StatPro's recurring revenues boost profits

(Sharecast News) - Cloud-based portfolio analysis provider StatPro reported revenue and profits in line with expectations for its current trading year.For the year ended 30 September, StatPro revealed that group annualised recurring revenue had increased 3% to £54.8m, boosted by its acquisition of Oddo BHF's risk service on 1 July.Underlying ARR growth for the AIM-listed firm's StatPro Revolution platform came to 16%, excluding the impact of acquired revenue and including conversions from StatPro Seven.StatPro said the transition of Oddo's managed risk service to Revolution was "progressing according to plan with a target date of 31 December". Once migrated, the duplicate cost of third-party software and data costs will be removed providing an additional contribution to the firm's adjusted EBITDA.Chief executive Justin Wheatley, said: "Our flagship platform, Revolution continues to cement its position as the leading fintech solution for performance and risk, with a special focus on the asset servicing sector. With the addition of the risk service from ODDO BHF, we are well placed to augment our capabilities in this area, especially in regards to fund administrators.""As Revolution matures we continue to expect to see investment plateauing and an increase in our margins."As of 0900 BST, StatPro shares had slipped 5.17% to 118.06p.