Update: Revolution continues to grow apace
In its H1 trading update, StatPro says trading was in line with expectations. However, a persistently strong British pound has had an impact and we are easing our forecasts. StatPro Revolution, the new cloud analytics reporting tool, continued to grow strongly, with its recurring revenue run rate rising by 28% to £4.0m over the six months, and it now represents 16% of the recurring revenue book. Hence the group’s transition to a pure cloud business continues to advance and we see significant upside potential, as US pure SaaS stocks typically trade on very punchy EV/sales multiples.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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