Recurring revenue continues to rise at StatPro

Portfolio analytics service StatPro continued to increase its recurring revenue throughout its third quarter, bringing total revenue and profits bang on management expectations for the full year.

The firm announced on Thursday that annualised recurring revenue had surged 40% to £52.9m over the 12 months leading to 30 September, receiving a significant boost from the May acquisition of its cloud-based risk and performance service ARR for Delta.

StatPro also raised its Software-as-a-Service (SaaS) percentage from 75% to 83% in the nine months ended 30 September.

Justin Wheatley, StatPro's chief executive, said, "We continue to make solid progress migrating our software to pure cloud-based delivery which will improve our operational efficiency and increase our margins."

"The integration of Delta is also going well. Our roadmap to add the excellent and complementary Delta functionality into our flagship cloud platform, Revolution, has been well received by clients," he added.

As of 0900 BST, shares had grown 1.79% to 153.70p.