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15/03/2012

StatPro CEO says StatPro Revolution enables a global sales strategy

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Market: AIM
Sector: Software & Computer Services
EPIC: SOG
Latest Price: 89.00p  (0,00%)
52-week High: 119.00p
52-week Low: 74.50p
Market Cap: 54.63M
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StatPro
www.statpro.com

StatPro has evolved into a leading provider of performance and risk management solutions for the investment community. We do this by offering software combined with pre-packaged data on our own IT platform. In this way, we can provide a complete solution for our clients in the most cost-effective manner possible.

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StatPro outlines plans to focus on new Revolution product

26th Jan 2012, 7:29 am by Ian Lyall Revolution takes the group into cloud-based computing where programmes are delivered on demand via the internet, rather than sold as rentals and installed on customers’ premises.

StatPro Group (LON:SOG) chief executive Justin Wheatley said he is “pleased” with the early commercial performance of StatPro Revolution, its low cost, high spec analytics package for fund managers.

Recurring revenue from the product totalled £470,000 for the nine months after launch and it is gaining traction in all its key markets.

Revolution takes the group into cloud-based computing where programmes are delivered on demand via the internet, rather than sold as rentals and installed on customers’ premises.

StatPro said increasing demand from clients to migrate to a cloud-based platform and its confidence in Revolution’s commercial potential had convinced it to shift its sales focus.

I revealed this morning it is accelerating its plans to invest in cloud technology and focus all its efforts on Revolution.

The changes will result in annual cost reductions of around £1.6 million at a one-off cost of £800,000.

StatPro said the current recurring revenue for Seven, its existing product, and data contracts is £29 million and the renewal rate in 2011 was around 92 per cent. 

All these existing clients “represent a rich potential market” for Revolution as it upgrades them to it new cloud technology over the next few years, the company added. 

In a wide-ranging update on trading StatPro said net debt had fallen to £3.4 million as at the end of last year from £5.5 million previously.

Lower consultancy income will result in revenues being “marginally lower” than expected, it was revealed.

But costs have been tightly managed so earnings are expected to be in line with forecasts.

CEO Wheatley said: "The board is pleased with the early success of StatPro Revolution in its launch year. 

“Our StatPro Seven business has remained steady, providing a strong source of recurring revenue and profits. 

“We believe our early action to invest in cloud technology will ultimately improve margins going forward and are confident of a successful outcome for the year."

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