Fidessa beats forecasts

Trading software firm Fidessa beat profit forecasts in the first half, helped by more stable financial markets. The company, whose trading systems are used by brokers and banks, posted 23 per cent higher adjusted pre-tax profit of £19.5m on sales of £128.5m, up 11 per cent on the first six months of 2009. It said markets had stabilised, but uncertainty about the global economy and increased financial regulation was causing some smaller customers to delay investment. Fidessa has benefited from a proliferation of trading venues and increasing competition between European exchanges.