Despite the challenging conditions that have persisted within the financial markets, Fidessa has continued to deliver growth during the first quarter of 2012. Progress has been made across the regions, particularly with larger customers as they seek strategic partners with scale, vision and resource to support their broadening needs. Within Fidessa's smaller customers pressure has continued and Fidessa expects that more of these firms will consolidate or leave the market during the year.

Given the stress that is still apparent within the financial markets, Fidessa continues to believe that conditions will remain difficult for some time to come. However, Fidessa expects there will still be good opportunities for growth, particularly through extending its derivatives presence and leveraging the Fidessa infrastructure to deliver greater value to its larger customers. In order to develop these opportunities Fidessa has been increasing development spend, both in terms of actual product development and also in terms of investment in the infrastructure and expertise required to support these opportunities. As stated in the preliminary results in February 2012, as a result of this investment and the ongoing market conditions, Fidessa believes that whilst it can continue to deliver growth in 2012, this growth is likely to be at levels which are lower than those seen in 2011.

Fidessa continues to have a strong balance sheet with strong reserves, no debt, strong cash generation and substantial levels of recurring revenue.