Fidessa reports solid first half

Fidessa reports solid first half

UK trading technology vendor Fidessa Group is reporting a strong first half of the year, with revenue and profits rising on the back of increasing demand for its dealing systems and services.

Fidessa posted pre-tax profit of £8.2 million for the six months to 30 June 2007, from £6.1 million a year ago, although this included the effects of its acquisition LatentZero earlier this year. Group increased to £60.7 million, compared to £44.4 million in H1 2006.

The vendor signed 24 new clients to its trading systems in the first half of 2007 and says market conditions remain strong for sell-side trading systems as brokers look to respond to regulatory and market changes and ways of expanding their capabilities into new markets, new regions and new asset-classes and offering more comprehensive services to clients.

"Across both the buy-side and sell-side business market conditions have remained strong with market activity, regulatory change and our own innovative products all helping to develop momentum," says Fidessa CEO Chris Aspinwall.

Fidessa says it has also seen a 65% increase in activity across its connectivity network in the first half. The vendor has also completed two major regulatory/exchange upgrades with the implementation of RegNMS in the US and support for the new London Stock Exchange trading platform, TradElect, in Europe.

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