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12th May, 2008
Fidessa Group plc Interim Management Statement
London, 12 May 2008 - 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.”
About Fidessa group
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 product suites 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 1997.
www.fidessa.com
www.latentzero.com
For further information, please contact:
Simon Barnby
Fidessa
+44 20 7929 9250
simon.barnby@fidessa.com
Evelina Amanatidou
Team 660, Metia for Fidessa
+44 (0)20 3100 3592
evelina@metia.com
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