Fidessa expects little change on previous year

Trading systems developer Fidessa said it delivered a solid performance during the first quarter of 2013 as growth from derivatives platforms, service based platforms and regional expansion offset turbulent market conditions.

Trading systems developer Fidessa said it delivered a solid performance during the first quarter of 2013 as growth from derivatives platforms, service based platforms and regional expansion offset turbulent market conditions.

"As expected, the attrition and pricing pressure seen during 2012 has continued into the first quarter which, in the short-term, makes it challenging for Fidessa to deliver the growth levels it has previously seen," it cautioned.

While the group has seen good development in its pipeline, there is still no sign of the "great rotation" from bonds into equities, the first quarter has seen a positive flow of funds into equities, said Fidessa.

"It is still too early to know whether this represents a turning point, but it reinforces Fidessa's view that a floor will eventually be reached in the decline of equity markets which will allow Fidessa's core end markets to gradually return to a more stable state," it added.

While this process may start during 2013, Fidessa said it does not believe that it will happen quickly enough to have a material benefit to 2013 revenue.

This combined with Fidessa's continued investment programme means that performance in 2013 is still expected to be similar to that seen in 2012.

The group said it continues to have a strong balance sheet with strong reserves and no debt.

CJ

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