StatPro says that Q1 trading was in line with expectations. New sales of StatPro Revolution, the cloud service, have progressed well and Revolution now represents c 36% of annualised contracted revenue. Management says the pipeline for the remainder of FY16 is “strong”, which is notably increasingly upbeat language. With StatPro continuing to advance to late-stage cloud transition, we highlight the increasing potential for positive earnings surprises. Hence, with StatPro’s US-based financial software peers and SaaS companies trading on lofty multiples, we continue to believe there is significant upside in the shares