International contracts drive first half at StatPro

(ShareCast News) - Portfolio analysis and asset pricing service provider StatPro Group posted a trading update for the six months to 30 June on Tuesday, reporting a 26% increase in group annualised recurring revenue to £36.2m.The AIM-traded firm said that on a constant currency basis the rise was a more modest 13%.During the six months, StatPro signed two large contracts including the new Revolution Performance module.It said annualised recurring revenue from its cloud services - StatPro Revolution and Investor Analytics - rose 112% to £13.7m, or 90% on a constant currency basis.Recurring revenue from cloud services now represented 38% of group annualised recurring revenue.StatPro's contracted forward order book revenue increased 19% to £44.1m, or 8% on a constant currency basis."We had a good first half with strong sales of Revolution with total contracted value of £6.4m driven by two international banner deals," said chief executive Justin Wheatley."Our forward order book continues to grow and we are trading in line with our expectations for the year as a whole."As we complete the finishing touches to our core module, Revolution Performance, we look forward to its formal launch on 28 September," Wheatley added.