Fidessa Group shares up after strong performance in difficult market

Fidessa Group (LON:FDSA) saw shares rise over 9 percent on Monday morning, after the company’s 2017 figures showed growth in a difficult market.

Fidessa’s profit after tax remained unchanged over the course of the year at $35.7 million, despite adverse currency movements and a one-time cost associated with its Jersey City office increasing operating expenses by 7 percent.

Revenue rose 7 percent over 2017 to £353.9 million, with growth on a reported basis of 7 percent and 3 percent on a constant currency basis. Total operating expenses for 2017 grew 7 percent to £305.1 million, with a large proportion of the increase attributable to favourable currency movements. Profit before tax rose 2 percent to £50 million.

Chris Aspinwall, Chief Executive, said 2017 had been an important year for the financial markets as they prepared for the new MiFID II regulations which are “finally coming into force after many years of discussion and debate.”

‘Fidessa has worked hard during 2017 to position itself to benefit from these changes. This is reflected in a solid financial performance for 2017 as a whole with a strong and developing pipeline, combined with increasing capacity as we move into 2018/19″, he concluded.

Fidessa Group share are currently trading up 8.45 percent at 2,825.00 (0939GMT).