StatPro Group trading in line with expectations as it expands cloud platform

Cloud-based software provider StatPro Group said it has been trading in line with expectations as it expanded its data platform product.

In a trading update for the nine months ended 30 September, revenue and profits were in line with expectations for the year.

Annualised recurring revenue grew by 81% to £14.7m in the year to 30 September, compared to the previous year, including the contribution from Investor Analytics, a cloud-based risk service, which the company bought in January.

The StatPro Revolution software, which provides coverage of all a company's data and analysis on one platform, as a percentage of the annualised recurring revenue rose to 39% from 25% last year at constant currency, while it expanded the platform with the cloud-based performance measurement service, StatPro Revolution Performance, in September.

Chief executive Justin Wheatley said: "Although StatPro Revolution Performance was only released on 28 September, one of our beta clients, National Australia Bank, has already gone live with eight of its clients on the platform.

"We are delighted by the reception that Revolution Performance has received from clients, prospects and industry specialists following its recent launch and subsequent marketing events around the world."

Shares in StatPro Group were up 1.8% to 113p at 0800 BST.