Fidessa has continued to experience good growth despite the challenging market conditions. Progress has been made across the regions and particularly within Fidessa's larger customers where the ongoing drive towards efficiency has increased interest in Fidessa's multi-asset offerings. Within Fidessa's smaller customers pressure has continued, with a number of firms either closing down their equities business or significantly scaling back their operations. This has particularly been the case in Europe and the US where market volumes have been most affected.

Against this backdrop, Fidessa has seen continued growth opportunities focused around bringing on new customer platforms, providing increased levels of automation to existing customers and supporting new functional areas. These elements working together have enabled Fidessa to continue to make progress and deliver good growth during the period.

In the short-term, Fidessa expects that there will continue to be significant macroeconomic uncertainty and as a result that the markets will remain under pressure. However, Fidessa continues to have a good pipeline and believes that the pressure in the markets will also lead to growth opportunities as firms focus on cost efficiencies and diversification of their business.

Fidessa notes recent reports that MF Global, which is a customer, is in financial difficulty. Fidessa does not anticipate that the situation at MF Global will have any material impact on the results for the year and continues to expect that its growth rate for the full year will be broadly similar to that seen in the first half. The group continues to have a strong balance sheet with strong reserves, no debt, strong cash generation and substantial levels of recurring revenue.