Investors in Fidessa (FDSA) may be hoping the financial software company's half-year results signal a return to its historically stellar growth rate. But given Fidessa's own forecast of modest growth this year - reflecting belt-tightening and consolidation among banks, brokers and asset managers as well as exposure to sluggish Europe - they may have to temper their expectations.
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Panmure Gordon believes investors may be in denial as "there is no cyclical return to the good old days". It has pencilled in revenue growth of 1.6 per cent to £284m, but even that may be "a stretch" given recent currency movements. The broker forecasts pre-tax profits and EPS of £43.8m and 86.2p respectively.