---ADDS BROKER COMMENT---
Investment analytics firm StatPro Group PLC (LON:SOG) unveiled solid results for 2015 and said it expects margins and cash generation to improve as it moves ever closer to being mainly a cloud-business.
Annualised recurring revenue (ARR) for StatPro Revolution - it's cloud product- met its target of an increase of 46% at £7.8mln from £5.35mln in 2014.
Average annualised revenue from StatPro Revolution clients increased 67% to £28,300 (2014: £17,000), the company said.
Revenues for the year to end December came in at £30.19mln compared to £32.02mln in 2014, and pre-tax profit was not much changed at £2.41mln (2014:£2.37mln).
The full year dividend was maintained at 2.9p a share.
The firm added that the next iteration - StatPro Revolution Performance - remains on track to be released to clients in the second half of this year.
"We are now close to the end of our major investment cycle in new technology with the launch of our last performance product module this summer.
"Our early investment in cloud technology, over eight years ago, has positioned us as a leading innovator in the rapidly digitising asset management industry. Indeed, StatPro Revolution is the first entirely new full analytics platform developed in our market over the last 10 years.
"With the acquisition of Investor Analytics, we are now able to offer a complete suite of risk models for any asset manager. The acquisition has also increased our cloud-based ARR to 34% of the total ARR.
"Our forward order book is now at £36.6 million and the current financial year has started well. We look forward to improving the group's profitability by a combination of both organic and acquisitive growth."
Broker Panmure Gordon repeated a 'buy' and lifted the target price to 124p from 119p.
"StatPro finals are ‘bang tidy’; all in line with forecasts," colourfully notes analyst George O'Connor.
He note the "very pleasing" comment that the StatPro Revolution Performance module is on track for release in summer 2016 and is currently in ‘beta’.
"For us, this is the last piece of the technical jigsaw and from here StatPro can accelerate sales as it begins to unlock that c200 Seven customer base.
StatPro shares gained 3.38% on the day to stand at 76.50p.