TIDMFDSA
RNS Number : 7538F
Fidessa Group PLC
01 August 2016
1st August 2016
Fidessa group plc
Interim results for the period ended 30th June 2016
Fidessa reports solid growth and stability in uncertain
market
2016 2015 Change At constant
currencies
Revenue GBP158.3m GBP145.9m +9% +4%
Operating profit GBP22.0m GBP19.2m +15% +4%
Pre-tax profit GBP22.2m GBP19.4m +14%
Diluted earnings per
share 40.9p 37.5p +9%
Interim dividend per
share 14.3p 13.1p +9%
Cash GBP66.9m GBP61.6m +9%
Highlights for the period ended 30th June 2016:
-- Solid revenue growth, with growth across all business lines and regions.
-- Good international spread, with 63% of total revenue accounted for outside of Europe.
-- International spread providing stability against uncertainty as a result of Brexit vote.
-- Increasing opportunity for new Fidessa services as markets enter a new phase.
-- Strong growth in multi-asset revenue as derivatives programme continues.
-- Recurring revenue representing 86% of total revenue.
-- Strong cash generation, with GBP66.9 million cash balance
after dividend payments of GBP27.0 million.
-- Interim dividend increased by 9% to 14.3p.
Commenting on these results, Chris Aspinwall, Chief Executive,
said:
"During the first half of 2016, despite the challenges our
customers have faced, the new phase of recovery within our end
markets has continued with structural and regulatory changes
starting to have an impact. This has resulted in new opportunities
and high levels of new business activity which, when combined with
the weakness of sterling, have enabled us to deliver strong growth
during the first half. As anticipated in the 2015 preliminary
results announcement, we expect to see an increased headwind in
2016 as a result of consolidations and closures within our customer
base. However, whilst we expect there will be further
consolidations and closures in 2016, on the basis of what we can
currently see, we believe that this headwind will start to reduce
next year.
Moving into the second half, whilst we continue to see
structural and regulatory drivers within the market, there is
clearly a degree of uncertainty as a result of the Brexit vote.
Although it is too early to say what the wider implications of
Brexit will be and how this might affect customer activity, we are
not currently expecting that there will be any impact on the
changing regulatory environment. In particular, we expect that
MiFID II will be introduced as planned across Europe and that,
regardless of any Brexit negotiations, it will also be implemented
in the UK. We continue to believe that we are well positioned to
benefit from opportunities that will arise as a result of these
changes in regulation. Furthermore, with over 60% of our revenue
derived from outside of Europe, we remain well positioned to
benefit from any weakness in sterling, providing further support
for our strong cash generation and dividend policy. Overall, we
expect that 2016 constant currency growth will be around the levels
that we have seen in the first half, with the possibility of
further headline gains if sterling remains at its current
level."
Commenting on the longer term outlook, Chris Aspinwall
continued:
"Looking further ahead, although it is clear that the Brexit
vote will create some uncertainty for a period of time, we believe
that we are entering a period where opportunity is returning to the
market. We expect to continue to make progress with our multi-asset
initiative and will investigate the possibility of extending our
asset class coverage further. We believe that across all asset
classes, the market is moving towards the increased use of
service-based solutions and that few vendors have both the depth of
applications and the scale of infrastructure needed to deliver
these solutions. We are committed to playing an increasingly
important role in the markets as customers focus on efficiency,
transparency, compliance and performance, and expect that this will
provide us with significant opportunities for further growth."
Finance review
For the six months to 30th June 2016, Fidessa achieved revenue
of GBP158.3 million, which represents growth on a reported basis of
9% (2015: GBP145.9 million and 6% growth). On a constant currency
basis, revenue growth of 4% compares with 3% growth for the six
months ended 30th June 2015. Recurring revenue of GBP136.4 million
grew 8% and represents 86% of total revenue (2015: GBP125.9
million, 8% growth and 86% of total revenue).
Revenue for the sell-side business grew 9% and for the buy-side
business grew 5%. Within the sell-side business, equities revenue
of GBP128.2 million grew 6% (2015: GBP120.6 million) and
derivatives revenue of GBP18.9 million grew 30% (2015: GBP14.5
million), with derivatives revenue now representing 12% of total
revenue (2015: 10% of total revenue). As previously communicated,
Fidessa expects sell-side derivatives revenue will grow for the
year as a whole (2015: full year revenue of GBP36.0m) but at a much
reduced level due to the drag effect of the closure of Jefferies
group's Bache futures unit.
Revenue grew in all regions and 63% of total revenue was
accounted for outside of Europe. The Americas grew 10% on a
reported basis (5% on a constant currency basis) and was the
largest region accounting for 42% of total revenue. Europe grew 4%
on a reported basis (3% on a constant currency basis) and accounted
for 37% of total revenue. Asia grew 13% on a reported basis (6% on
a constant currency basis) and accounted for 21% of total
revenue.
Foreign currency exchange rates have been significantly more
volatile in the first half of 2016 than in 2015. Sterling was 7%
weaker against the US dollar and currencies pegged to the US dollar
and 14% weaker against the Japanese yen. This has resulted in an
increased variance between headline growth rates and constant
currency growth rates. During the six months ended 30th June 2016,
71% of revenue was denominated in foreign currencies, predominantly
US dollars which accounted for 56% of revenue in the period.
As anticipated, the revenue impact from consolidations and
closures across the customer base has continued and Fidessa is
expecting an increased rate of 4% for 2016, which compares to 2% in
2015 and a peak of 8%. During the first half of 2016 there have
continued to be further consolidations and closures, but Fidessa's
current expectation is that these will have a reduced impact on
revenue in 2017.
The deferred revenue in the balance sheet as at 30(th) June 2016
was GBP56.6 million or 18% of annualised revenue (30(th) June 2015:
GBP47.0 million, 16% of annualised revenue) with the majority of it
expected to be recognised as revenue during the second half of the
year. Consistent with previous years, the accrued revenue balance
was minimal.
Total operating expenses for the six months ended 30(th) June
2016 grew 8% to GBP136.5 million (2015: GBP126.8 million)
reflecting the phasing of increased investments during 2015 and the
impact of foreign currency exchange rate movements. The GBP9.7m
increase primarily relates to a GBP5.4 million increase in total
staff costs and a GBP4.5 million increase in communications and
data costs.
