 years 
£’000
31 december 
2009 
t o t a l 
£’000
bank loans and overdrafts 119 – 11138 11257
trade creditors 528 – – 528
other creditors and accruals 2898 – – 2898
provisions – contingent consideration 262 – – 262
provisions – onerous contracts 85 31 75 191
 3892 31 11213 15136
all trade creditors are due in less than 3 months
the maturity of the company’s financial liabilities as at 31 december 2010 was as follows
 
payable in 
1 year 
or less 
£’000
payable in 
more than 
1 but less 
than 2 years 
£’000
payable in 
more than 
2 but less 
than 5 years 
£’000
31 december 
2010 
t o t a l 
£’000
bank loans and overdrafts 875 – 6394 7269
trade creditors 85 – – 85
other creditors and accruals 435 – – 435
payable to subsidiaries 10634 – – 10634
provisions – contingent consideration 1393 – – 1393
 1 3  4 2 2 – 6  3 9 4 1 9  8 1 6
the maturity of the company’s financial liabilities as at 31 december 2009 was as follows
 
payable in 
1 year 
or less 
£’000
payable in 
more than 
1 but less 
than 2 years 
£’000
payable in 
more than 
2 but less 
than 5 years 
£’000
31 december 
2009 
t o t a l 
£’000
bank loans and overdrafts 107 – 11138 11245
trade creditors – – – –
other creditors and accruals 408 – – 408
payable to subsidiaries 14007 – – 14007
provisions – contingent consideration 262 – – 262
 14784 – 11138 25922
n e t 	 i n v e s t m e n t 	 i n 	 f o r e i g n 	 o p e r a t i o n s
as part of our liability management we have made use of currency swaps to create synthetic currency hedges denominated in a mixture 
of currencies usd cad and eur in order to provide a partial currency hedge against movements in the fair value of investments in 
overseas subsidiaries as at 31 december 2010 the group had currency swaps in place with a notional principal amount of £547 million as 
synthetic loan hedges the group recognised a net loss on the hedging instrument of £011 million in equity in 2009 the group’s canadian 
dollar us dollar and euro denominated debt was designated as a hedge of the net investment in the group’s overseas operations the fair 
value of these borrowings at 31 december 2009 was £493 million and the foreign exchange gain was £009 million on the translation of 
these borrowings recognised in equity b financial risk management
• 	 i n t e r e s t 	 r a t e 	 r i s k
financial assets as at 31 december 2010
 
a t	fl o a t i n g	
interest rates 
£’000
a t	fi x e d	
interest rates 
£’000
n o n	i n t e r e s t	
bearing 
£’000
t o t a l 
£’000
weighted 
average 
interest rate 

sterling 54 – 107 161 02
us dollar 1 – 304 305 –
euro 221 – 1143 1364 02
swiss franc – – 32 32 –
australian dollar 72 – 10 82 36
canadian dollar – – 7 7 –
south african rand 58 – 145 203 33 
 406 – 1  7 4 8 2  1 5 4 
financial assets as at 31 december 2009
 
a t	fl o a t i n g	
interest rates 
£’000
a t	fi x e d	
interest rates 
£’000
n o n	i n t e r e s t	
bearing 
£’000
t o t a l 
£’000
weighted 
average 
interest rate 

sterling 450 – 187 637 01
us dollar 56 – 257 313 –
euro 298 – 646 944 09
swiss franc – – 12 12 –
australian dollar 89 – 9 98 19
canadian dollar – – 479 479 –
south african rand 55 – 245 300 103
 948 – 1835 2783 
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 amounting to £604 million 2009 £540 million have been excluded from the above tables and are noninterest bearing
financial liabilities as at 31 december 2010
 
a t	fl o a t i n g	
interest rates 
£’000
a t	fi x e d	
interest rates 
£’000
n o n	i n t e r e s t
bearing 
£’000
t o t a l 
£’000
weighted 
average 
interest rate 

sterling 7269 – – 7269 40
canadian dollar – – 123 123 –
us dollar – – 550 550 –
euro 11 – 1633 1644 – 
total 7  2 8 0 – 2  3 0 6 9  5 8 6 
financial liabilities as at 31 december 2009
 
a t	fl o a t i n g	
interest rates 
£’000
a t	fi x e d	
interest rates 
£’000
n o n	i n t e r e s t
bearing 
£’000
t o t a l 
£’000
weighted 
average 
interest rate 

