StatPro first-half profit drops as it transitions to cloud technology

(ShareCast News) - StatPro reported a drop in first-half profit and revenue on the back of continued product and cloud technology investment, in line with its expectations.Pre-tax profit fell 24% to £0.82m from £1.08m, while revenue nudged down to £15.44m from £15.71m as the company increased expenditure as part of its transition to becoming a cloud-based services provider.StatPro, which provides portfolio analysis and asset pricing services for the asset management industry, declared an interim dividend of 0.85p per share, unchanged from the first half of last year.Chief executive Justin Wheatley said: "We have maintained our high levels of recurring revenue and driven sales in our cloud-based service, StatPro Revolution, to both our existing customer base and a range of new customers. "With our forward order book of contracted revenue continuing to grow and the momentum that StatPro Revolution is developing, we remain on course to establish the group as a lower cost, higher margin pure cloud-based business."StatPro said it secured a £20m banking facility with Wells Fargo which will provide it with more flexibility to support its growth.At 1121 BST, shares were down 5.6% at 74.60p.