International contracts drive first half at StatPro

Portfolio analysis and asset pricing service provider StatPro Group posted a trading update for the six months to 30 June on Tuesday, reporting a 26% increase in group annualised recurring revenue to £36.2m.

The AIM-traded firm said that on a constant currency basis the rise was a more modest 13%.

During the six months, StatPro signed two large contracts including the new Revolution Performance module.

It said annualised recurring revenue from its cloud services - StatPro Revolution and Investor Analytics - rose 112% to £13.7m, or 90% on a constant currency basis.

Recurring revenue from cloud services now represented 38% of group annualised recurring revenue.

StatPro’s contracted forward order book revenue increased 19% to £44.1m, or 8% on a constant currency basis.

“We had a good first half with strong sales of Revolution with total contracted value of £6.4m driven by two international banner deals,” said chief executive Justin Wheatley.

“Our forward order book continues to grow and we are trading in line with our expectations for the year as a whole.

“As we complete the finishing touches to our core module, Revolution Performance, we look forward to its formal launch on 28 September,” Wheatley added.