Fidessa group plc (LSE: FDSA), a leading global provider of multi-asset trading systems, market data and global connectivity solutions, is releasing its interim management statement for the period from 1 January 2008 to date.
The year has started well with strong revenue growth and stable margins. Good progress has been made across all regions and product lines and the indications are that the structural changes in the market, which occurred in 2007, are resulting in increased fragmentation of liquidity which is driving demand for our product set. The strong demand means that we expect that results for the year are likely to be around the upper end of market expectations.
At this stage, we are seeing no measurable change in buying cycles as a result of the credit problems currently affecting the global financial markets. We have seen some acceleration of M&A and restructuring activity within our customer base, such as JP Morgan's proposed acquisition of Bear Stearns, but the breadth and depth of our client relationships lead us to believe that, at present, this will have minimal impact on our revenues in the foreseeable future. In addition, the underlying strength of our business, with high levels of recurring revenue, strong cash generation and no debt, leaves us well positioned to meet any challenge should the situation in the financial markets worsen over the coming months.
Commenting on Fidessa's performance over the period, Chris Aspinwall said: 'We are pleased to be able to report continued strong demand for our products and services across the regions and believe that this is likely to be reflected in results around the upper end of market expectations for 2008 as a whole'