StatPro’s FY 2017E interim results reflect solid growth and the expected currency tailwind. Reported revenue increased by 23%, adjusted EBITDA was up 35% while adjusted EPS grew by 64%. The interim dividend is maintained at 0.85p. The period saw the acquisition of UBS Delta in April; a front office focused risk and performance analytics service noted for its fixed income risk and attribution capabilities. Integration is progressing to plan. As flagged in the recent trading update, annualised recurring revenue (ARR) had improved further by the end of the half year – boosted by the acquisition of Delta. Over four-fifths of StatPro’s software ARR now comes from its cloud services and CEO Justin Wheatley expects margins to improve as the Group benefits from its greater scale and operational gearing. The outlook statement strikes a positive tone for the second half. With several contract extensions and expansions announced in H1, and a full half year contribution from Delta to come in H2, we leave estimates unchanged.