Fidessa Group Share Price (FDSA)

that'll do me for now, out for a while

nice one...your faith has been rewarded

Fidessa Group: UBS ups target price from 1420p to 1500p, but keeps a sell recommendation. Citigroup increases target price from 1385p to 1700p maintaining its neutral rating. Investec revises target price from 1110p to 1850p and upgrades from sell to buy. Panmure Gordon shifts target price from 1396p to 1400p reiterating a hold recommendation.

On a brighter note, Aspinwall added: "In recent months there has been a marked and positive change of sentiment in the market, with the weekly flow of funds into the equity markets reaching one of the highest levels ever recorded." "Looking further ahead, we believe that we will see stability and opportunity returning to the markets and that reduced headwinds, coupled with further openings as our multi-asset initiative gains momentum, will enable us to return to growth levels closer to those we have seen in the past," Fidessa said in a statement. An annual dividend of 37p has been offered, up from 36.5p the year before. A special dividend of 45p has been recommended.

Trading systems developer Fidessa said financial market conditions in 2012 were more difficult than expected as it reported hardly changed profit and revenue for the year. Revenue fell 1%, on a constant currency basis, to 278.6m for the year ended December 31st 2012. Adjusted pre-tax profit also fell 1% to 42.7m during the period. Chief Executive Chris Aspinwall said: "For the financial markets, conditions in 2012 were more difficult than expected with the global value of equity trading falling by around 20% on top of the already depressed levels seen in 2011." Against this background, Fidessa said it has maintained its strategy of helping its customers reduce their costs, extending the range of asset classes it supports and extending its regional coverage.

The broker has raised its 2013 revenue estimate from �279.8m to �284.6m and its EPS forecast from 72.1p to 81.3p. O'Connor said: "In the wake of final results we have elected to increase estimates although we still feel that Fidessa is strategically boxed in and it could do with a (1) some volume in this cash equities rally, (2) a beast of a MiFiD III."