Following September’s successful launch of the StatPro Revolution Performance module, the Group has issued a brief trading update for Q3 2016; revenue and profits continue to be in line with the Board’s expectations and Annualised Recurring Revenue (ARR) for StatPro Revolution improved again. One of the beta clients, National Australia Bank, has gone live with eight end-clients – progress which was flagged at the investor presentation for the Performance module launch. Although not commented on in today’s announcement, we note that there have been notable currency movements during the quarter given the weakness of sterling. While the acquisition of Investor Analytics increased revenue and profit exposure to the US Dollar, StatPro has some natural and derivative hedging which will mitigate the impact on profits. With continued progress in line with expectations, we leave our estimates unchanged at present.