Software company Fidessa (FDSA) is one of the winners from the current weakness in sterling. Nearly two-thirds of group revenue is generated outside of Europe, and almost three-quarters are denominated in non-sterling currencies. The upshot was that foreign-exchange rates added around 9 percentage points in growth to the top line, while sales were up 3 per cent at constant currencies.
This international spread has insulated Fidessa from current market uncertainty and its effect on banks, insurers and asset managers: its key client groups. Consolidation among users of its sell-side derivatives product weighed on the second half, but the top line still grew here and the company expects fewer closures among its client base this year. So why are analysts forecasting a dip in profit? Well, that has much to do with Fidessa's decision to move its US office from Manhattan to New Jersey, which will incur one-off costs of £3.5m.