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StatPro Group reaping the rewards of early investment in the cloud

Published: 08:26 25 Jan 2017 GMT

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The company is a supplier of analysis and pricing software to the asset management industry

The latest trading update from StatPro Group PLC, (LON:SOG) has vindicated its early investment in cloud technology.

Nowhere is this point more evident than in the sales of StatPro Revolution, its cloud-based portfolio analysis product, which generated recurring revenues of £15mln last year, up 68%.

From a standing start, Revolution now makes up just under 40% of the group's total turnover, which rose 18% in the 12 months to December 31.

Also of note was the resilience of StatPro Seven, where the underlying cancellation rate was just 2%. The order book currently stands at £46mln (up 9%).

In a trading update, the supplier of analysis and pricing software to the asset management industry said revenues and profitability were in line with expectations.

“This success is undoubtedly due to our early investment in cloud technology, over eight years ago. The complexity and scale of the technology we have developed will be difficult to imitate,” said chief executive Justin Wheatley.

“We are now firmly established as a leading innovator in the rapidly digitising asset management industry.”   

Taking a deeper dive into the financials, the company’s net debt was just over £10mln on December 31, while StatPro said it would incur a non-cash impairment charge of around the same figure against goodwill.    

This is associated with the Canadian business, FRI, acquired in October 2006, the company said.

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