Highlights for the period ended 30th June 2013:
Strong multi-asset revenue growth and first global roll-outs of new derivatives platform.
New derivatives signings including one with a large US bank.
First signs of improving conditions in customer markets.
Good growth delivered through regional expansion, with 57% of total revenue now accounted for outside of Europe.
Good cash generation, with £50.3 million cash balance after dividend payments of £25.8 million.
Commenting on these results, Chris Aspinwall, Chief Executive, said:
"Financial market conditions during the first half of 2013 have been changeable, with strong gains seen in the first quarter largely reversing during the second quarter. Trading volumes also provided mixed news, with equity trading in the first half of 2013 down on the same period last year but increased when compared to the second half of 2012. For many of our customers this has meant that whilst there has been some improvement in the conditions they face, this improvement has not been sufficiently strong or sustained to enable them to make investment decisions with confidence. As a result, we have seen some continuation of the attrition and price pressure we saw last year. Despite this pressure we have sustained and increased our investment programme, expanding our capabilities across assets, services and regions, and continued to win new deals. This expansion has allowed us to maintain our recurring revenues whilst we have seen a reduction in consultancy revenue as customers continue to manage discretionary spending tightly. The increase in our investment programme, particularly around our derivatives initiative as we roll-out our first global platforms, has had a small impact on margin."
