Feb 17 Trading-software maker Fidessa Group Plc reported a 2 percent drop in full-year profit as further consolidation, restructuring and closures in the financial sector continues to restrain growth.
The company, which makes equity-trading software, is struggling to recover from a fall in trading volumes since the financial crisis, which forced some of its customers, particularly small and mid-sized brokerages, out of business and others to merge.
"From what is currently known, this turbulence will have a continued impact in the current year although it is hoped that the steadily improving market conditions will result in a slightly lesser level than that seen in 2013," the company said.
Fidessa said it expects modest constant currency growth in 2014.
Adjusted pretax profit fell to 41.8 million pounds ($69.94 million) in the year ended Dec. 31 from 42.7 million pounds a year earlier. Revenue was broadly flat at 279 million pounds.
Fidessa shares closed at 2320 pence on Friday on the London Stock Exchange.