LONDON (Alliance News) - StatPro Group PLC Wednesday said revenue and profits in the first-half of the year are in line with market expectations, supported by both new and existing clients, but warned that sterling strength hurt both revenue and profits in the period.
In a statement, the provider of portfolio analysis and asset pricing services for the asset management industry said sales of StatPro Revolution - its cloud-based portfolio analysis service - continue to grow in line with expectations, while its sales pipeline continues to grow.
StatPro Revolution annualised recurring revenue increased by 28% to GBP4.0 million at the end of June, it said, while StatPro Revolution client numbers increased by 65, to 322 at the end of the period.
StatPro said that renewals for its StatPro Seven service were resilient in the first-half of the year.
However, StatPro said that with around 80% of its contracts denominated in currencies other than sterling, the strength of the pound has hit the sterling reported value of revenue as well as profits.
Nevertheless, StatPro said it was confident of achieving a successful outcome for the year.
"We have increased spending on recruiting more sales people, additional marketing activities to promote our cloud solutions, and research and development to accelerate development of new features," the company said in a statement.
"We also continue to strengthen the client services team to support our existing and new clients and streamline our internal operations to gear up for future expansion of our client base," it added.
In its statement Wednesday, StatPro said it has extended its financing facilities for a further year. It said its committed facilities are now available under May 2017, and currently total GBP8 million.
The company said it will release its interim results on August 6.
StatPro shares were down 2.9% at 85.00 pence Wednesday.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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