Fidessa increases its 2014 interim dividend by 5%

DividendMax Ltd.

Fidessa increases its 2014 interim dividend by 5%

Highlights for the period ended 30th June 2014:

Return to underlying growth with increases of 4% on revenue and 5% on adjusted profit at constant currency.

Continuation of improvement in market conditions.

Multi-asset revenue doubles as derivatives programme bears fruit.

New derivatives signings continue and strong pipeline.

Increased interest in service-based solutions from both the buy-side and the sell-side.

Good international spread, with 57% of total revenue accounted for outside of Europe.

Recurring revenue maintained at 85% of total revenue.

Strong cash generation, with £57.8 million cash balance after dividend payments of £26.3 million.

Commenting on these results, Chris Aspinwall, Chief Executive, said:

"The first half of 2014 has seen a welcome return to underlying growth as we have continued to make progress across the business against a backdrop of slowly improving market conditions. As expected, the improving market conditions have resulted in a reduction in the headwind we have been suffering in recent years from consolidations, restructurings and closures in our customer base. This has allowed some of the growth we are generating through sales of our derivatives platforms, our service-based platforms and our regional expansion to flow through into overall growth rather than being masked by the decline in equities. Whilst the return to underlying growth is welcome, the exceptional strength of sterling during the first half has more than offset this growth and has affected the reported numbers. Whilst we expect this effect to be transient, we believe it is likely to be a factor for the remainder of the year."

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