<< Back to Research archive

Published on: July 15, 2015

In-line trading throughout H1

StatPro’s half-year trading update for the six months ended 30 June 2015 shows continued progress in the transition to a purely cloud-based provider of analytics services. The announcement confirms good progress in the first half of 2015 while ‘revenue and profits remain in line with market expectations for the full year’. Currently, 23% of StatPro’s annualised contracted revenue is sourced from cloud services – up from 20% in May – suggesting that its flagship product continued to progress well in Q2 15. Group annualised recurring revenue is up 4% to £28.6 million at constant currency rates (CCR). However, underlying that CCR improvement, sterling has strengthened against a number of the currencies relevant to StatPro during Q2 of 2015 so we are making changes to our FY15E and FY16E numbers accordingly. The result is a reduction in our reported revenue estimates by 3% in each year with the quantum of the impact on EBITDA partly mitigated by lower cost assumptions.

Related Content