Development expenditure capitalised of GBP15.6 million grew 6%
(2015: GBP14.8 million) and net capitalisation of development
expenditure of GBP1.1m was consistent with 2015.
Fidessa has implemented the research and development expenditure
credit regime ('RDEC') during the period. As a result, research and
development tax credits previously offset against income tax
expense are replaced by research and development grants that will
be offset against operating expenses. The new treatment has been
adopted with effect from 1(st) January 2015 and in the six months
to 30(th) June 2016, operating expenses have been reduced by grants
totalling GBP0.8 million.
Operating profit has increased 15% to GBP22.0 million (2015:
GBP19.2 million), being an operating margin of 13.9% (2015: 13.2%).
The operating profit growth benefits from the positive impact of
foreign currency exchange rate movements and from the RDEC grants
noted above.
The effective rate of tax for the six months ended 30(th) June
2016 is 28.9% (2015: 25.6%) and the movement in the effective rate
of tax is primarily attributable to the implementation of the RDEC
rules. The overall impact of RDEC in the six months ended 30(th)
June 2016 is to reduce profit after tax by GBP0.3m. From 2017, we
anticipate adoption of RDEC will have a net benefit on profit after
tax and will reduce cash tax payable.
Diluted earnings per share have increased by 9% to 40.9 pence
(2015: 37.5 pence).
Fidessa continued to be strongly cash generative, closing the
period with a cash balance of GBP66.9 million (2015: GBP61.6
million) and no debt. During the period, dividends of GBP27.0
million (2015: GBP26.7 million) have been paid.
An interim dividend of 14.3 pence (2015: 13.1 pence) has been
declared. It will be paid on 14(th) September 2016 to shareholders
on the register on 19(th) August 2016, with an ex-dividend date of
18(th) August 2016.
Market review
Introduction
The first half of 2016 was a challenging time for many of
Fidessa's customers as they experienced one of the slowest starts
to a year since the beginning of the financial crisis. Despite this
market backdrop, Fidessa has continued to see a new phase of
recovery within its customer base, characterised by a switch away
from purely cost focused strategies towards a more strategic
approach. This strategic approach, which involves Fidessa's
customers reviewing their positioning for the longer term, can
result in customers restructuring some areas of their business
whilst also strengthening their commitment in other key areas.
During 2016 this will result in an increase in the headwind that
Fidessa sees from consolidations and closures as a result of
customers restructuring, but in the first half it has also resulted
in higher levels of new business activity where customers are
committing to and investing in other areas. Where Fidessa has seen
this additional investment, the focus has tended to be centred on
three specific drivers:
-- Differentiation, where firms are looking to focus their
offerings to deliver unique benefits to their customers in order to
secure competitive position.
-- Cost efficiency, where firms are looking at outsourcing and
service-based platforms as well as making broader use of their
technology in order to reduce the total cost of ownership.
-- Compliance, where firms are looking for ways to meet their
increasingly complex regulatory and information security
requirements in the most cost-efficient manner possible.
The investments Fidessa has made to extend the range of asset
classes it supports, expand its regional coverage and build out its
global infrastructure have positioned it well to help its customers
to address the cost of non-differentiating activities through a
robust, multi-asset, service-based delivery platform. Fidessa has
continued to win awards for this core platform and has seen further
customers adopting this approach. The value of this core platform,
and the importance of Fidessa's multi-asset strategy, was
illustrated during the first half of 2016 with a new deal signed
with ABN AMRO Clearing which is described later in this report.
In addition to investing in its core platform, Fidessa has also
worked to help its customers achieve higher levels of
differentiation. One area in which these enhancements have been
focused is in trade optimisation and measurement, where Fidessa's
Optimized Trading initiative and Fidessa Prospector have been quick
to win awards for innovation. Further initiatives address
compliance, for both monitoring and reporting, as well as
information security at all levels across both the buy-side and
sell-side. Fidessa has also put in place initiatives to enable its
customers to extend their use of Fidessa more widely across their
organisations, automating more business processes and helping them
to further improve efficiency. These investments, across both
buy-side and sell-side, will help secure Fidessa's central position
within the financial markets over the longer term and provide a
strong base for further growth.
Fidessa's connectivity network has maintained its central
position within the marketplace and now has a flow of around $1.8
trillion per month, while the total number of Fidessa users has
remained at around 23,000.
Sell-side trading
Across its sell-side business, Fidessa has seen further
development as its customers react to a difficult trading
environment. The challenges for Fidessa's customers come from
several different directions, including new regulation and
reporting requirements, increased capital requirements and cost
pressures within their own customers. More recently, some
additional uncertainly has also been added to these challenges as a
result of the Brexit vote. These challenges mean that many firms
are reviewing their business models in order to identify how their
business needs to be shaped to respond to future demand. Despite
this difficult market backdrop, Fidessa continues to believe that
these challenges will create opportunities as firms seek a partner
who can provide the complex trading infrastructure they need, as a
cost effective service. This enables them to deal with the upcoming
regulatory challenges and focus on the unique elements of their
business model whilst keeping a tight control on costs.
During the first half of 2016 Fidessa has seen continued
progress with its service-based platform across Europe, the
Americas and Asia. New deals have included two sales of
large/global platforms as well as a number of sales of smaller
regional platforms. The large deals included a substantial contract
with ABN AMRO Clearing to provide a cross-asset execution service
allowing ABN to offer its customers low-latency access to more than
110 futures, options, equities and FX markets worldwide. The
platform will be delivered out of eleven key locations around the
world. This deal represents another sale of Fidessa's low-latency
Direct Market Access (DMA) platform which provides brokers with
high-performance, scalable and consistent access to global equities
and derivatives markets. The platform insulates customers from the
ever-changing global trading landscape, allowing them to focus on
innovation in their own business. This type of platform is fast
becoming a core service that firms have to be able to offer, with
their customers expecting them to "own their execution" so they are
in full control of the service they offer. Besides low-latency
market access, the service also includes frameworks around smart
order routing, internalisation, algorithmic trading and risk
management. The deal with ABN illustrates the strength of Fidessa's
global reach and infrastructure and also the growing importance of
multi-asset platform capabilities within the sell-side, leveraging
Fidessa's investment in both its equity and derivatives platforms.
