StatPro Group - StatPro Revolution ARR up 13% organically
StatPro has released an in-line trading update for FY17. Annualised recurring revenue (ARR) for StatPro Revolution grew by 13% organically. Statutory revenues, EBITDA and cash were broadly in line with our forecasts and we are maintaining our FY18 forecasts. Given the busy M&A backdrop, which saw competitor BISAM sold for 7.3x sales earlier in the year, and the significant valuation disparity between StatPro and its US-listed financial software peers, we continue to see strong upside potential in the shares.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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