sterling 6331 – 292 6623 45
canadian dollar 1477 – 37 1514 36
us dollar 1672 – 124 1796 35
euro 1777 – – 1777 38 
total 11257 – 453 11710  trade creditors and other creditors and accruals amounting to £261 million 2009 £343 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
in february 2009 the company purchased a 3 year interest rate cap on a notional £10 million of debt at a strike price of 3 based 
on 3 month gbp libor the board believes this was a cost effective way of benefiting from falling interest rates whilst protecting the 
company from potential adverse interest rate movements over the three years to february 2012 the cost of the cap has been amortised 
over the life of the instrument and is not marked to market the market value of the cap at 31 december 2010 is considered immaterial
the following table shows the sensitivity to reasonably possible changes in interest rates with all other variables held constant of the 
group’s profit before tax through the impact of floating rate borrowings the risk is limited because of the interest rate cap purchased as 
described above
• 	 i n t e r e s t 	 r a t e 	 r i s k
2010
i n c r e a s e 
decrease in 
basis points
e ff e c t	o n	
p r o fi t	b e f o r e	
t a x 
£’000
sterling 100 70
100 70
2009   
sterling 100 63
100 63
canadian dollar 100 15
100 15
us dollar 100 17
100 17
euro 100 18
100 18
• 	 cu r r e n c y 	 r i s k
the group’s principal exposure to exchange rate fluctuations arises on the translation of overseas net assets and trading results into sterling 
for accounting purposes the group has a minimal transaction risk as most of the transactions are invoiced by the entities in their local 
currency where there are material exposures these are covered by taking out currency contracts to eliminate the exposure the group 
does not make use of foreign currency hedges to manage currency profit and loss translation risk however offsetting revenues against 
costs in the same currency reduces this risk so that only the residual accounting profit translation element is at risk the balance sheet 
exposures are minimised by reducing the net asset exposure for example by arranging borrowings in local currency where appropriate 
where the resulting hedge qualifies for hedge accounting under ias 39 the gains and losses on the translation of both the loan and the 
investment are deferred in equity as the group continues to grow and generates greater net profits overseas this exchange rate exposure 
will increase following the 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
2010
c h a n g e	
i n	g b p	v s 	
c u r r e n c y
e ff e c t	o n	
p r o fi t	b e f o r e	
t a x	£ ’ 0 0 0
sterlingus dollar 5 102
5 93
sterlingeuro 5 79
5 72
2009  
sterlingus dollar 5 104
5 94
sterlingeuro 5 101
5 92
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 canadian dollar would result in a £37 million increase in net assets and an appreciation of 10 in sterling against 
canadian dollar would result in a £37 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
• 	 c o u n t e r p a r t y 	 c r e d i t 	 r i s k
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
• 	 l i q u i d i t y 	 r i s k
this is the risk that the group will have insufficient funds to meet its cash obligations when due the group manages this risk by close 
monitoring of projected cash collection from customers and cash obligations to suppliers and salary payments to staff as well as all other 
cash commitments the group also has approximately £726 million headroom under its committed revolving credit and overdraft facility 
in addition to cash reserves to reduce the risk that an unforeseen change in the group’s liquidity position will result in a breach of statutory 
or other payment obligations the table below summarises the maturity of the group’s financial liabilities as at 31 december 2010 and 2009 based on contractual 
undiscounted payments in the table below interest rates on variable loans are based on the rates at 31 december 2010
liquidity risk – 31 december 2010
 
on demand 
£’000
payable in 
1 year or 
less 
£’000
payable in 
more than 
1 but less 
than 2 years 
£’000
payable in 
more than 
2 but less 
than 5 years 
£’000
31 december 
2010 
t o t a l 
£’000
n o n  d e r i v a t i v e	f i n a n c i a l	l i a b i l i t i e s
interest bearing loans and overdrafts 886 287 287 7334 8794
trade creditors and other payables – 2607 – – 2607
other liabilities – 2029 94 183 2306
 886 4  9 2 3 381 7  5 1 7 1 3  7 0 7
derivative financial liabilities
foreign exchange forward contracts outflow – 7734 – – 7734
foreign exchange forward contracts inflow – 7662 – – 7662
 – 72 – – 72
liquidity risk – 31 december 2009 
 
on demand 
£’000
payable in 
1 year or 
less 
£’000
payable in 
more than 
1 but less 
than 2 years 
£’000
payable in 
more than 
2 but less 
than 5 years 
£’000
31 december 
2009 
t o t a l 
£’000
n o n  d e r i v a t i v e	f i n a n c i a l	l i a b i l i t i e s
interest bearing loans and overdrafts 119 299 299 12167 12884
trade creditors and other payables – 3426 – – 3426
other liabilities – 347 31 75 453
 119 4072 330 12242 16763
derivative financial liabilities
foreign exchange forward contracts outflow – 985 – – 985
foreign exchange forward contracts inflow – 977 – – 977
 – 8 – – 8
as noted in the financial review the group has a further £726 million of undrawn facilities available to it under the terms of its revolving 
credit and working capital facilities t h e 	 c o m p a n y ’ s 	 l i q u i d i t y 	 r i s k 	 – 	 3 1 	 d e c e m b e r 	 2 0 1 0 
 
on demand 
£’000
payable in 
1 year or 
less 
£’000
payable in 
more than 
1 but less 
than 2 years 
£’000
payable in 
more than 
2 but less 
than 5 years 
£’000
31 december 
2010 
t o t a l 
£’000
n o n  d e r i v a t i v e	f i n a n c i a l	l i a b i l i t i e s
interest bearing loans and overdrafts 886 287 287 7334 8794
trade creditors and other payables – 520 – – 520
other liabilities – 1393 – – 1393
payable to subsidiaries – 10634 – – 10634
 886 1 2  8 3 4 287 7  3 3 4 2 1  3 4 1
derivative financial liabilities
foreign exchange forward contracts outflow – 7734 – – 7734
foreign exchange forward contracts inflow – 7662 – – 7662
 – 72 – – 72
t h e 	 c o m p a n y ’ s 	 l i q u i d i t y 	 r i s k 	 – 	 3 1 	 d e c e m b e r 	 2 0 0 9 
 