Recognising the lead that Fidessa has established in this space,
Fidessa was voted Best Front Office Execution Platform for the
second year running at the Waters' sell-side technology awards,
which was the seventh award for Fidessa's sell-side platform in a
twelve-month period.
Within the regions, Asia has continued to deliver the strongest
growth, with further Chinese brokers signed out of Hong Kong and
additional platforms delivered in Japan. During the first half,
Fidessa has also seen all regions deliver constant currency growth,
with EMEA strengthening with growing market share and additional
derivatives implementations. Across all regions the overall theme
of a market in transition is strongly in evidence, with more focus
around service differentiation and execution quality. Fidessa's
Optimised Trading initiative, which provides a range of tools,
aimed at helping brokers to work more effectively and efficiently
is targeted directly at this space. These tools include the Order
Performance Monitor, which gives brokers insight into their orders
and executions in real time, and Fidessa Prospector, which monitors
a range of live and historical data to provide context and help in
identifying liquidity. These tools, which have been well received,
were quick to win awards for innovation and are already rolling out
to customers across the regions.
To further assist customers to differentiate, Fidessa
established a new partnership programme during 2015. This programme
aims to enable carefully selected third parties to integrate their
innovative applications and technology within the Fidessa
environment, while Fidessa maintains control over the customer
experience, both technically and commercially. In this way, Fidessa
is able to offer a route for innovative companies to access the
Fidessa community and to meet the complex compliance and
information security requirements mandated by regulators. For
Fidessa's customers, they are able to benefit from an even greater
diversity of applications within their Fidessa platform, helping
them to differentiate their business. During the first half of
2016, the number of partners within this program has extended to
three, including the first partners within the buy-side space. The
first sales under the partnership programme have also been made and
Fidessa hopes to bring on further partners during the second
half.
Fidessa has continued to make good progress with deliveries of
its derivatives platform with strong growth in this area of the
market. Although there is currently considerable pressure on FCMs
(Futures Commission Merchants), Fidessa is seeing growing demand
for platforms to support exchange-based derivatives trading and
electronic execution, and this is illustrated by the deal with ABN
which includes significant elements of derivatives functionality.
Fidessa is also broadening into further parts of this market by
providing platforms for Commodity Trading Firms (CTFs) with another
deal signed in this area during the first half. The level of
investment Fidessa is making in the derivatives platform is now
starting to normalise as it achieves scale, and Fidessa's
derivatives business remains on track to achieve profitability
within three years. In addition to being a valuable business in its
own right, the derivatives business is also providing Fidessa with
a natural entry point into further asset classes within the
sell-side.
With the changing market conditions, Fidessa has been
investigating the potential for further extensions to the asset
classes it supports, looking specifically at the rates segment of
the fixed income market. This research is continuing, with the
delays to MiFID II allowing some additional flexibility in the
approach that can be taken. Additional resource has been brought in
to assist with this research and Fidessa expects to continue its
investigation into this area during 2016. This additional resource
is not expected to have any material financial impact.
Buy-side trading
Sentiment within the buy-side has remained relatively subdued
during the first half of 2016 as market conditions remained
challenging for buy-side firms. However, as anticipated in the 2015
preliminary results announcement, Fidessa's buy-side business
experienced a reduced impact from consolidations and closures
compared to 2015, allowing the business to return to growth. During
the first half, Fidessa has continued its investment in its
buy-side solutions, focusing on specific areas to address the
particular challenges being seen within the industry.
Increased regulatory scrutiny and the likely impact of new
regulations, such as MiFID II, mean that compliance has remained a
key focal point for buy-side firms. Fidessa's Sentinel portfolio
compliance solution is already established as a leading product in
helping firms ensure that they are managing their portfolios
correctly against their strict mandates. Recent enhancements to
Sentinel include enriched counterparty exposure, which addresses
the increased complexity in identifying whether an acceptable level
of risk is being taken when dealing with a specific counterparty.
Historically a good credit rating was sufficient to establish a
counterparty's fitness as a trading partner, but regulators now
expect buy-sides to aggregate their counterparty exposure across
asset classes and also include a myriad of additional holdings
where the counterparty is in any way affiliated. Coupled with
Sentinel Trading Compliance, which was announced last year and
addresses asset managers' increased focus on trading control and
operational risk, these new capabilities have resulted in a number
of customers looking to expand their use of Sentinel across further
business areas. This has resulted in further sales and a growing
pipeline, especially in North America. Sentinel was once again
recognised by the industry, winning Hedge Fund Manager's Best
Compliance Product award earlier in the year.
Buy-side dealing desks continue to pursue the twin goals of best
execution and maximum efficiency so they can take advantage of new
markets, while demonstrating tight operational controls. Fidessa's
buy-side Investment Management System (IMS) allows firms to achieve
this by implementing a global, consistent, integrated workflow
across all asset classes and regions, whilst at the same time
delivering powerful functionality to allow them to maximise returns
and enforce controls. Fidessa launched the latest version of its
IMS in the first half of the year which delivered enhanced order
handling capabilities across futures, options and swaps,
comprehensive support for Latin American interest rate futures,
more sophisticated fixed-income trading functionality and support
for market specific practices in Korea and Japan. Adding to the
system's already comprehensive functionality and capabilities,
these new features reaffirm IMS's position in the marketplace and
help buy-sides identify all crossing opportunities across dealing
desks and so deliver the best possible service to their
customers.
Fidessa has continued its investment in post-trade services,
with more customers signing up to take advantage of its new
capabilities and partnerships in this space. The Fidessa
Affirmation Management Service (AMS), which was launched last year,
has continued to grow with over 50 firms across the world now
contracted to use the utility and over 20,000 transactions a month
being processed. Fidessa expects to double the volume of
transactions going through AMS by the end of the year as the
service starts to gain traction, and also expects to make
significant progress in expanding the service to cover further
asset classes.
Under Fidessa's partnership programme, Fidessa is working with
other firms operating in the post-trade space to increase
distribution. One of these is a partnership with Alpha Omega, who
have an established base within the asset management community
providing affirmation processing across multiple third party order
management systems. Through the Fidessa partnership programme,
Alpha Omega is able to gain access to Fidessa's normalised global
network of AMS brokers, expanding their reach while putting more
flow across Fidessa's network. Another partnership has seen Fidessa
working closely with Commcise around some of the new MiFID II
regulation that requires firms to not only unbundle the fees paid
by buy-sides to brokers for research, but also to implement a new
affirmation process to confirm these fees trade by trade.
