23rd Oct 2009 07:00
Fidessa group plc Interim Management Statement
23rd October 2009
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 1 July 2009 to date.
Market conditions have continued to improve as stability and confidence have begun to return to the financial markets. However, the effects of the events of 2008 continue to be felt, particularly amongst our smaller customers and some buy-side firms where continued pressure has led to them re-evaluating their business models. In these areas of the market we are currently seeing some consolidation and we expect that this will continue. Within our larger customers, particularly on the sell-side, the resurgence continues as these firms benefit from stabilised balance sheets and are able to expand against a background of reduced capacity in the market. This is creating demand for our software and services both in existing regions and also across the emerging markets.
Overall, we continue to make good progress across all regions and believe that we can deliver strong growth for 2009 as a whole. However, as noted in the interim announcement, we do not believe that the overall rate of growth for 2009 will be as high as that seen during the first half particularly when the impact of currency movements is taken into account.
The group continues to have a strong balance sheet with substantial cash reserves, no debt, strong cash generation and high 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, portfolioanalysis, decision support, investment compliance, market data and globalconnectivity solutions for both the buy-side and sell-side globally. Availableas a simple workstation or as an integrated application suite, the Fidessa and Fidessa LatentZero products are built on the clear vision of providing therichest functionality, coverage and distribution to the financial marketscommunity.The Fidessa suite is used by 85% of tier-one, global equity brokers providingsophisticated trading, market data, order management and execution capabilitiesto all tiers of the sell-side.The Fidessa LatentZero suite is used by the world's largest asset managementfirms through to smaller specialist managers and hedge funds, and providescomprehensive portfolio analysis, real-time P&L, what-if analysis, investmentcompliance, order and execution management, and post trade processing tools,across all asset classes, to all tiers of the buy-side.Fidessa's global network carries around 220 million messages a month coveringDMA, Care and Algorithmic orders, Indications of Interest and FIX Allocationsbetween 2,300 buy-sides and 400 brokers across 120 markets worldwide.Head-quartered in London and with offices in New York, Boston, Tokyo, HongKong, Paris, Toronto and San Francisco, Fidessa group serves more than 24,000users across 700 clients globally. Fidessa group was founded in 1981, employsover 1,400 people, reported 2008 revenues of 189m and has been fully listed since 1997.
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