on demand 
£’000
payable in 
1 year or 
less 
£’000
payable in 
more than 
1 but less 
than 2 years 
£’000
payable in 
more than 
2 but less 
than 5 years 
£’000
31 december 
2009 
t o t a l 
£’000
n o n  d e r i v a t i v e	f i n a n c i a l	l i a b i l i t i e s
interest bearing loans and overdrafts 119 299 299 12167 12884
trade creditors and other payables – 408 – – 408
other liabilities – 262 – – 262
payable to subsidiaries – 14007 – – 14007
 119 14976 299 12167 27561
derivative financial liabilities
foreign exchange forward contracts outflow – 985 – – 985
foreign exchange forward contracts inflow – 977 – – 977
 – 8 – – 8
 
• 	 c a p i t a l 	 r i s k
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 £4372 million 2009 £3759 million and borrowings of £728 million 2009 £1126 million as capital 19 obligations under operating leases
the total of future minimum lease payments under noncancellable operating leases are
land and buildings
2010 
£’000
2009 
£’000
due within one year 1  0 6 9 1113
due between one year and five years 3  1 0 2 4296
due beyond five years 750 969
 4  9 2 1 6378
 
other leases 
2010 
£’000
2009 
£’000
due within one year 228 259
due between one year and five years 211 468
 439 727
other leases relate to computer equipment under operating leases
2 0 	 c a l l e d 	 u p 	 s h a r e 	 c a p i t a l
 
authorised
2010 
£’000
2009 
£’000
125000000 2009 125000000 ordinary shares of 1p each 1  2 5 0 1250
a l l o t t e d 	c a l l e d	u p	a n d	f u l l y	p a i d
60952232 2009 60678941 ordinary shares of 1p each 610 607
the company has only one class of ordinary shares in issue and there are no restrictions regarding voting or other distribution or repayment 
rights as at 31 december 2010 the company held 225000 shares in treasury 2009 nil and therefore 60727232 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 company purchased into treasury 475000 shares at an average 
price of 1077p and sold 250000 at 128p leaving a balance of 225000 shares in treasury at 31 december 2010 as a result of these share 
transactions the share premium account has increased to £1718 million 2009 £1691 million
s h a r e s 	 i s s u e d 	 d u r i n g 	 2 0 1 0 	 c o m p r i s e d 
 
n u m b e r	o f	
ordinary 
shares of 
1p each
gross 
p r o c e e d s  
value 
£’000
e x p e n s e s 
£’000
n e t 
p r o c e e d s  
value 
£’000
employee and executive options exercised 83090 50 – 50
share issued in exchange for fri exchangeable shares 190201 167 – 167
total 2 7 3  2 9 1 217 – 217 s h a r e s 	 i s s u e d 	 d u r i n g 	 2 0 0 9 	 c o m p r i s e d 
 
n u m b e r	o f	
ordinary 
shares of 
1p each
gross 
p r o c e e d s  
value 
£’000
e x p e n s e s 
£’000
n e t 
p r o c e e d s  
value 
£’000
employee and executive options exercised 997250 488 3 485
shares issued under share plan 62144 31 – 31
1059394 519 3 516
shares issued in exchange for fri exchangeable shares 150095 132 – 132
total 1209489 651 3 648
in 2010 applications relating to the exercise of options over 739822 shares 2009 1121270 have been settled on a net basis as a result 
cash amounting to a total of approximately £487000 2009 £296000 including option tax liability has been paid
s h a r e	o p t i o n s	e x e r c i s e d
n u m b e r	o f	
share 
options
n u m b e r	o f	
shares 
issued
c a s h	
settlement 
 g r o s s	
including 
o p t i o n	t a x	
liability 
£’000
settled gross for shares 83090 83090 na
settled net for cash 739822 na 487
t o t a l 8 2 2  9 1 2 8 3  0 9 0 487
in addition 524272 exchangeable nonvoting shares in statpro canada inc formerly fri corporation are held by former holders of 
ordinary shares in fri corporation as at 31 december 2010 these exchangeable shares can be exchanged for statpro group plc ordinary 
shares at any time prior to 24 october 2011 at 31 december 2010 the following options over shares in the company were outstanding
 
