StatPro Group plc, (AIM:SOG), the AIM listed provider of portfolio analysis and asset pricing services for the global asset management industry, today provides a trading update for the nine months ended 30 September 2014.
· Trading in Q3 2014 in line with market expectations
· StatPro Revolution annualised recurring revenue increased by approximately 35% in the nine months to end September 2014 to £4.25 million (December 2013: £3.15 million*)
· StatPro Revolution related recurring revenue** increased to £10.1 million and 40% of total software revenue (December 2013: £9.0 million* / 37%)
· Development of advanced features, including equity attribution, advanced risk and fixed income attribution, within StatPro Revolution are on track for release in 2015
· Full release of StatPro R+ (cloud replacement for StatPro Seven) on track for H1 2015
* at constant currency
** defined as the total recurring revenue from clients whose subscription includes StatPro Revolution
Revenue and profits for the nine months ended 30 September 2014 are in line with market expectations for the year.
In the nine months to the end of September 2014, recurring revenue for StatPro Revolution, our cloud-based portfolio analysis service, had grown by approximately 35% to £4.25 million. An increasing number of our existing clients of our traditional StatPro Seven software are also adopting StatPro Revolution in addition to the StatPro Seven service, resulting in StatPro Revolution related revenue of £10.1 million (December 2013: £9.0 million). Our sales pipeline remains strong and we look forward to building upon this success and momentum.
The release of advanced features within StatPro Revolution is on track for 2015. These include:
· advanced equity attribution
· advanced risk and
· fixed income attribution
These features will broaden the appeal of our service to both existing clients and new prospects.
and new prospects.
StatPro Seven and StatPro R+
StatPro Seven additional sales and renewals have been robust. For example, as announced on 25 September, we recently signed a 5 year contract renewal with a top 10 global asset manager for our GIPS® solution, part of the StatPro Seven product suite. Our client base remains resilient as we transition to the cloud and the net cancellation rate for StatPro Seven is in line with market expectations.
StatPro R+ will be fully launched during 2015 and this will allow us to start the process of transitioning clients. The planning for that migration is well under way.
The Board looks forward to a successful outcome for the year and the continued execution of our cloud-based strategy.
Justin Wheatley, Chief Executive, commented: "Cloud based services are now becoming the norm as the advantages and additional efficiency of cloud computing in general becomes more widely understood. Asset managers are under pressure to reduce costs and improve service to their clients as well as to meet increasingly burdensome regulations. StatPro Revolution and StatPro R+ are ideally placed to enable our clients to achieve all of these objectives. The considerable investment we have made in new technology puts us at a significant commercial advantage in our market place."