Leveraging Fidessa's distribution is a natural way to enable this
process to be implemented in a cost effective and seamless way.
Regulation
Regulation continues to be a very active topic around the world,
with significant amounts of detailed regulation still under
discussion and subject to change. However, despite the delays there
is increasing clarity across the markets about the areas that will
be affected and the changes that firms will have to make to
accommodate them. Fidessa has been working closely with its
customers to develop a comprehensive programme which will support
the new rules and help them maintain their compliance across all
regions.
In Europe, the timeline for MiFID II has now been confirmed,
with the rules coming into effect on 3rd January 2018. Fidessa is
expecting that the MiFID II regulations will apply to all firms in
the UK regardless of the outcome of Brexit negotiations, and is
continuing to develop its programme on this basis. The scope of
Fidessa's MiFID II programme is wide ranging and covers:
-- Enhanced controls including pre-trade risk checks.
-- Increased transparency including enhanced trade reporting.
-- Support for downstream record keeping & transaction
reporting including additional order and trade data.
-- Enhanced compliance monitoring, including market abuse, best execution and algo monitoring
It is clear that in order to meet the new regulations, firms
will be under increasing pressure to have tighter integration of
all their electronic flow and to ensure that workflow across all
the regulated asset classes is well managed. To support its
customers through MiFID II, Fidessa is planning a number of major
software releases during 2017 with some elements offered as
additional services.
In the US, additional compliance continues to be focused around
the new requirements associated with the Tick Size Pilot, along
with initial preparations for the Consolidated Audit Trail (CAT)
NMS plan, for which the comment period recently closed. The CAT
plan is expected to be approved by the end of the year. The Tick
Size Pilot, created in part as a result of the Jumpstart Our
Business Startups Act ("JOBS Act"), is a programme aimed at
studying whether liquidity in smaller companies can be improved by
widening the quoting increment, thereby incentivising market
makers. It also includes a "Trade-at" provision, the purpose of
which is to encourage the routing of orders to "lit" markets.
At the end of 2015, a proposal to move forward with Regulation
Automated Trading (RegAT) was unanimously approved by the Commodity
Futures Trading Commission (CFTC). Work on the definition of RegAT
continues, with a current plan that the regulation will be
finalised before the American election in November and come into
effect in the latter half of 2017.
Throughout all regions the increasing focus on regulatory
scrutiny and management of risk will put significant pressure on
in-house developments, as well as raising the bar for all firms
looking to provide solutions to the markets. As this happens,
Fidessa expects to benefit as firms look to move away from their
in-house developments and identify Fidessa as one of the
increasingly few vendors with the scale and infrastructure
necessary to handle these compliance demands.
Outlook
Whilst Fidessa continues to see structural and regulatory
drivers within the market, there is clearly a degree of uncertainty
as a result of the Brexit vote. Although it is too early to say
what the wider implications of Brexit will be and how this might
affect customer activity, Fidessa is not currently expecting that
there will be any impact on the changing regulatory environment. In
particular, Fidessa expects that MiFID II will be introduced as
planned across Europe and that, regardless of any Brexit
negotiations, it will also be implemented in the UK. Fidessa
continues to believe that it is well positioned to benefit from
opportunities that will arise as a result of these changes in
regulation. Furthermore, with over 60% of its revenue derived from
outside of Europe, Fidessa remains well positioned to benefit from
any weakness in sterling, providing further support for its strong
cash generation and dividend policy. Overall, Fidessa expects that
2016 constant currency growth will be around the levels that it has
seen in the first half, with the possibility of further headline
gains if sterling remains at its current level.
Looking further ahead, although it is clear that the Brexit vote
will create some uncertainty for a period of time, Fidessa believes
that it is entering a period where opportunity is returning to the
market. Fidessa expects to continue to make progress with its
multi-asset initiative and will investigate the possibility of
extending its asset class coverage further. Fidessa believes that
across all asset classes, the market is moving towards the
increased use of service-based solutions and that few vendors have
both the depth of applications and the scale of infrastructure
needed to deliver these solutions. Fidessa is committed to playing
an increasingly important role in the markets as customers focus on
efficiency, transparency, compliance and performance, and expect
that this will provide it with significant opportunities for
further growth.
