Outlook: First phase of cloud transition is maturing
Annualised recurring revenue lifted by 4% at constant currencies to£28.6m, while Revolution’s annualised recurring revenue jumped by 61%
to £6.5m, representing 23% of the recurring revenue book, in line with the
recent trading update. Adjusted EBITDA dipped, as expected, mainly due
to the increased investment going into the business. The Revolution
Performance module remains on track for launch in early 2016, and this is
expected to accelerate the group’s transition to a pure cloud play. We
continue to believe there is significant upside in the shares, given the lofty
multiples of its US-based financial software peers and SaaS companies.
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.
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
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