StatPro Group plc, the AIM listed provider of portfolio analytics solutions for the global asset management industry, today provides an update on its trading for the third quarter of 2005, reflecting a strong performance in what is typically the Group's quietest quarter.
The Board is pleased to confirm that the level of new licence agreements signed by the Group in the third quarter has been much stronger than the comparable period for 2004. Revenue for the nine months to the end of September has been 20% higher than over the comparable period in 2004, and at over twice the rate of revenue growth achieved in 2004 as a whole.
Based on the current market outlook, the good visibility of potential contract awards expected in the fourth quarter, and our recurring revenue model, revenue growth is expected to be twice that achieved in 2004. Overall, trading remains in line with our expectations for the year as whole.
The integration of Delve following the acquisition on 1 July 2005 has been completed with the operations now fully integrated into our London office. We are now marketing the acquired product as StatPro Enterprise Reporting and have since signed two new clients for this solution in the three month period since acquisition.
The final beta testing of the StatPro Fixed Income product is proceeding satisfactorily and we expect to launch the product formally in January 2006.
StatPro continues to have excellent prospects based on a growing range of products, an expanding client base and an encouraging new business pipeline. We expect continued cash generation in 2005, enabling us to continue our investment in growth opportunities as well as to pay a maiden dividend for the year.
Justin Wheatley, Chief Executive, commenting on the trading update, said: "StatPro continues to perform strongly in 2005 and we look forward to making further progress in the final quarter of the year."