26th Oct 2010 07:00
Fidessa group plc Interim Management Statement
26th October 2010
Fidessa group plc , a leading global provider of multi-asset trading systems, market data and global connectivity solutions, is releasing its interim management statement for the period from 1st July 2010 to date.
The uncertainty with regard to both the macroeconomic environment and the impact of regulation on the market which was noted in the interim statement has continued. In some areas this uncertainty is creating opportunities, where the breadth of the Fidessa product set gives our customers the flexibility to respond rapidly to changing market conditions and makes Fidessa a key strategic partner across their business. However, there are also areas, particularly within smaller firms, where the uncertainty is causing them to delay before committing resources to develop their business. It is mainly within these smaller firms that we are also seeing a level of consolidation and restructuring and we expect it will continue to be a feature of the market for some time. Overall, our ability to help our customers take advantage of new business opportunities, whilst also helping them to control their costs, leaves us well positioned to deal with the market challenges.
Looking ahead, we believe the market will remain difficult to predict and it is unlikely that we will know the true nature of the economic situation, or of prospective government regulation for some time to come. Despite this, we are confident that we can deliver good growth for 2010 as a whole although, as previously stated, we do not believe that the overall rate of growth will be as high as that seen during 2009. Due to the current difficulty in predicting the market, we are continuing to adopt a more cautious approach and are maintaining a higher level of cost control to provide an additional level of contingency.
The group continues to have a strong balance sheet with strong reserves, no debt, strong cash generation and substantial levels of recurring revenue.
Enquiries:
Chris Aspinwall, Chief Executive Edward Bridges/Hazel Stevenson
Andy Malpass, Finance Director Financial Dynamics
www.fidessa.com Tel: 020 7831 3113 Tel: 01483 206300 Fax: 020 7831 6341 Fax: 01483 206301 Notes for editors:
Fidessa group is a world-leading supplier of multi-asset trading, portfolio analysis, decision support, compliance, market data and connectivity solutions for firms involved in trading the world's financial markets. Fidessa's products and services are built on the simple vision of making it easier to buy, sell and own financial assets of all types on a global basis.
A dynamic, growing company with a proven track record, Fidessa is recognised as the thought leader in the marketplace, with an unrivalled set of products and services which set the benchmark for this industry and, uniquely, serve both the buy-side and sell-side communities globally.
With 28 years' experience delivering powerful, resilient, mission-critical systems, Fidessa develops all its products itself from the ground up, investing heavily in their continual evolution. The resulting leading-edge, truly integrated solutions have established Fidessa as the industry's number one choice, and are used by over 85% of tier-one, global financial institutions.
Headquartered in London and with regional operations across Europe, North America, Asia, and the Middle East, Fidessa supports 26,000 users across 900 clients, serving a broad spectrum of customers from major investment banks and asset managers through to specialist niche brokers and hedge funds.
Fidessa group is listed on the London Stock Exchange (symbol FDSA) and is a FTSE 250 company. Fidessa has delivered approximately 30% compound growth since its 1997 listing and now employs 1,500 people globally.
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