StatPro continues to make solid progress on its transition to the cloud. StatPro Revolution annualised recurring revenues jumped 46% over the year to £7.8m, while the acquisition of Investor Analytics in January boosts cloud revenues to 34% of the proforma total. The group’s multi-tenanted cloud solutions enjoy significant advantages over traditional software and we believe there is an increasing potential for positive earnings surprises, as StatPro moves to late-stage cloud transition. Hence with StatPro’s USbased financial software peers and SaaS companies trading on lofty multiples, we continue to believe there is significant upside in the shares.