LONDON (Alliance News) - Asset management services StatPro Group PLC on Thursday said trading in the third quarter and for the nine months to the end of September are in line with market expectations, with a jump in recurring revenue in the period from its StatPro Revolution arm.
The group said annualised recurring revenue for StatPro Revolution, which provides cloud-based portfolio analysis, in the nine months to September 30 increased 35% to GBP4.3 million, from GBP3.2 million a year earlier. Related recurring revenue for the unit increased to GBP10.1 million, from GBP9 million last year, increasing its contribution to total software revenue to 40%.
StatPro said it is on track to release a set of advanced features in the StatPro Revolution suite in 2015 and also is ready to fully launch the StatPro R+ programme next year.
StatPro said trading in the quarter and in the nine months to the end of September is in line with market expectations and said it expects a "successful outcome" for the full year.
Asset managers are under pressure to reduce costs and improve service to their clients as well as to meet increasingly burdensome regulations," said Justin Wheatley, chief executive of StatPro.
"The considerable investment we have made in new technology puts us at a significant commercial advantage in our market place," Wheatley added.
StatPro shares were untraded on Thursday, quoted at 72 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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