StatPro has won a significant new contract, worth £2.3m over three years, with a major Australian financial institution. We estimate that the contract will boost the group’s annualised recurring revenue run rate by c 2%. We have previously mentioned the increasing potential for positive earnings surprises, as the group moves to late-stage cloud transition, and this new contract win highlights the potential. 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.