Trading systems developer Fidessa said financial market conditions in 2012 were more difficult than expected as it reported hardly changed profit and revenue for the year.

Revenue fell 1%, on a constant currency basis, to £278.6m for the year ended December 31st 2012. Adjusted pre-tax profit also fell 1% to £42.7m during the period.

Chief Executive Chris Aspinwall said: "For the financial markets, conditions in 2012 were more difficult than expected with the global value of equity trading falling by around 20% on top of the already depressed levels seen in 2011."

Against this background, Fidessa said it has maintained its strategy of helping its customers reduce their costs, extending the range of asset classes it supports and extending its regional coverage.

On a brighter note, Aspinwall added: "In recent months there has been a marked and positive change of sentiment in the market, with the weekly flow of funds into the equity markets reaching one of the highest levels ever recorded."

"Looking further ahead, we believe that we will see stability and opportunity returning to the markets and that reduced headwinds, coupled with further openings as our multi-asset initiative gains momentum, will enable us to return to growth levels closer to those we have seen in the past," Fidessa said in a statement.

An annual dividend of 37p has been offered, up from 36.5p the year before. A special dividend of 45p has been recommended.



CJ

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