StatPro Share News (SOG)

LONDON (Alliance News) - StatPro Group PLC traded in line with its expectations in the first quarter of 2015, according to Chairman Carl Bacon on Wednesday.

StatPro, which provides cloud software to asset managers, is transitioning towards providing software through cloud computing, marking a shift from its traditional software products.

"With 20% of our annualised contracted revenue now coming from our cloud services, we are making good progress towards becoming a pure cloud-based analytics service provider and look forward to making further headway in the rest of this year," Bacon told shareholders at the company's annual meeting on Wednesday.

Bacon said progress is being made on new sales of cloud-based product Revolution, with new business agreed with new and existing clients.

"We continue to invest in our cloud-based capabilities and are launching the Advanced Risk Management module in the next few weeks as planned. This will expand the analytical capabilities of the StatPro Revolution platform to include advanced risk analytics and a new data model, based on market value prices. This is one of a number of enhancements to the product planned for 2015," Bacon said.

"Development of the StatPro Revolution performance module continues well and will be launched later in 2015," the chairman added.

Bacon said that Seven, its traditional software product, is showing strength despite the emphasis on providing cloud-based software.

"The resilience of StatPro Seven continues with annualised recurring revenue for StatPro Seven remaining unchanged as net new sales for this product offset any cancellations or reductions," the chairman said.

StatPro shares were down 0.7% at 84.44 pence on Wednesday morning.

By Samuel Agini; samagini@alliancenews.com; @samuelagini

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