n u m b e r	o f	
options at  
31 december 
2009 
‘000
granted 
in year 
‘000
e x e r c i s e d 
in year 
‘000
lapsed 
in year 
‘000
n u m b e r	o f	
options at 
31 december 
2010 
‘000
option 
price 
pence
e x e r c i s e 
period
year
2000 approved scheme 25 – 21 4 – 60 2003 to 2010
2000 approved scheme 1 – 1 – – 87 2003 to 2010
2000 unapproved scheme 44 – 44 – – 87 2003 to 2010
2001 approved scheme 45 – 31 – 14 61 2004 to 2011
2001 unapproved scheme 63 – 39 – 24 61 2004 to 2011
2001 approved scheme 22 – – – 22 60 2004 to 2011
2001 unapproved scheme 112 – 62 – 50 60 2004 to 2011
2002 approved scheme 8 – – – 8 60 2005 to 2012
2002 unapproved scheme 320 – 320 – – 60 2005 to 2012
2003 approved scheme 77 – – – 77 60 2006 to 2013
2003 unapproved scheme 7 – – – 7 60 2006 to 2013
2003 unapproved scheme 
directors options 200 – 200 – – 60 2006 to 2010
2005 approved scheme 115 – – – 115 60 2008 to 2015
2005 unapproved scheme 200 – 80 – 120 60 2008 to 2015
2005 emi options 100 – – – 100 60 2008 to 2015
2006 unapproved scheme 897 – – – 897 975 2008 to 2013
2006 emi options 103 – – – 103 975 2008 to 2013
2006 individual option 
agreements 200 – – – 200 88 2009 to 2016
2007 unapproved scheme 500 – – – 500 95 2008 to 2014
2008 unapproved scheme 778 – – – 778 100 2011 to 2015
2009 unapproved scheme 250 – – – 250 60 2012 to 2016
2009 unapproved scheme 468 – – – 468 80 2012 to 2016
2010 unapproved scheme – 1105 – – 1  1 0 5 135 2013 to 2017
total 4535 1105 798 4 4  8 3 8  
year
n u m b e r	o f	
options at 
31 december 
2009 
‘000
granted 
in year 
‘000
e x e r c i s e d 
in year 
‘000
lapsed 
in year 
‘000
n u m b e r	o f	
options at 
31 december 
2010 
‘000
option 
price pence
e x e r c i s e	
period
2000 issued in relation to 
acquisition 25 – 25 – – 60 2002 to 2010
total 25 – 25 – –   at 31 december 2009 the following options over shares in the company were outstanding
 
year
n u m b e r	o f	
options at 
31 december 
2008 
‘000
 
granted 
in year 
‘000
 
e x e r c i s e d 
in year 
‘000
 
lapsed 
in year 
‘000
n u m b e r	o f	
options at 
31 december 
2009 
‘000
 
option price 
pence
 
e x e r c i s e	
period
1999 approved scheme 110 – 80 30 – 175 2002 to 2009
2000 directors’ options 77 – 77 – – 175 2003 to 2010
2000 approved scheme 149 – 117 7 25 60 2003 to 2010
2000 directors’ options 20 – 20 – – 60 2003 to 2010
2000 directors’ options 300 – 300 – – 80 2003 to 2010
2000 approved scheme 1 – – – 1 87 2003 to 2010
2000 unapproved scheme 46 – 2 – 44 87 2003 to 2010
2001 approved scheme 45 – – – 45 61 2004 to 2011
2001 unapproved scheme 67 – 4 63 61 2004 to 2011
2001 approved scheme 57 – 35 22 60 2004 to 2011
2001 unapproved scheme 252 – 137 3 112 60 2004 to 2011
2002 approved scheme 8 – – – 8 60 2005 to 2012
2002 unapproved scheme 320 – – 320 60 2005 to 2012
2003 approved scheme 77 – – – 77 60 2006 to 2013
2003 unapproved scheme 7 – – – 7 60 2006 to 2013
2003 unapproved scheme 
directors options 898 – 698 – 200 60 2006 to 2010
2004 emi options 200 – 200 – – 60 2007 to 2014
2005 approved scheme 115 – – – 115 60 2008 to 2015
2005 unapproved scheme 215 – 15 – 200 60 2008 to 2015
2005 emi options 100 – – – 100 60 2008 to 2015
2005 individual option 
agreement 110 – 110 – – 60 2007 to 2015
2006 unapproved scheme 897 – – – 897 975 2008 to 2013
2006 emi options 103 – – – 103 975 2008 to 2013
2006 individual option 
agreements 200 – – – 200 88 2009 to 2016
2007 unapproved scheme 500 – – 500 95 2008 to 2014
2008 unapproved scheme 778 – – – 778 100 2011 to 2015
2009 unapproved scheme – 250 – – 250 60 2012 to 2016
2009 unapproved scheme – 468 – – 468 80 2012 to 2016
total 5652 718 1795 40 4535  
other options
year
n u m b e r	o f	
options at 
31 december 
2008 
‘000
 
granted 
in year 
‘000
 
e x e r c i s e d 
in year 
‘000
 
lapsed 
in year 
‘000
n u m b e r	o f	
options at 
31 december 
2009 
‘000
 
option 
price pence
 
e x e r c i s e	
period
2000 issued in relation 
to acquisition 278 – 253 – 25 60 2002 to 2010
total 278 – 253 – 25   s h a r e 	 b a s e d 	 p ay m e n t s
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 included in the option terms 
including typically eps growth above a minimum hurdle share price growth above a minimum level and a vesting period of three years 
options are generally settled by equity settlement but at the discretion of the board options can be net settled for cash options are 
valued using the blackscholes optionpricing model and the fair market value has been estimated using the following key assumptions
 
