|Fidessa reports 2009 results and special dividend|
British headquartered Fidessa has reported revenues higher by 26% for 2009 and has declared a special dividend of 40p per share while reporting results for what it called a volatile year. The provider of software and services such as trading systems to the financial services sector, has reported results for the year ended December 31, 2009.
Fidessa said for the year ended 31st December 2009, revenue was up 26% to £239m, with recurring revenue now accounting for 81% of total revenue. Cash was reported as £45m and no debt, with operating cash flow reported as £60.3m and 167% operating cash conversion. The company announced a special dividend of 40p per share. It said consultancy revenue remained strong and it had increased its market share in spite of difficult market conditions, which was visible in the growth in customer numbers, users and transaction volumes.
Fidessa's consultancy revenue grew 5% to £44.6 million, representing 19% of total revenue. The deferred revenue in the balance sheet at the end of the year was £47.7 million, an increase of 25% in the year and represents around a fifth of 2009 revenue which can all be recognised in the current financial year. Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 41% to £43.5 million as compared to £30.8 million during 2008. The adjusted operating profit was up 34% to £36.0 million.
Chris Aspinwall, Fidessa's CEO said the company delivered high growth for the year 2009 despite challenging market conditions. He said the company expects that the macro economic situation and the possibility of government regulation will continue to make 2010 difficult to predict. He said assuming that markets remain reasonably stable, the company could deliver growth for 2010 as a whole, though higher levels of consolidation and business closures within its customer base during 2009 will have some effect on Fidessa's growth in 2010. Consequently, he said, the overall rate of growth in 2010 would not be as high as that seen during 2009.