Enquiries:
Chris Aspinwall, Chief Ed Bridges, FTI Consulting
Executive LLP
Andy Skelton, Chief Financial
Officer
www.fidessa.com
Tel:: +44 (0) 20 7105 Tel: +44 (0) 20 3727
1000 1000
Email: eu.info@fidessa.com
Condensed consolidated interim income statement
for the six months ended 30th June 2016
2016 2015 2015
6 months to 6 months to 12 months to
30(th) June 30(th) June 31(st) December
unaudited unaudited audited
Note GBP'000 GBP'000 GBP'000
Revenue 5 158,340 145,860 295,479
Operating expenses 6 (136,460) (126,828) (257,081)
Other operating income 169 198 367
Operating profit 5 22,049 19,230 38,765
Finance income 192 174 320
Profit before income tax 22,241 19,404 39,085
Income tax expense 7 (6,426) (4,964) (9,563)
Profit for the period attributable to owners 15,815 14,440 29,522
------------ ------------ ----------------
Basic earnings per share 8 41.4p 38.0p 77.6p
Diluted earnings per share 8 40.9p 37.5p 76.5p
Condensed consolidated interim statement of comprehensive
income
for the six months ended 30th June 2016
2016 2015 2015
6 months to 6 months to 12 months to
30(th) June 30(th) June 31(st) December
unaudited unaudited audited
GBP'000 GBP'000 GBP'000
Profit for the period from the income statement 15,815 14,440 29,522
Other comprehensive income
Items that may be reclassified subsequently to the consolidated
income statement:
Exchange differences arising on translation of foreign operations 4,279 (194) 1,485
Total comprehensive income for the period 20,094 14,246 31,007
------------ ------------ ----------------
Condensed consolidated interim balance sheet
at 30th June 2016
2016 2015 2015
30(th) 30(th) 31(st)
June June December
unaudited unaudited audited
Note GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Property, plant and
equipment 22,088 23,306 23,203
Intangible assets 89,328 90,268 91,283
Deferred tax assets 8,600 7,896 7,919
Other receivables 2,408 2,137 2,405
---------- ---------- ----------
Total non-current assets 122,424 123,607 124,810
---------- ---------- ----------
Current assets
Trade and other receivables 10 82,711 63,538 71,885
Cash and cash equivalents 66,917 61,646 78,314
---------- ---------- ----------
Total current assets 149,628 125,184 150,199
---------- ---------- ----------
Total assets 272,052 248,791 275,009
---------- ---------- ----------
Equity
Issued capital 3,846 3,824 3,827
Share premium 33,289 31,671 31,825
Merger reserve 17,938 17,938 17,938
Cumulative translation
adjustment 6,744 786 2,265
Retained earnings 86,997 86,417 97,395
---------- ---------- ----------
Total equity 148,814 140,636 153,450
---------- ---------- ----------
Liabilities
Non-current liabilities
Other payables 11 8,311 7,811 8,486
Provisions 2,721 2,886 1,990
Deferred tax liabilities 6,312 6,480 7,109
---------- ---------- ----------
Total non-current liabilities 17,344 17,177 17,585
---------- ---------- ----------
Current liabilities
Trade and other payables 11 95,286 84,666 96,374
Provisions 939 525 947
Current income tax liabilities 9,669 5,787 6,653
---------- ---------- ----------
Total current liabilities 105,894 90,978 103,974
---------- ---------- ----------
Total liabilities 123,238 108,155 121,559
---------- ---------- ----------
Total equity and liabilities 272,052 248,791 275,009
---------- ---------- ----------
Condensed consolidated interim statement of changes in
shareholders' equity
Issued Share Merger Translation Retained Total
Note capital premium reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balances at 1(st)
January 2015 (audited) 3,817 31,017 17,938 980 97,747 151,499
--------- --------- --------- ------------ ---------- ---------
Total comprehensive
income for the period
Profit for the period - - - - 14,440 14,440
Other comprehensive
income - - - (194) - (194)
--------- --------- --------- ------------ ---------- ---------
- - - (194) 14,440 14,246
Transactions with
owners
Issue of shares
- exercise of options 7 654 - - - 661
Employee share incentive
charges 6 - - - - 1,323 1,323
Current tax recognised
direct to equity - - - - 166 166
Deferred tax recognised
direct to equity - - - - (299) (299)
Purchase of shares
by employee share
trusts - - - - (300) (300)
Sale of shares by
employee share trusts - - - - 4 4
Dividends paid 9 - - - - (26,664) (26,664)
--------- --------- --------- ------------ ---------- ---------
Balances at 30(th)
June 2015 (unaudited) 3,824 31,671 17,938 786 86,417 140,636
--------- --------- --------- ------------ ---------- ---------
Total comprehensive
income for the period
Profit for the period - - - - 15,082 15,082
Other comprehensive
income - - - 1,679 - 1,679
--------- --------- --------- ------------ ---------- ---------
- - - 1,679 15,082 16,761
Transactions with
owners
Issue of shares
- exercise of options 3 154 - - - 157
Employee share incentive
charges - - - - 1,421 1,421
Current tax recognised
direct to equity - - - - 83 83
Deferred tax recognised
direct to equity - - - - (299) (299)
Purchase of shares
by employee share
trusts - - - - (330) (330)
Sale of shares by
employee share trusts - - - - 12 12
Dividends paid 9 - - - - (4,991) (4,991)
--------- --------- --------- ------------ ---------- ---------
Balances at 31(st)
December 2015 (audited) 3,827 31,825 17,938 2,465 97,395 153,450
--------- --------- --------- ------------ ---------- ---------
Total comprehensive
income for the period
Profit for the period - - - - 15,815 15,815
Other comprehensive
income - - - 4,279 - 4,279
--------- --------- --------- ------------ ---------- ---------
- - - 4,279 15,815 20,094
Transactions with
owners
Issue of shares
- exercise of options 19 1,464 - - - 1,483
Employee share incentive
charges 6 - - - - 379 379
Current tax recognised
direct to equity - - - - 464 464
Deferred tax recognised
direct to equity - - - - 274 274
Purchase of shares
by employee share
trusts - - - - (343) (343)
Sale of shares by
employee share trusts - - - - 16 16
Dividends paid 9 - - - - (27,003) (27,003)
--------- --------- --------- ------------ ---------- ---------
Balances at 30(th)
June 2016 (unaudited) 3,846 33,289 17,938 6,744 86,997 148,814
--------- --------- --------- ------------ ---------- ---------
Condensed consolidated interim cash flow statement
for the six months ended 30th June 2016
2016 2015 2015
6 months 6 months 12 months
to to to
30(th) 30(th) 31(st)
June June December
unaudited unaudited audited
Note GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Profit before income
tax for the period 22,241 19,404 39,085
Adjustments for:
Staff costs - share
incentives 6 379 1,323 2,744
Depreciation of property,
plant and equipment 6 5,841 5,230 10,732
Amortisation of product
development 6 14,534 13,680 27,844
Research and development
expenditure grant 6 (813) - -
Amortisation of acquired
intangibles 6 365 365 730
Amortisation of other
intangible assets 6 111 142 283
Profit on sale of property,
plant and equipment 6 (34) - (5)
Finance income (192) (174) (320)
Cash generated from
operations before changes
in working capital 42,432 39,970 81,093
Movement in trade and
other receivables (10,829) 1,988 (6,627)
Movement in trade and
other payables (1,619) (5,747) 5,889
---------- ---------- ----------
Cash generated from
operations 29,984 36,211 80,355
Income tax paid (4,150) (1,553) (4,895)
---------- ---------- ----------
Net cash generated from
operating activities 25,834 34,658 75,460
---------- ---------- ----------
Cash flows from investing
activities
Purchase of property,
plant and equipment (3,283) (8,529) (13,290)
Proceeds from sale of
property, plant and
equipment 236 31 57
Purchase of other intangible
assets (58) (116) (269)
Product development
capitalised 6 (15,638) (14,777) (30,305)
Research and development
expenditure grant 3,471 - -
Interest received on
cash and cash equivalents 192 174 320
Net cash used in investing
activities (15,080) (23,217) (43,487)
---------- ---------- ----------
Cash flows from financing
activities
Proceeds from shares
issued 1,483 661 818
Purchase of shares by
employee share trusts (343) (300) (630)
Proceeds from sale of
shares by employee share
trusts 16 4 16
Dividends paid 9 (27,003) (26,664) (31,655)
---------- ---------- ----------
Net cash used in financing
activities (25,847) (26,299) (31,451)
---------- ---------- ----------
Net (decrease)/increase
in cash and cash equivalents (15,093) (14,858) 522
Cash and cash equivalents
at 1(st) January 78,314 76,756 76,756
Effect of exchange rate
fluctuations on cash
held 3,696 (252) 1,036
---------- ---------- ----------
Cash and cash equivalents
at end of period 66,917 61,646 78,314
---------- ---------- ----------
Notes to the condensed consolidated interim financial
statements
1 Reporting entity
Fidessa group plc (the "Company") is a company incorporated in
England and Wales. These condensed consolidated interim financial
statements of the Company as at and for the six months ended 30(th)
June 2016 comprise the Company and its subsidiaries (together the
"Group"). These condensed consolidated interim financial statements
are presented in Pounds Sterling, rounded to the nearest
thousand.
