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StatPro Group PLC's share buy-back well-timed, broker says

Panmure Gordon reckons the shares were very cheap at 72p
StatPro Group PLC's share buy-back well-timed, broker says
StatPro bought the shares at 72p; they currently trade at 75.84p

Panmure Gordon has applauded this week's move by portfolio analytics software provider StatPro Group PLC (LON:SOG) to snap up 2.87mln of its own shares at 72p a share.

The shares acquired represent 4.25% of the company's issued ordinary share capital at the time of purchase.

“This happened last in 2010 – then StatPro trousered a handsome 19% profit. We like the play,” said StatPro's house broker.

The broker goes on to say that this should be a good year to make money on StatPro shares because its Revolution Performance module, currently in 'beta' testing, is on track for release in summer 2016.

“For us, this is the last piece of the technical jigsaw and from here StatPro can accelerate sales as it begins to unlock that circa 200 Seven customer base,” Panmure Gordon said.

StatPro's shares currently trade at 75.84p, so the software company is already sitting on a profit from its purchase. Panmure Gordon reckons the shares are worth 124p.

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