Fidessa warns City slowdown is hurting

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Chief executive Chris Aspinwall said: "The pressure our smaller customers have been experiencing in recent years has continued and we believe that this has further to go, with more of these firms expected to consolidate or leave the market during 2012." He added that the group had recently lost two larger customers with the collapse of MF Global and Royal Bank of Scotland's exit from equities but believed these were due to specific issues at those two firms and not part of a more general trend among larger broking firms.

Aspinwall added: "In the short term, given the stress that is still apparent within the financial markets, we believe that conditions will remain difficult for some time to come. However, we believe there will still be good opportunities for growth, particularly through extending our derivatives presence and leveraging our infrastructure to deliver greater value to our larger customers."

Fidessa said profits rose by 8% to £43.2 million in 2011 on revenues 6% higher at £278 million. It lifted its annual dividend 11% to 36.5p. The shares fell 47p to 1650p as analysts trimmed their forecasts for this year.