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Trading statements

Fidessa sees hesitancy in markets

27 April 2017 08:00

Fidessa said it continued to believed constant currency revenue growth for the year would be around the levels seen during 2016 despite some customers taking longer than normal to make decisions than normal.

Fidessa said while it continued to see structural and regulatory drivers within the market, the increasing number of European elections, the forthcoming Brexit negotiations and the establishment of the new US administration were clearly creating some uncertainty.

An interim management statement said: "Fidessa continues to believe that it is well positioned to benefit from the opportunities that will arise in the markets as a result of regulatory and structural changes.

"Furthermore, with over 60% of its revenue derived from outside of Europe, and over 70% in non-sterling currencies, Fidessa remains well positioned to benefit from any continued weakness in sterling, providing further support for its strong cash generation and dividend policy.

"As noted in the 2016 preliminary announcement, Fidessa anticipates that one off and duplicate costs in respect of the relocation of its main US office from New York to Jersey City will reduce profit after tax margin by approximately 1% during 2017.

"Looking further ahead, although it is clear that the increasing number of European elections, the Brexit negotiations and the establishment of the new US administration will create some uncertainty, Fidessa believes that it is entering a period where opportunity is returning to the market.

"Fidessa expects to continue to make progress with its multi-asset initiative and will continue to investigate the possibility of extending its asset class coverage further.

"Fidessa believes that across all asset classes, the market is moving towards the increased use of service-based solutions and that few vendors have both the depth of applications and the scale of infrastructure needed to deliver these solutions.

"Fidessa is committed to playing an increasingly important role in the markets as customers focus on efficiency, transparency, compliance and performance, and expects that this will provide it with significant opportunities for further growth."

At 8:00am: (LON:FDSA) Fidessa Group PLC share price was -76p at 2535p

Story provided by StockMarketWire.com

Related Company: FDSA

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