Fidessa spots first 'green shoots'

Fidessa spots first 'green shoots'

Trading systems outfit Fidessa is reporting "early signs of recovery in the market" in its interim management statement and is tentatively forecasting growth towards the higher end of current market forecasts for the rest of the year.

The UK-based vendor says that despite the difficult market conditions the year has started well, with strong revenue growth and stable margins across both existing accounts and new business lines.

In a brief statement on its trading performance since 1 January, the vendor says: "There have been some early signs of recovery in the market, with greater stability within our customer base compared to the turmoil during 2008, as well as some improvements in sentiment."

Fidessa CEO Chris Aspinwall says: "Whilst we expect the market to remain difficult and unpredictable for the rest of 2009, we believe that we can continue to grow the business."

The company cautions that while it is still far too early to talk of a sustainable recovery, "we continue to believe that growth is possible for 2009 as a whole, and while far from certain, if trading continues to progress positively it is likely that this growth will be towards the higher end of current market forecasts".

Shares in the vendor bounced in early morning trading to £9.75 from a weekend close of £9.60, but by mid-morning the stock was 16 pence off at £9.44 as swine flu outbreak fears depressed the market.

Comments: (0)