LONDON (Alliance News) - StatPro Group PLC, which provides cloud-based portfolio analysis and asset pricing tools for asset managers, Thursday said trading in its last financial year was in line with market expectations, with a 4% rise in annualised recurring revenue at constant currency compared with 1% in the prior year.
In a statement, StatPro said annualised recurring revenue for its StatPro Revolution product rose to GBP5.4 million in 2014 from GBP3.2 million in the prior year at constant currency. StatPro Revolution-related recurring revenue, defined as the total recurring revenue from clients whose subscription includes StatPro Revolution, increased to GBP11.9 million from GBP9.2 million at constant currency, representing 46% of total software recurring revenue, versus last year's 37% at constant currency.
Average revenue for StatPro Revolution clients increased by around 38% to over 17,000 per annum, with StatPro citing its focus on increasing revenue per client and a minimum client relationship fee of GBP12,000 per annum.
The net cancellation rate for StatPro Seven recurring revenue fell to around 4% from 5%. Excluding conversions to StatPro Revolution, recurring revenue for StatPro Seven was flat year on year, compared to a 2% reduction in 2013.
"We continue to experience high levels of growth for StatPro Revolution and at the same time StatPro Seven continues to prove a resilient and stable source of recurring revenue," Chief Executive Justin Wheatley said in a statement.
The CEO said he expects momentum to continue into 2015, with the group set to start marketing new product StatPro R+ in the second half of the year. StatPro said it has already received forward orders for R+.
"Acceptance of cloud-based solutions is now mainstream, and we are beginning to see that some of our competitors are talking about developing a cloud-based solution of their own. As we started this process in 2007, we believe that we are well placed to reap the benefits of our early investment," Wheatley.
StatPro shares were up 1.4% at 74.00 pence on Thursday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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