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StatPro trading in line as annualised recurring revenue continues to grow

Published: 07:38 25 Oct 2018 BST

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StatPro Group PLC (LON:SOG), the cloud-based portfolio analysis and asset pricing services provider for the global asset management industry, has traded in line in 2018.

In the 12 months to the end of September, the group’s annualised recurring revenue (ARR) increased by 3% to £54.8mln from £53.1mln (on a constant currency basis) in the preceding 12-month period.

READ: StatPro bags £1mln contract with existing customer for its Infovest service

The ARR includes the contribution from ODDO BHF, which was acquired at the beginning of July. The transition of the managed risk service of ODDO BHF to the company’s flagship Revolution platform is progressing according to plan and should be completed by the end of the year. Once migrated, the duplicate cost of third-party software and data costs will be removed providing the additional contribution to adjusted underlying earnings (EBITDA), StatPro said.

The migration of Delta, the risk and performance analytics service it bought from UBS in the spring of 2017, is progressing well.

READ: StatPro acquires regulatory risk services bureau from ODDO BHF

Underlying ARR growth for StatPro Revolution (excluding the impact of acquired revenue and including conversions from StatPro Seven) was 16%.

StatPro said its continued focus on fund administrators has resulted in a steady increase quarter-on-quarter of new revenue from current fund administrator partners.

"Our flagship platform, Revolution continues to cement its position as the leading fintech solution for performance and risk, with a special focus on the asset servicing sector. With the addition of the risk service from ODDO BHF, we are well placed to augment our capabilities in this area, especially in regards to fund administrators,” said Justin Wheatley, the chief executive officer of StatPro.

"The increase in functionality for Delta and the updated roadmap for its integration with Revolution is a key milestone and importantly, it removes a decision point for clients of Delta – they have warmly welcomed this development,” he added.

 

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