The information relating to the year ended 31(st) December 2015
is an extract from the audited financial statements for that year.
Those financial statements have been reported on by the Company's
auditor and delivered to the Registrar of Companies. The report of
the auditor was (i) unqualified, (ii) did not include a reference
to any matters to which the auditor drew attention by way of
emphasis without qualifying their report, and (iii) did not contain
a statement under section 498(2) or (3) of the Companies Act
2006.
The consolidated financial statements of the Group as at and for
the year ended 31(st) December 2015 are available at
www.fidessa.com/investor-relations/reports or upon request from the
Company's registered office at Dukes Court, Duke Street, Woking,
Surrey GU21 5BH.
These condensed consolidated interim financial statements are
unaudited but have been reviewed by KPMG LLP and its report is set
out below.
Consistent with the information in the most recent annual
report, the Group continues to have significant financial
resources, no debt, trade profitably and be strongly cash
generative. Therefore, after considering the Group's financial
forecasts and potential commitments for the foreseeable future, a
period of not less than 12 months from the date of this report, the
Board is satisfied that the Group's funding and liquidity position
means the going concern basis of preparation is appropriate in
preparing these condensed consolidated interim financial
statements.
2 Statement of compliance
These condensed consolidated interim financial statements have
been prepared in accordance with the Disclosure and Transparency
Rules of the Financial Conduct Authority and with the International
Financial Reporting Standard (IFRS) IAS 34 Interim Financial
Reporting as adopted by the EU. They do not include all of the
information required for full annual financial statements and
should be read in conjunction with the consolidated financial
statements of the Group as at and for the year ended 31(st)
December 2015.
The condensed consolidated interim financial statements were
approved by the Board of Directors on 29(th) July 2016.
3 Significant accounting policies
The accounting policies and presentation applied by the Group in
these condensed consolidated interim financial statements are the
same as those applied by the Group in its consolidated financial
statements as at and for the year ended 31(st) December 2015 with
the exception of the accounting policy on government grants as
noted below. There are no new standards effective for the first
time in the current financial period with significant impact on the
Group's consolidated results or financial position.
Government grants relating to research and development
expenditure are offset against related capitalised development
costs as they are earned and are subsequently credited to income as
a reduction in operating expenses over the period that the related
development costs are amortised. A corresponding other receivable
is recognised at the time the grant is earned and will be
subsequently offset against income tax payable.
4 Estimates
The preparation of financial statements in conformity with IFRSs
requires management to make estimates, judgements and assumptions
that affect the application of policies and reported amounts of
assets and liabilities, income and expenses. The estimates and
associated assumptions take account of the circumstances and facts
at the period end, historical experience of similar situations and
other factors that are believed to be reasonable and relevant, the
results for which form the basis of making the judgements about
carrying values of assets and liabilities that are not readily
available from other sources. Actual results may ultimately differ
from these estimates.
In preparing these condensed consolidated interim financial
statements, the significant judgements made by management in
applying the Group's accounting policies and the key sources of
estimation uncertainty were in the same areas as those that applied
to the consolidated financial statements as at and for the year
ended 31(st) December 2015.
5 Segment reporting
Fidessa is structured into two business units: Sell-side and
Buy-side. The Sell-side business unit provides solutions and tools
to support the trading of cash equities and derivatives globally.
The solutions are scalable from the largest to the smallest
operations in the sector. The Buy-side business unit provides the
systems to cover every stage of the investment process for all
asset classes. The systems are used by the largest investment
managers in the world, as well as some of the boutiques and hedge
funds. Both business units leverage the connectivity and market
data infrastructure.
The Operating Board monitors the performance of the business
units and the overall group. It monitors operating profit adjusted
to exclude amortisation of acquired intangibles and product
development capitalisation and amortisation, which is not an IFRS
measure. Finance income, assets and liabilities are not reported by
business unit.
No single external customer accounts for 5% or more of revenue.
Recurring revenue reflects the periodic fees for software and
related services that is charged on a rental or subscription basis.
Non-recurring revenue comprises the consultancy fees for
implementation, configuration and ongoing support activity.
