AIM-listed StatPro Group is reporting interim half-yearly figures in line with expectations, but warns of a return to long sales cycles in the data services market over the coming six months.
The UK-based company, which provides portfolio analytics and data services to asset managers, remains confident of a successful outcome for the year, but cautions that "new business may be affected in H2 by lengthening sales cycles, in particular for new data services contracts" as asset managers react to the uncertain economic outlook.
The vendor has committed to increased investment in its new analytics Web-based StatPro Revolution product and won commitment from a "major global custodian" to begin integration testing.
The StatPro board have sanctioned an additional £0.7 million spending (in addition to the £1.3 million previously planned) on the product in the expectation that it will begin to generate revenue in 2011 from both smaller asset managers and custodian clients.
Justin Wheatley, chief executive, comments: "This is a period of technological change and StatPro Revolution is the right solution at the right time for our market. We have seen strong levels of interest in the service from a diverse range of clients and prospects and are particularly pleased to have signed our first integration test."