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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 leading supplier of multi-asset trading, portfolio analysis, decision support, compliance, market data and global connectivity solutions for the buy-side and sell-side globally. Available as a simple workstation or as an integrated application suite, the Fidessa products and services are built on the clear vision of providing the richest functionality, coverage and distribution to all tiers of the financial markets community.
The Fidessa suite is used by 85% of tier-one, global equity brokers as well as niche regional players, providing powerful multi-asset trading, order management, compliance and middle-office capabilities, along with sophisticated algorithmic trading and smart order routing services.
The Fidessa LatentZero suite is used by the world’s largest asset management firms through to smaller specialist boutique managers and hedge funds, providing 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.
Fidessa’s global network carries over 180 million messages a month covering DMA, Care and Algorithmic orders, Indications of Interest and FIX Allocations between over 2,200 buy-sides and 360 brokers across 115 markets worldwide.
Headquartered in London and with offices in New York, Boston, Tokyo, Hong Kong, Paris, Toronto, San Francisco and the Kingdom of Bahrain, Fidessa serves over 22,000 users across 630 clients globally. Fidessa group was founded in 1981, has revenues of £189.1m, employs 1,400 people and has been fully listed on the London Stock Exchange (FDSA) since 1997.
www.fidessa.com
www.latentzero.com
For further information, please contact:
Simon Barnby
Fidessa
+44 (0) 20 7105 1250
simon.barnby@fidessa.com
Alastair Turner
Aspectus PR (PR Agency)
+44 (0) 20 7487 8443
alastair@aspectuspr.co.uk
Fidessa® is a registered trademark of Fidessa Group plc
All product and company names herein may be trademarks of their registered owners.
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