Six months ended 30(th)
June 2016 (unaudited) Sell-side Buy-side Total
GBP'000 GBP'000 GBP'000
Recurring revenue 127,560 8,830 136,390
Non-recurring revenue 19,516 2,434 21,950
---------- --------- --------
Total revenue from external
customers 147,076 11,264 158,340
---------- --------- --------
Inter-business unit revenue - 3,141 3,141
Operating profit as monitored
by the Operating Board 18,205 2,293 20,497
Six months ended 30(th)
June 2015 (unaudited) Sell-side Buy-side Total
GBP'000 GBP'000 GBP'000
Recurring revenue 117,609 8,274 125,883
Non-recurring revenue 17,514 2,463 19,977
---------- --------- --------
Total revenue from external
customers 135,123 10,737 145,860
---------- --------- --------
Inter-business unit revenue - 3,288 3,288
Operating profit as monitored
by the Operating Board 17,124 1,374 18,498
12 months ended 31(st)
December 2015 (audited) Sell-side Buy-side Total
GBP'000 GBP'000 GBP'000
Recurring revenue 235,779 16,752 252,531
Non-recurring revenue 37,810 5,138 42,948
---------- --------- --------
Total revenue from external
customers 273,589 21,890 295,479
---------- --------- --------
Inter-business unit revenue - 6,576 6,576
Operating profit as monitored
by the Operating Board 33,707 3,327 37,034
A reconciliation of the operating profit as monitored by the
Operating Board to profit before income tax is provided as
follows:
2016 2015 2015
6 months 6 months 12 months
to to to
30(th) 30(th) 31(st)
June June December
unaudited unaudited audited
GBP'000 GBP'000 GBP'000
Operating profit as monitored
by the Operating Board 20,497 18,498 37,034
Amortisation of acquired
intangibles (365) (365) (730)
Product development capitalised 15,638 14,777 30,305
Product development amortised (14,534) (13,680) (27,844)
Research and development
expenditure grant 813 - -
---------- ---------- ----------
Operating profit 22,049 19,230 38,765
Finance income 192 174 320
Profit before income tax 22,241 19,404 39,085
---------- ---------- ----------
Revenue is attributed to a country based on the ownership of the
customer contract and where the work is being performed. The
revenue by region is detailed below.
2016 2015 2015
6 months 6 months 12 months
to to to
30(th) 30(th) 31(st)
June June December
unaudited unaudited audited
GBP'000 GBP'000 GBP'000
Europe 59,161 56,744 113,960
Americas 66,677 60,449 124,350
Asia 32,502 28,667 57,169
Total revenue 158,340 145,860 295,479
---------- ---------- ----------
Within the regional analysis the following individual countries
have attributed revenue accounting for 10% or more of total
revenue.
2016 2015 2015
6 months 6 months 12 months
to to to
30(th) 30(th) 31(st)
June June December
unaudited unaudited audited
GBP'000 GBP'000 GBP'000
UK 59,161 56,744 113,960
USA 58,656 52,877 109,476
Hong Kong 20,255 19,596 37,849
6 Operating expenses
2016 2015 2015
6 months 6 months 12 months
to to to
30(th) 30(th) 31(st)
June June December
unaudited unaudited audited
GBP'000 GBP'000 GBP'000
Staff costs - salaries 68,504 63,536 128,287
Staff costs - social security 5,667 5,246 10,390
Staff costs - pension 3,003 2,651 5,441
Staff costs - share incentives 379 1,323 2,744
Staff costs - other benefits 4,048 3,429 6,966
---------- ---------- ----------
Total staff costs 81,601 76,185 153,828
Amounts payable to subcontractors 790 901 2,058
Depreciation of property,
plant and equipment 5,841 5,230 10,732
Amortisation of other
intangible assets 111 142 283
Amortisation of acquired
intangibles 365 365 730
Capitalisation of product
development (15,638) (14,777) (30,305)
Amortisation of product
development 14,534 13,680 27,844
Research and development
expenditure grant (813) - -
Communications and data 25,455 20,952 43,145
Operating lease rentals
- property 10,296 9,040 18,382
Operating lease rentals
- plant and machinery 56 25 80
Profit on sale of property,
plant and equipment (34) - (5)
Exchange (gain) / loss (514) 702 1,075
Other operating expenses 14,410 14,383 29,234
---------- ---------- ----------
Total operating expenses 136,460 126,828 257,081
---------- ----------
7 Income tax expense
The charge for tax for the six months to 30th June 2016 has been
calculated based on the estimate of the weighted average annual
income tax rate expected for the full year. Differences between the
anticipated effective tax rate and the statutory rate include, but
are not limited to, the effect of tax rates in foreign
jurisdictions, non-deductible expenses, tax incentives, tax
deductions not recognised in the income statement and under or over
provisions in previous periods.
The total tax charge for the six months to 30(th) June 2016 is
GBP6,426,000 (six months to 30(th) June 2015: GBP4,964,000). The
tax charge equates to an effective tax rate of 28.9% (six months to
30(th) June 2015: 25.6%, 12 months to 31(st) December 2015:
24.5%).
The Group has adopted the research and development expenditure
credit regime 'RDEC'. As a result, research and development tax
credits previously reported within the income tax expense are
replaced by 'above the line' research and development grants. The
grants are offset against related capitalised development costs as
they are earned and are subsequently credited to income as a
reduction in operating expenses over the period that the related
development costs are amortised. A corresponding other receivable
is recognised at the time the grant is earned and will be
subsequently offset against tax payable.
The new treatment has been adopted with effect from 1(st)
January 2015 and in the six months to 30(th) June 2016, grants
totalling GBP813,000 have been credited to income as a reduction to
operating expenses (note 6). The majority of the 3.3% movement in
the effective tax rate for the six months to 30(th) June 2016 when
compared to the previous period reflects the tax impact of adopting
RDEC.
8 Earnings per share
Earnings per share have been calculated by dividing profit
attributable to owners by the weighted average number of shares in
issue during the period, details of which are below. The diluted
earnings per share have been calculated using an average share
price of 2206p (six months to 30th June 2015: 2315p, 12 months to
31st December 2015: 2143p).
2016 2015 2015
6 months 6 months 12 months
to to to
30(th) 30(th) 31(st)
June June December
unaudited unaudited audited
GBP'000 GBP'000 GBP'000
Profit attributable to
owners 15,815 14,440 29,522
---------- ---------- ----------
2016 2015 2015
6 months 6 months 12 months
to to to
30(th) 30(th) 31(st)
June June December
unaudited unaudited audited
Number Number Number
'000 '000 '000
Weighted average number
of shares in issue 38,369 38,198 37,224
Weighted average number
of shares held by employee
share trusts (212) (219) (200)
---------- ---------- ----------
Number of shares used
to calculate basic earnings
per share 38,157 37,979 38,024
Dilution due to share
incentives 548 561 559
---------- ---------- ----------
Number of shares used
to calculate diluted earnings
per share 38,705 38,540 38,583
---------- ---------- ----------
2016 2015 2015
6 months 6 months 12 months
to to to
30(th) 30(th) 31(st)
June June December
unaudited unaudited audited
Pence Pence Pence
Basic earnings per share 41.4p 38.0p 77.6p
Diluted earnings per share 40.9p 37.5p 76.5p
9 Dividends
The dividends paid in the periods covered by these condensed
consolidated interim financial statements are detailed below.
