In a trading update covering the six months to the end of September, the company said revenue and profits continue to be in line with the board’s expectations for the current year.
In the 12 months to 30 September 2017, the group’s annualised recurring revenue (ARR) increased by 40% to £52.9mln from £37.9mln (adjusted for exchange rate fluctuations) a year earlier.
Boost from Delta
The company said the acquisition of Delta, the cloud-based risk and performance analytics service that was acquired in May 2017, provided a boost to this figure.
The percentage of group ARR that is now on a software-as-a-service basis stands at 83%, up from 75% (on a constant currency basis) a year earlier.
"We continue to make solid progress migrating our software to pure cloud-based delivery which will improve our operational efficiency and increase our margins,” said Justin Wheatley, chief executive of StatPro.
“The integration of Delta is also going well. Our roadmap to add the excellent and complementary Delta functionality into our flagship cloud platform, Revolution, has been well received by clients," he added.
Progressive Equity Research said: “The group appears to be well on track, with the Delta acquisition proceeding to plan, and ongoing migration to the group’s cloud-based offering, Revolution.”
“The Delta acquisition has contributed meaningfully to the current level of performance, and we look forward to monitoring the integration as StatPro benefits further from the deal in periods ahead,” the research house added.
Shares in StatPro rose 1.8% to 153.73p on Thursday morning.
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