Fidessa Announcements
Interim Management Statement
12 May 2008 06:00:02
12 May 2008
Fidessa Group plc Interim Management Statement
Fidessa group plc (LSE: FDSA), 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 January 2008 to date.
The year has started well with strong revenue growth and stable margins. Good
progress has been made across all regions and product lines and the indications
are that the structural changes in the market, which occurred in 2007, are
resulting in increased fragmentation of liquidity which is driving demand for
our product set. The strong demand means that we expect that results for the
year are likely to be around the upper end of market expectations.
At this stage, we are seeing no measurable change in buying cycles as a result
of the credit problems currently affecting the global financial markets. We have
seen some acceleration of M&A and restructuring activity within our customer
base, such as JP Morgan's proposed acquisition of Bear Stearns, but the breadth
and depth of our client relationships lead us to believe that, at present, this
will have minimal impact on our revenues in the foreseeable future. In addition,
the underlying strength of our business, with high levels of recurring revenue,
strong cash generation and no debt, leaves us well positioned to meet any
challenge should the situation in the financial markets worsen over the coming
months.
Commenting on Fidessa's performance over the period, Chris Aspinwall said: "We
are pleased to be able to report continued strong demand for our products and
services across the regions and believe that this is likely to be reflected in
results around the upper end of market expectations for 2008 as a whole"
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, investment compliance, market data and global
connectivity solutions for both the buy-side and sell-side globally. Available
as a simple workstation or as an integrated application suite, the Fidessa and
Fidessa LatentZero products are built on the clear vision of providing the
richest functionality, coverage and distribution to the financial markets
community.
The Fidessa suite is used by 85% of tier-one, global equity brokers providing
sophisticated trading, market data, order management and execution capabilities
to all tiers of the sell-side.
The Fidessa LatentZero suite is used by the world's largest asset management
firms through to smaller specialist managers and hedge funds, and provides
comprehensive portfolio analysis, real-time P&L, what-if analysis, investment
compliance, 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 over 95 million messages a month covering DMA,
Care and Algorithmic orders, Indications of Interest and FIX Allocations between
around 1,500 buy-sides and 255 brokers across 92 exchanges worldwide.
Head-quartered in London and with offices in New York, Boston, Tokyo, Hong Kong,
Paris, Toronto and San Francisco, Fidessa group serves around 22,000 users
across 520 clients globally. Fidessa group was founded in 1981, has revenues of
$270m, employs over 1,100 people and has been fully listed (LSE:FDSA) since
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