Dividend Dividend
per share value
Pence GBP'000
2014 interim dividend paid
15(th) September 2014 13.1 4,960
2014 final dividend paid 12(th)
June 2015 25.0 9,523
2014 special dividend paid
12(th) June 2015 45.0 17,141
2015 interim dividend paid
15(th) September 2015 13.1 4,991
2015 final dividend paid 10(th)
June 2016 25.4 9,742
2015 special dividend paid
10(th) June 2016 45.0 17,261
A 2016 interim dividend of 14.3 pence per share, amounting to an
expected dividend payment of GBP5,511,000 was declared by the
directors at their meeting on 29th July 2016. This interim dividend
will be payable on 14th September 2016 to shareholders on the
register at the close of business on 19th August 2016, with an
ex-dividend date of 18th August 2016. These condensed consolidated
interim financial statements do not reflect this dividend
payable.
10 Trade and other receivables
2016 2015 2015
30(th) 30(th) 31(st)
June June December
unaudited unaudited audited
GBP'000 GBP'000 GBP'000
Trade receivables 67,793 53,079 60,711
Prepayments 9,418 8,741 8,892
Accrued revenue 1,671 1,310 1,328
Other receivables 3,829 408 954
---------- ---------- ----------
Total trade and other
receivables 82,711 63,538 71,885
---------- ---------- ----------
Other receivables include GBP3,471,000 (six months to 30th June
2015: GBPnil, 12 months to 31 December 2015: GBPnil) in respect of
research and development expenditure credits.
11 Trade and other payables
Current liabilities 2016 2015 2015
30(th) 30(th) 31(st)
June June December
unaudited unaudited audited
GBP'000 GBP'000 GBP'000
Trade payables 4,066 5,958 4,615
Accrued expenses 26,150 24,563 29,766
Other liabilities 4,317 3,125 2,436
Deferred revenue 56,648 47,041 54,646
Other taxes and social
security 4,105 3,979 4,911
---------- ---------- ----------
Total current trade and
other payables 95,286 84,666 96,374
---------- ---------- ----------
Non-current liabilities 2016 2015 2015
30(th) 30(th) 31(st)
June June December
unaudited unaudited audited
GBP'000 GBP'000 GBP'000
Accrued expenses 1,055 611 698
Other liabilities 7,256 7,200 7,788
Total non-current trade
and other payables 8,311 7,811 8,486
---------- ---------- ----------
Risk factors
As with all businesses, the Group is affected by certain risks,
not wholly within its control, which could have a material impact
on the Group's performance and could cause actual results to differ
materially from forecast and historic results. A summary of these
risks, which have not materially changed and are described in more
detail on pages 10, 11 and 12 of the 2015 annual report, is as
follows:
(a) Economic conditions including instability in the world's financial markets.
(b) Service issues including failure of software and/or services
for individual or multiple customers.
(c) Security and data issues including unauthorised access to
and/or sabotage of systems and premises.
(d) Legal risks including contractual and intellectual property claims.
(e) Employee risks including loss of key employees and skills shortages.
(f) Financial risks including foreign exchange on transactions
or balances that are denominated in a foreign currency or collapse
of financial institutions holding Fidessa's cash deposits.
(g) Bribery, corruption and fraud.
(h) Regulatory issues affecting Fidessa and/or its customers.
Responsibility statement of the directors in respect of the
interim financial report
We confirm that to the best of our knowledge:
(a) the condensed set of financial statements, which has been
prepared in accordance with IAS 34 'Interim Financial Reporting',
gives a true and fair view of the assets, liabilities, financial
position and profit or loss of the undertakings included in the
consolidation as a whole as required by DTR 4.2.4 R of the
disclosure and transparency rules;
(b) the interim management report includes a fair review of the
information required by DTR 4.2.7 R of the disclosure and
transparency rules; and
(c) the interim management report includes a fair review of the
information required by DTR 4.2.8 R of the disclosure and
transparency rules.
By order of the Board
Andy Skelton
Chief Financial Officer
29th July 2016
Independent review report to Fidessa group plc
Introduction
We have been engaged by the Company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 30(th) June 2016 which comprises the Condensed
Consolidated Interim Income Statement, the Condensed Consolidated
Interim Statement of Comprehensive Income, the Condensed
Consolidated Interim Balance Sheet, the Condensed Consolidated
Interim Statement of Changes in Shareholders' Equity, the Condensed
Consolidated Interim Cash Flow Statement and the related
explanatory notes. We have read the other information contained in
the half-yearly financial report and considered whether it contains
any apparent misstatements or material inconsistencies with the
information in the condensed set of financial statements.
This report is made solely to the Company in accordance with the
terms of our engagement to assist the Company in meeting the
requirements of the Disclosure and Transparency Rules ("the DTR")
of the UK's Financial Conduct Authority ("the UK FCA"). Our review
has been undertaken so that we might state to the Company those
matters we are required to state to it in this report and for no
other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the Company
for our review work, for this report, or for the conclusions we
have reached.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the directors. The directors are responsible
for preparing the half-yearly financial report in accordance with
the DTR of the UK FCA.
As disclosed in note 2, the annual financial statements of the
Group are prepared in accordance with IFRSs as adopted by the EU.
The condensed set of financial statements included in this
half-yearly financial report has been prepared in accordance with
IAS 34 Interim Financial Reporting as adopted by the EU.
Our responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410 Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity issued by the Auditing Practices Board for use in the
UK. A review of interim financial information consists of making
enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit
conducted in accordance with International Statements on Auditing
(UK and Ireland) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not
express an audit opinion.
Review conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 30(th)
June 2016 is not prepared, in all material respects, in accordance
with IAS 34 as adopted by the EU and the DTR of the UK FCA.
John Bennett KPMG LLP
For and on behalf of KPMG LLP 1 Forest Gate
Chartered Accountants Brighton Road
29th July 2016 Crawley
RH11 9PT
This information is provided by RNS
The company news service from the London Stock Exchange
END
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