Fidessa's results bode well for jobs at tech vendors

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Banks may be trimming back their IT costs, but if Fidessa's results are anything to go by this actually good news for jobs in financial technology vendors.

Fidessa has spent 35% more on staff in the first half of this year, compared to the same period in 2008, as revenues continued to swell in the face of tough market conditions.

With the firms it services cutting headcount aggressively, you would have thought the number of Fidessa positions would have also fallen, but it's actually risen to more than 24,000 from 22,000 at the end of last year. A significant contributor to this is the 700 trading positions signed with Brewin Dolphin earlier in the year.

Revenues to the 30 June were up to 116m, from 85m for the same period last year - a rise of 36%. Similarly total staff costs have risen to 56.3m, from 41.6m in 2008.

Salary costs have also risen by 34% year-on-year, which suggests that larger than usual bonuses were paid out after a relatively bumper 2008 when revenues jumped 40% to 189.1m.

Sadly, Fidessa doesn't break out staff numbers in its interim report (and didn't return our calls requesting this information). However, at the end of 2008 it employed 1,391 staff - up from 1,160 in 2007 - 730 of which were in Europe.

The firm is also still recruiting, but it's debatable how long this rally can last. Growth is expected to slow in the second half of this year.

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