StatPro Group plc (AIM:SOG), the AIM listed provider of portfolio analytics, market data and asset pricing services for the global asset management industry, today provides a trading update for the nine months ended 30 September 2009.
The Board is pleased to report that trading for the nine months ended 30 September 2009 was in line with the Directors' expectations and ahead of the comparable period in 2008. We continue to win new business and the renewal rate for the year to date remains above our budgeted level. The operating cash flow remains strong and we are further reducing our net debt.
During the quarter we have continued to make good progress in the further development of our Software as a Service ("SaaS") offering. This will see the delivery of our next generation SaaS solution in 2010 enabling us to offer our services to a broader market more cost effectively. Standardising the product offering will also simplify the support and sales process thus reducing the on going costs of supporting each client.
Our pipeline of new prospects remains strong, market conditions in the fund management sector are stable and as a result we remain confident for a successful outcome for the year.
Justin Wheatley, Chief Executive, commented: "SaaS is going to change the rules of the game in the portfolio analytics market as it will do everywhere else. StatPro is ahead of the curve as we have both moved our existing products to a hosted environment and invested in totally new multi-tenant web-based software. The key is to offer better services at a lower price point thereby broadening our addressable market substantially."