The group reported revenue up 40% at £189.1 million, with recurring revenue accounting for 77% of turnover as against 51% in 2007. Sell-side sales accounted for the bulk of recurring revenue value at £91 million. Buy-side trading brought in £12 million in sales, £27 million arose from connectivity and £17 million from market data.

Adjusted operating profit was up 46% to £26.8 million, excluding a £1 million charge to settle a long-running patent dispute with US vendor Lava Trading, and a £0.6 million receivable write off arising from the failure of Lehman Brothers. The unadjusted operating profit was up 36% to £22.5 million (2007: £16.6 million).

Fidessa offered a confident assessment of long-term prospects, but cautioned that financial market disruptions were reducing short-term visibility. While the market dislocation is putting pressure on pricing, the vendor says the depressed market conditions are conversely driving more business to its platforms.

Commenting, Chris Aspinwall, Fidessa chief executive, says: "Some customers have migrated functions across to Fidessa as they look to standardise their operation...while others have taken additional functionality within their existing Fidessa platforms, enabling them to exploit new market opportunities. There has also been a marked increase in smaller customers taking workstation solutions in order to remain competitive and better control their risks."

Shares in the vendor soared in early trading to 686 pence from a weekend close of 600 pence, but gradually drifted down to 655 pence by mid-morning.