2010 
i s s u e	1
2010 
i s s u e	2
2009 
issue 1
2009 
issue 2
average exercise price 135p 135p 60p 80p
average market price at date of grant 124p 111p 45p 45p
total number of options under grant granted after november 2002 7 0 5  0 0 0 4 0 0  0 0 0 250000 467500
average vesting period years 3 3 3 3
expected volatility 25 25 25 25
option life years 7 7 7 7
expected life years 5 5 5 5
risk free rate 33 23 28 28
expected dividend yield 17 19 30 30
expected lapse rate 10 10 10 10
fair value of options issued in year 273p 175p 29p 16p
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 114p the average market share price for options exercised during the year was 125p the expected 
volatility level was determined by comparing the historic and current volatility for the company and comparing with the average volatility 
for companies in the same sector to determine a reasonable estimate for the future volatility the total charge in the year relating to 
employee share based payments for the group was £78000 2009 £107000 the total charge in the year relating to employee share based 
payments for the company was £7000 2009 £60000
there were 2237700 options exercisable at the balance sheet date 2009 2560612 with a weighted average exercise price of 87p 2009 
77p the weighted average remaining contractual life for options outstanding at the balance sheet date is 45 years 2009 47 years
21 related party transactions
during the year the group used the services of buzzacott chartered accountants of which gfmt wheatley company secretary is a 
partner the purchases from buzzacott in 2010 amounted to £28870 2009 £36135 the yearend creditor balance with buzzacott was 
£5125 2009 nil
during the year the group paid a fee of £36500 2009 £28000 for training courses and other services supplied by otos limited of which 
cr bacon is a director the yearend creditor balance with otos limited was £2000 2009 £2000
the company undertakes a range of transactions including management recharges with its subsidiaries which are summarised as follows
n a t u r e	o f	t r a n s a c t i o n s
v a l u e	o f	
transactions 
2010 
£’000
value of 
transactions 
2009 
£’000
revenue from subsidiaries 9  7 3 7 9670
expenses recharges from subsidiaries  8  3 5 8  7721
expenses recharged to subsidiaries 82 82
interest paid to subsidiaries  3 7 3  257
interest received from subsidiaries 444 1420
dividends received from subsidiaries 1  4 3 7 3000
 2  9 6 9 6194  
t r a n s a c t i o n	w i t h	r e l a t e d	p a r t i e s
b a l a n c e s	
 o w e d	b y  
due to the 
c o m p a n y 
as at 
31 december 
2010 
£’000
balances 
owed by 
due to the 
company 
as at 
31 december 
2009 
£’000
payable to subsidiaries
statpro limited  5  7 2 7 11749
performa consultants uk limited  4  8 5 5  2258
statpro benelux sa  5 2  –
  1 0  63 4  14007
receivables from subsidiaries
statpro canada inc formerly fri corporation 885 –
statpro north america inc 3  6 8 8 4912
 4  5 7 3 4912
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 41 and the share based payment charge relating to the 
executive directors is £7000 2009 £60000 the compensation paid or payable to key management for employee services is shown below
key management compensation
year to 
31 december 
2010 
£’000
year to 
31 december 
2009 
£’000
salaries and other shortterm employee benefits 933 917
defined contribution pension benefits 66 56
termination benefits 141 –
share based payment 29 34
 1  1 6 9 1007 2 2 	 r e c o n c i l i a t i o n 	 o f 	 p r o fi t 	 b e f o r e 	 t a x 	 t o 	 n e t 	 c a s h 	 i n fl o w 	 f r o m 	 o p e r a t i n g 	 a c t i v i t i e s 
 
group 
year to 
31 december 
2010 
£’000
group 
year to 
31 december 
2009 
£’000
c o m p a n y 
year to 
31 december 
2010 
£’000
company 
year to 
31 december 
2009 
£’000
profit before taxation 5  6 2 1 7371 4  0 5 9 5930
dividends received – –  1  4 3 7 3000
net finance expenseincome 708 268 191 2170
operating profit 6  3 2 9 7103 2  8 1 3 760
exceptional item  gain on disposal of software  5 0 2  – – –
exceptional item  restructuring costs 958 – – –
operating profit before exceptional items 6  7 8 5 7103 2  8 1 3 760
depreciation of tangible fixed assets 1  0 6 2 839 – –
amortisation of intangibles 2  8 6 5 2542 1  7 4 1 1345
increasedecrease in debtors  3 8 3  1252 247 360
decreaseincrease in creditors and provisions  6 0 0  1465  3  2 8 9  4274
increasedecrease in deferred income 854 231 – –
share based payments 78 107 7 60
net cash inflow from operating activities before exceptional items 1 0  6 6 1 10147 1  5 1 9 6079
cash payments in respect of exceptional item  restructuring costs  1 3 9  – – –
n e t	c a s h	i n f l o w	f r o m	o p e r a t i n g	a c t i v i t i e s 1 0  5 2 2 10147 1  5 1 9 6079
23 analysis of changes in net debt
 
at 1 january 
2010 
£’000
c a s h	fl o w 
£’000
n o n  c a s h	
changes 
£’000
e x c h a n g e	
d i ff e r e n c e s 
£’000
at 
31 december 
2010 
£’000
cash and cash equivalents per balance sheet 2366 685 – 76 1  7 5 7
overdrafts 119 767 – –  8 8 6 
cash and cash equivalents per cash flow statement 2247 1452 – 76 871
bank loans net of issue costs deferred 11138 4888 188 44  6  3 9 4 
net debtcash 8891 3436 188 120  5  5 2 3 
 
