Tuesday, 5 August 2008

Fidessa - right products for downturn?

I was rightly slapped on the wrist for mentioning the Fidessa's comment on earn-outs yesterday but failing to mention their rather superb results for the 6 months to 30th June. Revenues rose 40% to £85m, PBT was up from £8.2m to £21.5m and operating profits grew 37% to £11.2m.

Readers will know that it is not all gloom. Any company that can promise to cut costs with payback in a short period (like this year?) will get a hearing from any company; none more so than the hard hit trading divsions of banks which form Fidessa's core client base. It looks like Fidessa is one of those companies with the products to cut costs and improve efficiency and competitiveness.

Fidessa shares are 937p as I look - their highest for the year (just!) and up 13% YTD.

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