Update: Cloud-based revenue rises to 18% of the total
StatPro reported healthy 6% constant currency revenue growth in FY14, as strong growth in its market-leading cloud software products outweighed declines from its legacy, albeit cash-generative, traditional software business. Cloud-related services maintained their H1 growth rate, jumping 28% to £11.2m in FY14, while non-cloud business eased by 3% to £20.9m. StatPro Revolution’s annualised recurring revenue jumped 68% to £5.4m as at 31 December, or 18% of the total run rate. We have made modest cuts to our forecasts, mainly due to increased investment. Nevertheless, if cloud revenues continue to grow apace, we believe there is significant upside, given the lofty multiples of StatPro’s US peers and SaaS firms.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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