 
at 1 january 
2009 
£’000
c a s h	fl o w 
£’000
n o n  c a s h	
changes 
£’000
e x c h a n g e	
d i ff e r e n c e s 
£’000
at 
31 december 
2009 
£’000
cash and cash equivalents per balance sheet 4263 2142 – 245 2366
overdrafts 2599 2458 – 22 119
cash and cash equivalents per cash flow statement 1664 316 – 267 2247
bank loans net of issue costs deferred 16283 4096 1099 50 11138
net debtcash 14619 4412 1099 217 8891 2 4 	 r e c o n c i l i a t i o n 	 o f 	 n e t 	 c a s h 	 fl o w 	 t o 	 m o v e m e n t 	 i n 	 n e t 	 d e b t
 
2010 
group 
£’000
2009 
group 
£’000
2010 
c o m p a n y 
£’000
2009 
company 
£’000
decreaseincrease in cash and cash equivalents in the year  1  4 5 2  316  1  5 2 6  1122
movement on bank loans 4  8 8 8 4096 4  8 8 8 4096
exchange movements 120 217  2  74
exceptional gain on refinancing – 1158 – 1158
other noncash movements  1 8 8  59  1 8 8  59
movement in net debt 3  3 6 8 5728 3  1 7 2 6391
net debt at beginning of year  8  8 9 1  14619  1 0  4 4 1  16832
net debt at end of year  5  5 2 3  8891  7  2 6 9  10441
25 pensions
the company operates a defined contribution pension scheme for directors and certain employees the total costs of pensions 
contributions during the year were £509000 2009 £547000 contributions outstanding at the end of december 2010 amounted to 
£18000 2009 £14000  
2010 
£’000
2009 
£’000
2008 
£’000
2007 
£’000
2006 
£’000
revenue
– continuing operations 3 3  1 3 1 31556 27871 24074 14604
operating profit
– continuing operations before exceptional items 6  7 8 5 7103 5370 5568 2647
– exceptional operating items  4 5 6  – 2600 – 1421
6  3 2 9 7103 2770 5568 1226
net finance expense  7 0 8  890 1478 996 89
exceptional gain on refinancing – 1158 – – –
p r o f i t	b e f o r e	t a x a t i o n 5  6 2 1 7371 1292 4572 1137
taxation  1  4 5 5  1813 190 821 77
p r o f i t	a f t e r	t a x a t i o n 4  1 6 6 5558 1102 3751 1214
profit attributable to equity shareholders 4  1 3 1 5569 1024 3718 1324
profitloss attributable to noncontrolling interests 35 11 78 33 110
a d j u s t e d	e b i t d a 8  4 5 2 8629 6752 6572 3200
c a s h	i n f l o w	f r o m	o p e r a t i n g	a c t i v i t i e s 1 0  5 2 2 10147 8345 7026 3889
free cash flow 4  6 4 7 6274 2819 2426 1637
n e t	a s s e t s
goodwill and other intangible fixed assets 5 8  3 4 4 53164 51669 41235 34419
property plant and equipment 2  4 9 0 2441 2446 1742 846
other assets and receivables 8  9 6 9 8529 11256 9216 7937
cash 1  7 5 7 2366 4263 950 3327
current liabilities  2 0  7 2 4  17078 25726 18154 16723
noncurrent liabilities  7  1 1 9  11836 13740 9980 11835
n e t	a s s e t s 4 3  7 1 7 37586 30168 25009 17971
s h a r e h o l d e r s ’	e q u i t y
ordinary shares 610 607 595 531 522
share premium 1 7  1 7 6 16913 16276 14273 13570
shares to be issued 528 695 827 874 896
treasury shares  2 4 9  – – – –
other reserves 1 2  4 6 2 8569 5912 3132 116
retained earnings 1 3  1 9 0 10773 6515 6237 3008
t o t a l	s h a r e h o l d e r s ’	e q u i t y 4 3  7 1 7 37557 30125 25047 18112
noncontrolling interests in equity – 29 43 38 141
t o t a l	e q u i t y 4 3  7 1 7 37586 30168 25009 17971
n e t	d e b t  5  5 2 3  8891 14619 10133 7675
