25th Oct 2018 12:02
LONDON (Alliance News) - StatPro Group PLC said on Thursday revenue and profit has continued to be in line with its expectations for its current financial year.
The company, which provides cloud-based portfolio-analysis software, said for the 12 months to the end of September, annualised recurring revenue increased 3% to GBP54.8 million from GBP53.1 million the year before.
StatPro noted this included the risk service business ODDO BHF, acquired in July.
With the integration of the business into StatPro's Revolution platform expected to be completed at the end of the year, by then the duplicate cost of third-party software and data costs will be removed, adding a further contribution to adjusted earnings before interest, taxes, depreciation and amortisation.
The group said its continued focus on fund administrators saw a steady increase quarter-on-quarter of new revenue from current partners, and it is "uniquely" positioned to benefit from a market that is trending towards outsourcing.
"Our flagship platform, Revolution, continues to cement its position as the leading fintech solution for performance and risk, with a special focus on the asset servicing sector. With the addition of the risk service from ODDO BHF, we are well placed to augment our capabilities in this area, especially in regards to fund administrators," said Chief Executive Justin Wheatley.
"As Revolution matures we continue to expect to see investment plateauing and an increase in our margins," Wheatley added.
Shares in StatPro Group were down 1.9% at 122.18 pence on Thursday.
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