SunGard chief Cristóbal Conde says the firm saw a "strong showing" from its financial systems business in the second quarter but figures were again skewed by a volatile broker/dealer business.
Across the privately-held group, second quarter revenue was $1.3 billion, down five per cent year over year. Adjusted Ebitda was $354 million, down one per cent on Q2 2009 and adjusted income from operations was $269 million, down three per cent.
The financial systems business saw revenue down eight per cent on Q2 2009, to $703 million.
However, the figures were skewed by a 64% year on year fall in revenue at the broker/dealer business "due primarily to the industry-wide dynamic by which active trading firms are opting to become broker/dealers and trade on their own behalf".
Excluding this business, group-wide revenue was actually up four per cent and adjusted income from operations rose by five per cent while at the financial systems unit revenue was up eight per cent, organic revenue by 10%.
For the six months, revenue decreased six per cent year over year to $2.55 billion, and income from operations was $200 million. Excluding the broker/dealer business, revenue was up three per cent and adjusted income from operations was up one per cent.
Says Conde: "We are pleased with our performance in the quarter, particularly the strong showing by our Financial Systems business. Customers are looking to get more mileage out of the systems they already have in place and are prepared to spend on professional services to get more functionality. While we continue to see long sales cycles and pricing pressure, we are seeing bigger transaction sizes and our value message and services-led approach continue to resonate with our customers."