StatPro recurring revenues advance in 2016

(ShareCast News) - Cloud-based portfolio analysis and asset pricing service provider StatPro Group announced a trading update for the year to 31 December on Wednesday.The AIM-traded company reported group annualised recurring revenue of £39.3m - an 18% increase on the prior year.Its forward order book of contracted revenue was up 9% to £46m, while annualised recurring revenue from its cloud-based portfolio analysis service StatPro Revolution increased by 68% to £15m.StatPro Seven maintained resilience with a 2% net underlying cancellation rate.The company said net debt was £10.1m at 31 December, compared to £1.3m cash a year earlier.It added that a non-cash impairment charge of approximately £10m was expected against goodwill associated with the Canadian business, FRI, acquired in October 2006"We have had a good year with the group's revenue and profitability remaining in line with our expectations," said group CEO Justin Wheatley."Notable highlights include two acquisitions, the launch of Revolution Performance in September 2016 and our best year yet for sales of StatPro Revolution."Wheatley said the success was "undoubtedly" due to the company's early investment in cloud technology, with the complexity and scale of the technology it had developed difficult to imitate."We are now firmly established as a leading innovator in the rapidly digitising asset management industry."Looking ahead we have a strong forward order book of contracted revenue which is up 9% to £46m."