Headline declines at Fidessa (FDSA) suggest a troubling first half for the financial software group. But they're largely the result of currency movements, as Fidessa earns over half its revenues outside of Europe. Strip those out and the group recorded top-line growth and a 5 per cent rise in operating profit to about £20m.
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Those gains reflect a gradual return of confidence to financial markets, where software budgets have been depressed since the recession. Fidessa estimates that consolidation, restructuring and closures among its customers eroded its sales by 3 per cent - an improvement from last year's 5 per cent fall and a trough of 8 per cent.