Fidessa has continued to see improvement in the trading conditions faced by its
customers across the markets in which it operates, and this is being reflected
in Fidessa's current deal pipeline. As reported with the 2013 results, and
consistent with the duration and depth of the downturn, this improvement is
somewhat uneven and means that many customers are still not able to make
investment decisions with confidence. As expected, the improvement is gradually
resulting in a reduction in the headwinds being faced, allowing the growth
being generated through sales of derivative platforms, service-based platforms
and regional expansion to flow through into overall revenue growth rather than
being masked by the decline in equities. Whilst a positive effect from this is
expected for 2014, Fidessa's recurring revenue model has the effect that some
of the impact from customer attrition in 2013 will flow through into 2014, and
means that modest constant currency growth is expected in 2014.

Looking further ahead, Fidessa believes that as stability and opportunity
return to the markets, the headwind reduction, coupled with further openings as
its multi-asset initiative gains momentum, will enable it to return to growth
levels closer to those seen in the past. Fidessa remains excited by the
potential of its service-based offerings across all asset classes and believes
that it will continue to play an important role as the customers focus on
efficiency, transparency, compliance and performance.

Fidessa continues to have a strong balance sheet with strong reserves, no debt,
strong cash generation and substantial levels of recurring revenue.