Fidessa reports solid full year results

Fidessa reports solid full year results

Despite what it calls "challenges in the financial markets", trading technology vendor Fidessa has posted a 10% rise in full year revenues and 11% jump in adjusted operating profits.

The London-based company saw 2010 revenues of £262.3 million, up from £238.5 million the previous year.

Sell-side trading accounted for £133 million of recurring revenue, up from £122 million in 23009. A further £14 million came from buy-side trading, £43 million from connectivity and £23 million from market data.

On a regional basis, Asia showed the strongest growth with an increase of 22% and now represents 15% of total revenue, whilst Europe grew by 10% and represents 51% and North America grew by 5% and accounts for 34%.

The firm's adjusted operating profit - which removes the effect of a payment received for its sale of a stake in Touchpaper - was £39.8 million up 11% from £36 million in 2009. This represents an operating margin of 15.2% for the year, consistent with 2009.

Diluted earnings per share, adjusted to exclude the amortisation of acquisition intangibles, Touchpaper gains and notional interest charge, was up eight per cent to 74.4 pence.

Throughout the year, Fidessa says it signed over 100 new clients and increased its market share and claims growth could have been at least seven per cent higher if not the continued fall out from the financial crisis.

Chris Aspinwall, CEO, Fidessa, says: "Looking ahead, we believe our markets will remain difficult for some time to come, although we believe there will still be growth opportunities. In particular we are already seeing an increase in the level of consultancy we are providing, which is often a lead indicator, and we have a sound sales pipeline coming into 2011. As a result, we believe that the strength of our business will enable us to deliver further good growth in 2011, with this growth likely to be at similar levels to that which we have seen during 2010."

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