Statpro says Q1 trading ahead of last year

Statpro says Q1 trading ahead of last year

Statpro, an AIM-listed supplier of portfolio analytics software for fund managers, says its current trading is in line with market expectations and "significantly ahead of the first four months of 2007".

Statpro shares inched up 2.50 pence, or 2.60% to 97.50 pence after the vendor released a bullish trading update ahead of its annual general meeting.

Carl Bacon, chairman of Statpro, says the positive start to the year reflects the benefits of Statpro's recurring revenue business model and new contract wins achieved in 2007 and in the first four months of 2008.

Despite the uncertain economic environment, its sales pipeline "continues to expand" and the level of cross-selling has increased, he adds.

Furthermore, the volatility in the financial markets, combined with regulatory initiatives, is actually leading to increased demand for better information and systems regarding performance and risk.

Bacon says the integration of compliance software vendor Performa, which was acquired in February, has been completed. The acquisition is expected to be earnings enhancing in 2008.

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