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Sunday, May 29, 2022

FD Technologies revenue up 11 percent in year till February

Newry-based FD Technologies – formerly First Derivatives – have reported higher than expected revenues of £263.5m (€308.3) for the year ended February 2022, up 11 per cent from the previous year.

Ahead of guidance, the evening was up 14 percent on a constant currency basis.

The results come on the back of strong growth in FD’s financial sector consulting and predictive analytics divisions, and despite a decrease in license revenue from its real-time intelligence business, KX.

KX Exit’s annual recurring revenue ranged from 25pc to £47m, representing 61pc of revenue, up from 51pc in 2021, with the launch of its new KX Insights platform and partnership with Microsoft.

Its tech-led financial services consulting arm, First Derivatives, had revenues of 24pc to £148m, more than double the group’s target.

Revenue in its predictive analytics marketing division MRP ranged from 16pc to £51.1 million, with platform revenue growth of 18pc on a constant currency basis.

However, profit before tax declined by 19pc to 9million pounds, while earnings per share reported a decline fell 28pc to 22.9p.

Adjusted earnings before interest, taxes, depreciation and amortization came in at £31m in 2021, down 23pc, but within the group’s guidance range.

Net cash was £0.3m, excluding lease liabilities, an improvement in net debt of £9.9m recorded in 2021.

The group expects KX annual recurring revenue to grow by 35-40 pc, with double-digit revenue growth in first derivatives and MRP as well.

Full year 2023 revenue is expected to be between £290m and £300m, with adjusted EBITDA in the range of £36.5m to £38.5m.

CEO Seamus Keating said the group has seen “a year of change”.

“Our investments in systems and people, across the group, position us to scale up our operations to meet our growth ambitions.

“Opportunities are significant in the markets we operate in, and through continued execution of our strategy, I believe we can unlock value for our customers and accelerate our growth for years to come.”

FD Technologies exclusively provides data and technology-driven consulting services for the financial sector, including real-time intelligence arm KX, First Derivatives, which provides technology-based services in capital markets, and MRP, its predictive Marketing Division.

It operates from 12 offices in Europe, North America and Asia Pacific, and employs over 3,000 people worldwide.

The firm said last year it was to hire 500 new people and set up a technology center in Ireland.

World Nation News Deskhttps://www.worldnationnews.com
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