e a r n i n g s	p e r	s h a r e		b a s i c 68p 93p 18p 70p 33p
e a r n i n g s	p e r	s h a r e		d i l u t e d 66p 91p 18p 68p 32p
a d j u s t e d	e a r n i n g s	p e r	s h a r e  84p 90p 70p 81p 65p
dividends per share 24p 21p 175p 15p 10p
adjusted for amortisation of acquired intangibles share based payments and exceptional items the adjusted earnings per share for 20062007 have been restated 
for share based payments for comparability purposes a n n u a l 	 g e n e r a l 	 m e e t i n g 18 may 2011
final dividend for 2010 25 may 2011
i n t e r i m 	 r e p o r t 	 f o r 	 2 0 1 1 august 2011
i n t e r i m 	 d i v i d e n d 	 f o r 	 2 0 1 1 2 november 2011
preliminary announcement of 2011 results march 2012
report and accounts for 2011 april 2012 directors
c r bacon  nonexecutive chairman
jmbt wheatley  group chief executive
am fabian  group finance director
mc fairbairn  nonexecutive director
mc adorian  nonexecutive director
sj clark  nonexecutive director
s e c r e t a r y 	 a n d 	 r e g i s t e r e d 	 o ffi c e
gfmt wheatley
statpro house
8187 hartfield road
wimbledon
london sw19 3tj
registrars
capita irg plc
northern house
woodsome park
fenay bridge
huddersfield hd8 0la
n o m a d 	 a n d 	 b r o k e r
cenkos securities plc
678 tokenhouse yard
london
ec2r 7as
s o l i c i t o r s
boyes turner
abbots house
abbey street
reading
rg1 3bd
registered auditors
ernst and young llp
1 more london place
london se1 2af
b a n k e r s
the royal bank of scotland plc
280 bishopsgate
london
ec2m 4rb
f i n a n c i a l 	 p r 	 c o n s u l t a n t s
threadneedle communications
3rd floor aldemary house
1015 queen street
london
ec4n 1tx
c o m p a n y 	 r e g i s t r a t i o n 	 n o  	 2 9 1 0 6 2 9
incorporated in england  wales  s ta tp r o	l t d 		statpro house 81 87 hartfield road wimbledon london sw19 3tj united kingdom
tel 44 20 8410 9876 fax44 20 8410 9877
s ta tp r o	f r anc e	sarl		62 rue de la chaussée d’antin 75009 paris france
tel 33 1 40 20 1200  fax 33 1 40 20 1201
s ta tp r o	b enelux	sa		148150 boulevard de la pétrusse l2330 luxembourg luxembourg
tel 352 30 74 24 1  fax 352 30 74 24 40
s ta tp r o	i talia	sr l		via edmondo de amicis 53 20123 milan italy
tel 39 02 00 693 1  fax 39 02 00 693 605
s ta tp r o	deutschland	g mbh		hamburger allee 210 d60486 frankfurt germany
tel 49 69 977 8690  fax 49 69 977 86919
s ta tp r o	c anada	i nc 
s ta tp r o	 t or on t o		33 yonge street suite 1101 toronto ontario m5e 1g4 canada
tel 1 416 598 9500  fax 1 416 598 9530
s ta tp r o	m on tr éal		1801 mcgill college avenue suite 750 montréal quebec h3a 2n4 canada
tel 1 514 842 5091  fax 1 514 842 8809
s ta tp r o	i nc 		99 summer street suite 1660 boston ma 02110 usa
tel 1 617 692 1150  fax 1 617 692 1151
s ta tp r o	s outh	a fric a	p t y	l t d 		po box 52162 va waterfront cape town 8002 south africa
tel 27 21 443 2140  fax 27 21 418 3835
s ta tp r o	a ustr alia	p t y	l t d 		po box 5199 chatswood sydney 1515 australia
tel 61 2 9884 9045  fax 61 2 9475 4238
email  statprostatprocom
web  wwwstatprocom statpro house 8187 hartfield road wimbledon london sw19 3tj united kingdom
t 44 20 8410 9876    f 44 20 8410 9877
wwwstatprocom


