Fidessa hits profit target for 2010

FIDESSA, the trading systems provider, has posted full-year results in line with consensus, although failed to meet some analysts’ expectations.

Revenues at the company, which links investors with brokers, dealers and exchanges, rose ten per cent to £262.3m over the year to 31 December.

However, the firm warned that its markets “will remain difficult for some time to come,” yet said it believed there would still be growth opportunities in the future.

Analysts at Panmure Gordon said its results were “below our top end expectation.”

Growth increased most significantly for the firm in Asia, jumping 22 per cent on a year earlier. It also managed to add 100 new clients over last year.

The company now holds cash of £63m and no debt. It said it would pay a special dividend of 45p per share in addition to its annual payout of 33p per share.

Chief executive Chris Aspinwall said: “Fidessa has delivered good growth throughout 2010 with progress across all regions, despite the challenges remaining in the financial community.”

He added: “We believe that the strength of our business will enable us to deliver further good growth in 2011.”