1st Nov 2011 07:00
Fidessa group plc Interim Management Statement
1st November 2011
Fidessa group plc , provider of high-performance trading, investment management and information solutions for the world's financial community, is releasing its interim management statement for the period from 1st July 2011 to date.
Fidessa has continued to experience good growth despite the challenging market conditions. Progress has been made across the regions and particularly within Fidessa's larger customers where the ongoing drive towards efficiency has increased interest in Fidessa's multi-asset offerings. Within Fidessa's smaller customers pressure has continued, with a number of firms either closing down their equities business or significantly scaling back their operations. This has particularly been the case in Europe and the US where market volumes have been most affected.
Against this backdrop, Fidessa has seen continued growth opportunities focused around bringing on new customer platforms, providing increased levels of automation to existing customers and supporting new functional areas. These elements working together have enabled Fidessa to continue to make progress and deliver good growth during the period.
In the short-term, Fidessa expects that there will continue to be significant macroeconomic uncertainty and as a result that the markets will remain under pressure. However, Fidessa continues to have a good pipeline and believes that the pressure in the markets will also lead to growth opportunities as firms focus on cost efficiencies and diversification of their business.
Fidessa notes recent reports that MF Global, which is a customer, is in financial difficulty. Fidessa does not anticipate that the situation at MF Global will have any material impact on the results for the year and continues to expect that its growth rate for the full year will be broadly similar to that seen in the first half. 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 FTI Consulting
www.fidessa.com Tel: 020 7831 3113 Tel: 01483 206300 Fax: 020 7831 6341 Fax: 01483 206301 About Fidessa group
Exceptional trading, investment and information solutions for the world's financial community.
New technology, new regulation, new challenges: making money in today's financial markets is all about staying ahead of the curve. Having the capability to spot new trends and act fast turns change into opportunity. That's why 85% of the world's premier financial institutions trust Fidessa to provide them with their multi-asset trading and investment infrastructure, their market data and analysis, and their decision making and workflow technology. It's also why $10 trillion worth of transactions flow across our global network each year. Because we're the market leader, we can also offer unique access to the world's largest and most valuable trading community of buy-side and sell-side professionals, from global institutions and investment banks to boutique brokers and niche hedge funds.
Fidessa is a global business with scale, resilience, ambition and expertise. We've delivered around 30% compound growth since our stock market listing in 1997 and we're recognised as the thought leader in our space. We set the benchmark with our unrivalled set of mission-critical products and services and, uniquely, serve both the buy-side and sell-side communities. Ongoing investment in our leading-edge, integrated solutions ensures Fidessa remains the industry's number one choice.
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