Summary:
   overview  we are pleased with our progress 
in 2010  as has been shown in recent years we 
have a robust business which is profitable and 
significantly cash generative  we operate in an 
expanding global market whose growth is set to 
accelerate and we have bolstered our product 
offering to cater for that demand
the major event of 2010 for statpro was the beta 
launch of cloudbased statpro revolution we have 
been working on statpro revolution since 2007 
and have been steadily increasing our investment 
in it over this period in anticipation of the growth 
in the global asset management industry statpro 
revolution is so named because of its significant 
difference to traditional software in terms of ease 
of use deployment price and scalability we have 
designed it to make it easy and free for users to 
share information with others and this will be the 
key benefit of the service to subscribers
the investment in revolution has impacted our 
profits in 2010 and we expect will continue to do 
so during 2011 as this is an important part of our 
future growth strategy we are delighted to have our 
first customers for revolution including rbc dexia 
investment services after it went live on 28 february 
2011 and we hope to sign up many more partners 
and clients during the course of 2011 as noted in 
our january 2011 trading statement we will also be 
expanding our investment during 2011 in statpro 
revolution not only in development but also for 
support sales and marketing
we continue to make excellent progress with 
statpro seven we are working hard to move 
our clients to our hosted environment and now 
have 30 by value converted 2009 20 we 
also secured 44 new client contracts during 
2010 one of our key strategies is to sell statpro 
revolution and statpro seven together with 
statpro seven as the production system and 
statpro revolution as the distribution system 
in this way clients can enjoy the combined 
benefits of our services
financial highlights  revenue for the year was up 
5 to £3313 million 2009 £3156 million adjusted 
profit before tax was down 3 to £668 million 
2009 £690 million reflecting the investment 
in statpro revolution which reduced operating 
margins to 223 2009 247 nevertheless net 
debt was reduced to £552 million 2009 £889 
million and cash flow from operating activities 
before exceptional payments increased 5 to 
£1066 million 2009 £1015 million our renewal 
rate improved to 92 2009 90 we still felt 
some residual impact of the 2008 financial crisis 
as consolidations and acquisitions represent the 
fundamental reasons behind cancellations of client 
contracts however the very stable nature of our 
core products the long term contracts and recurring 
revenue that they provide enable us to invest with 
confidence in the next generation of technology
regional performance  the strongest markets for 
us in 2010 were in the emeaa region in particular in 
europe our strategy for statpro seven has opened 
up the middle market for our services and resulted in 
an increase in activity there is considerable interest in 
risk systems and improving reporting solutions in all 
these markets our south african and australian offices 
also performed well and premarketing of statpro 
revolution shows that there is a strong appetite for it 
in these markets where asset managers generally have 
smaller budgets in north america we made good 
progress with sales of statpro seven however sales of 
statpro unlimited data services were lower year on 
year the vast us market has considerable potential for 
statpro revolution and seven and we stepped up our 
investment in sales staff during the year and we plan to 
recruit more sales people in 2011  products  the statpro revolution service is a powerful 
cloudbased service with rich functionality it comprises 
two main parts the first is a database of over 500000 
assets with historic prices together with thousands of 
benchmarks and investment classifications the second 
is that it has an integrated suite of portfolio analytics 
including performance attribution and risk together 
with reporting publishing and research
it is possible for a client to upload the historic 
positions in a portfolio and then see the portfolio’s 
performance risk and attribution with full reporting 
in a few minutes as an online service it is accessible 
immediately from any location with internet access 
we believe one of the biggest business benefits of the 
service will prove to be the ability to share the analysis 
a client can “invite” an investor or colleague to see his 
portfolio and so share it this feature will be of great use 
between professional investors such as a mutual fund 
manager and an independent financial adviser “if a” or 
between asset managers and pension fund clients as 
all the data is in one database and is shared rather than 
exchanged the use and access of data is greatly simplified
statpro revolution is priced at 100 per portfolio per 
month for 100 users and is therefore extremely economic 
a company with 20 portfolios can have up to 2000 users 
for just 2000 a month with no limit on the number of 
people who can access the published reports
through the course of 2011 we plan to add many 
additional features and continue to expand the database 
s t r a t e g y 		we have three target markets our existing 
clients distributors and online sales 
for our existing clients who tend to be the larger 
asset managers we have now built links between 
statpro revolution and statpro seven this will enable 
our existing statpro seven clients to easily integrate 
with statpro revolution bringing them considerable 
benefits many clients have a problem reconciling 
front and back office performance results because 
the systems are not integrated the back office role 
is to produce the statement of record and the front 
office team often prefers analysis provided by separate 
terminalbased solutions with statpro revolution it is 
now possible to achieve both as the service provides 
the sort of analysis required by portfolio managers but 
can use the information produced by the back office
we are also focusing on building a network of distributors 
for statpro revolution our first such distributor is rbc 
dexia investment services “rbcd” who plan to use a 
whitelabelled version of statpro revolution to provide 
portfolio analytics to their many clients rbcd now has 
the most sophisticated portfolio analytics service of 
any custodian and can implement a new client almost 
immediately the technology of revolution is ideal for 
custodian banks as they do not have to manage any 
complicated it platform or worry about installing a client 
other potential distributors are market data vendors 
and software companies there are many companies 
especially in the back office that have strong client 
positions in different markets as they have the clients’ 
portfolio data adding statpro revolution to their product 
suite is a relatively easy task for them which will add great 
value to their services we are marketing this to a wide 
range of companies in many parts of the world
finally there is the online market our research shows that 
there are at least 25000 companies that have 10 billion 
or less under management the rapid development of the 
bric brazil russia india and china economies and other 
markets means that there will soon be many more asset 
managers in this category south africa is a compelling 
example of the rapid growth of an asset management 
industry in strongly growing economies in 2000 there 
was approximately 100 billion under management in 
south africa growing in just ten years to over 1 trillion  
the obvious way for such newly established businesses in 
these markets to access portfolio analytics is via an online 
service providing a lower initial price point and scalability 
to easily expand the use of the service as they grow our 
challenge lies in making people aware that our service 
exists and ensuring that we progressively cover more data 
that is useful for each market
people  statpro employs around 250 people in 10 
offices around the world i would like to thank every 
one of them for their contribution to statpro over the 
last year we are all looking forward to 2011 and the 
exciting challenges that lie ahead
dividend  in line with our policy of paying a progressive 
dividend that balances our investment needs with return 
to investors we are pleased to announce an increase in 
our dividend to 24p from 21p in 2009
outlook  statpro is a robust business operating in a 
growth market the steady recurring revenue from our 
core business provides great stability for statpro and allows 
us to invest with confidence our accumulated expertise 
in portfolio analytics makes us a business with rare skills 
and the technology of revolution based on the best 
saas initiatives provides us with an exciting opportunity 
for future growth for these reasons although we cannot 
be sure of economic conditions or other factors we are 
looking forward to the rest of 2011 and beyond
justin wheatley
chief executive
25 march 2011