Flash note: SaaS at 25% of recurring revenue run rate
StatPro has said that 9M15 trading was in line with expectations. StatPro Revolution’s annualised recurring revenue grew to £7.2m over the quarter, from c £6.5m at 30 June 2015, and £4.3m (at constant currencies) at 30 September 2014. The Q3 performance is an improvement on Q314 and takes the SaaS revenue book to 25% of the recurring revenue total, which we estimate grew modestly on a currency adjusted basis to £28.8m. We are maintaining our forecasts, and, while the earnings multiples look punchy at first glance, this is due to ongoing heavy investment in the new cloud products. After some eight years of cloud software development, we believe revenue and earnings will begin to accelerate following the launch of the cloud replacement for the group’s core StatPro Seven product suite, which is on schedule for Q2 next year.Statpro Group is engaged in the development, marketing and distribution of software systems and the provision of cloud-based portfolio analysis and asset pricing services to the asset management industry.
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