6th Nov 2014 08:42
LONDON (Alliance News) - Fidessa Group PLC Thursday said it has returned to underlying growth but warned that it expects the "exceptional" strength of sterling during the year to more than offset that and affect reported numbers.
In a statement, the financial trading software and services provider said it has continued to see improvement across the markets in which it operates.
It said evidence of the improvement is being seen in the "reduced headwind" from consolidations, restructurings and closures in the customer base and also in the current deal pipeline. In particular, Fidessa said, increased interest has been seen in "new functionality" within the core markets as well as strong demand for the derivatives and service-based offerings.
However, the group cautioned that it expects improvement to be gradual because of the severity of the financial crisis.
Combined with the effect of its recurring revenue model, Fidessa said it expects "modest" constant currency growth for the year as a whole.
"Looking further ahead, Fidessa believes that as stability and opportunity return to the markets, the headwind reduction, coupled with further openings as its multi-asset initiative gains momentum, will enable it to return to growth levels closer to those seen in the past," the company said.
Fidessa's interim management statement covered the period to date from July 1.
Fidessa shares were down 1.8% at 2,353.00 pence on Thursday.
By Samuel Agini; [email protected]; @samuelagini
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