Fidessa beats estimates; warns of slower growth

Fidessa beats estimates; warns of slower growth

Trading technology vendor Fidessa has posted better-than-expected full year results, but forecasts slower growth for 2010 as global securities markets continue to feel the pressure of consolidation and business closures.

The UK-based company posted a 31% rise in full year profit to £36.2 million on revenues up 26% to £238.5 million. Adjusted operating profit for the year was up 23%, discounting one-off gains from the firm's disposal of its interests in Touchpaper.

Finishing the year with £40 million cash in the bank and no debt, the company has declared a special dividend of 40 pence a share for shareholders.

Commenting, Chris Aspinwall, chief executive, says; "On the assumption that markets remain reasonably stable we believe that we can continue to deliver good growth for 2010 as a whole. However, the impact of higher levels of consolidation and business closures within our customer base during 2009, will inevitably have some effect on our growth during 2010. As a result we do not believe that the overall rate of growth in 2010 will be as high as that seen during 2009."

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