LONDON (Alliance News) - StatPro Group PLC on Tuesday said it is on track to meet its expectations for 2016 following growth in recurring revenue in the first half.
StatPro, which provides portfolio analysis and asset-pricing services to the asset management industry, said recurring revenue in the first half grew to GBP36.2 million on an annualised basis in the half to the end of June, up 26% year-on-year.
Annualised recurring revenue from its cloud platforms more than doubled in the half and now represents 38% of total recurring revenue, up from 23% a year prior.
StatPro said its order book stood at GBP44.1 million at the end of June, up from GBP37.0 million a year before.
"Our forward order book continues to grow, and we are trading in line with our expectations for the year as a whole," said Chief Executive Justin Wheatley.
StatPro shares were up 3.3% to 94.00 pence Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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