LONDON (Alliance News) - Portfolio analysis provider StatPro Group PLC on Friday said its revenue and adjusted earnings dipped in 2015 due to a fall in professional services sales.
StatPro said revenue for the year will be around GBP30.0 million, down from GBP32.0 million, as professional services revenue declined amid a shift by the company towards its cloud-based analysis service, which generates a recurring revenue stream for the business.
Adjusted earnings before interest, taxation, depreciation and amortisation will be down to around GBP4.0 million from GBP4.4 million.
StatPro Revolution, the cloud service, saw annualised recurring revenue rise to GBP7.8 million in the year, up 46%.
"Our early investment in cloud technology puts us in a very strong position to becoming a leading innovator in the rapidly digitising asset management industry. It also means that we can take advantage of industry fragmentation and make acquisitions, such as Investor Analytics," said Chief Executive Justin Wheatley.
"As a consequence we look forward to improving the group's profitability by a combination of both organic and acquisitive growth," he added.
StatPro shares were untraded on Friday, having last traded at 75.00 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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