StatPro Group plc, (AIM:SOG), the AIM listed provider of portfolio analysis and asset pricing services for the global asset management industry, will be holding its Annual General Meeting today at 6pm.
At the meeting, Carl Bacon, Chairman of the Group will make the following statement on the Group's progress in the first quarter of the year ending 31 December 2012:
We are pleased with progress of our new cloud service, StatPro Revolution, in the first full year since its launch in March 2011. The level of interest and pipeline of potential clients is increasing. With the latest version of the product release (which went live on 28 April 2012) we have:
· Expanded coverage of bonds to over 250 types from vanilla to the most complex
· Launched the StatPro Store which allows for fully automated online purchases
· Added comprehensive coverage of Futures
Following the reorientation of the business announced in our January 2012 trading update, which is now completed, we are progressing well on our development plans for StatPro Revolution Plus, the cloud-based replacement for StatPro Seven and we expect the first modules to be launched in 2013.
Trading in the first quarter of 2012 was in line with expectations. The sales pipeline for StatPro Revolution continues to build and we now have 80 clients for StatPro Revolution. We are also making good progress with custodian banks and fund administrators, who we believe will provide an important gateway for future prospects.
Sales of StatPro Seven have remained strong during the quarter. While we have switched our sales focus to StatPro Revolution, we maintained a similar overall level of new sales for StatPro Seven compared to the comparative quarter in 2011. Our renewal rates remain high and are currently projected to be around 90% or better for the full year.
Having opened our Hong Kong office in September 2011, we are pleased to report that we have had an excellent first quarter in the AsiaPac region with several new sales and a growing prospect list.
We believe that the service we offer, through our cloud-based solution StatPro Revolution,olution, provides a compelling story that meets client demands for greater transparency and improved reporting to satisfy new regulations, as well as being great value for money.
StatPro has made the strategic decision to switch to cloud services because of the tremendous growth potential available with this new technology. As a result of our large client base and high levels of recurring revenue, we are able to maintain a significant level of investment in new products while generating good margin and paying down debt.
The Board remains confident of a successful outcome for the year.