Advent shares gain 35%, leading fintech index higher on record revenues

Advent shares gain 35%, leading fintech index higher on record revenues

Shares in investment management software specialist Advent Software gained more than 35% last week, as it posted record quarterly revenue of $74 million and record annual revenue of $265 million for 2008. The company led the gainers last week on the Finextra50 Financial Technology Index, which closed Friday up 7.7% to 57.77.

Gainers

Advent Software was the index's biggest gainer last week, closing Friday up 35.27% to $29.53. The company's Q4 and annual revenue and earnings beat analyst consensus estimates, and it reaffirmed its guidance for 2009 performance.

For the first quarter of 2009, it expects total revenue to be in the range of $68-$70 million. For fiscal 2009, the company expects total revenue to be in the range of $280-$290 million.

Metavante also rose last week after the banking and payments technology provider  reported that higher transaction volumes in its payment businesses and higher core processing activity drove a 7% increase in revenue in its first full year as a stand-alone company. Net income for the year was $147.4 million.

Its shares ended the week up 17.16% to $17.00.

Broadridge Financial Solutions also reported its Q2 earnings were up slightly on the same quarter a year ago to $29.2 million, driving its shares up 16.83% to $15.76.

Other companies to see significant rises include:

Losers

The biggest fallers in the index last week were all non-US stocks. They include:

Index comparison



Methodology
More information on the Finextra50 Financial Technology Index methodology and constituent stocks can be found here.

Comments: (0)

capgemini world reports

Trending Stories

Featured Job
All Jobs »
London, UK

Senior Sales, Collateral Management Solutions (London, covering EMEA)

Competitive base + bonus + benefit package

22 Jul