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StatPro finished 2017 strongly and is confident of further progress in 2018

In 2017, annualised recurring revenue for cloud services, including Delta (acquired in May) increased by 106% from 2016
Statpro Revolution
The provider of cloud-based portfolio analysis and asset pricing services is confident of delivering further growth this year

The fourth quarter was the best of the year for sales of Revolution, the flagship product of portfolio analytics services provider StatPro Group PLC (LON:SOG).

The group announced in a trading update that full-year revenues for 2017 are expected to be around £49.0mln, up 30% from £37.6mln the year before.

READ: StatPro pleased with UBS Delta team as it hands over down payment on acquisition

Annualised recurring revenue (ARR) for the group as a whole rose by 39% on a constant currency basis to £53.0mln from £38.1mln the year before. ARR for StatPro Revolution rose 13% organically.

Adjusted underlying earnings are expected to be roughly £6.9mln, up 35% from £51mlm the year before.

Net debt at the end of the year had doubled to £20.2mln from a year earlier as the company ploughed money into its acquisitions.

READ: StatPro continues to drive annualised recurring revenues higher

"The acquisition and successful integration of Delta in May was the highlight of 2017. Delta has since increased sales and plans are in place to achieve functional parity for Delta within StatPro Revolution,” said Justin Wheatley, the group chief operating officer of StatPro.

"Q4 was the best quarter in 2017 for new sales of StatPro Revolution. StatPro Revolution ARR increased organically by 13% in 2017 with our overall cloud ARR rising 106%. As a result, we are very confident that we will make further good progress in growing revenue and profits in 2018." 

Shares in StatPro were up 4.5% in early deals.

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August 19 2018

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