The financial crisis resulted in widespread closures, restructuring and consolidation among financial firms. That had a material impact on Fidessa (FDSA), but the financial trading software group is accelerating once again - constant-currency sales climbed 3 per cent, up from 1 per cent in 2013.
Its gains stemmed from double-digit sales growth in Asia and bumper revenues from its sell-side derivatives software. But sales of its buy-side and sell-side equity-trading software dipped, while currency headwinds drove operating profit down a tenth. Investors may also note Fidessa's reassessment of its addressable market: fewer potential customers and tighter budgets mean it has shrunk 11 per cent since 2009 to $3.3bn (£2.1bn) in annual recurring revenue.