LONDON (Alliance News) - Portfolio analysis and asset pricing company Statpro Group PLC Friday said it had traded in line with market expectations in the third quarter, with an increased rate of new business wins for its cloud-based Statpro Revolution portfolio analysis software.
"Revenue and profits for the nine months ended September 30, 2013 are in line with market expectations for the year as a whole," the AIM-listed company said in a statement.
Annualised recurring revenue for StatPro Revolution rose by about 85% in the nine months to end-September to GBP2.8 million, from GBP1.5 million at the end of December, at constant currencies. Client numbers rose to 251, from 156, over the same period.
Total recurring revenue from clients whose subscription includes StatPro Revolution rose to GBP6.9 million, from GBP4 million at the end of December, and made up 27% of total software revenue, up from 16%.
"Our continuing progress gives the Board confidence in a successful outcome for the year and confidence in the continued execution of our cloud-based strategy," the company said.
Statpro shares were up 1.9% at 94.25 pence early Friday.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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