FD Technologies revenue increased 11 percent in the year ended February

Newry-based FD Technologies – formerly First Derivatives – has reported higher-than-expected revenue of £263.5 million (€308.3) for the financial year ending February 2022, up 11% year-on-year.

Revenue rose 14 percent on a constant currency basis, beating guidance.

The results reflect strong growth in FD’s financial sector consulting and predictive analytics businesses, and despite a decline in royalty revenue from its real-time intelligence business, KX is exiting the company.

KX Exit’s annual recurring revenue grew 25 per cent to £47 million, accounting for 61 per cent of revenue, up from 51 per cent in 2021, with the launch of its new KX Insights platform and partnership with Microsoft.

Technology-focused financial services advisory arm First Derivative’s revenue rose 24 percent to £148 million, more than double the group’s target.

Revenue from its predictive analytics marketing division, MRP, rose 16 percent to £51.1 million, with platform revenue up 18 percent on a constant currency basis.

However, pre-tax profit fell 19 percent to £9 million, while reported diluted earnings per share fell 28 percent to 22.9 pence.

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

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

The group expects KX’s annual recurring revenue to grow 35-40 percent, with double-digit revenue growth also expected from First Derivative and MRP.

Full-year 2023 revenue is expected to be between £290m and £300m, with Adjusted EBITDA of between £36.5m and £38.5m.

CEO Seamus Keating said the group has had “a year of transformation”.

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

“The opportunities in the markets we serve are significant and I am confident that by continuing to execute on our strategy we can unlock value for our clients and accelerate our growth in the years to come.”

FD Technologies provides data and technology-enabled advisory services, particularly to the financial sector, including real-time intelligence arm KX, First Derivative, which provides technology-enabled services in the capital markets, and MRP, its predictive marketing division.

The company operates from 12 offices in Europe, North America and Asia Pacific and employs more than 3,000 people worldwide.

The company announced last year that it would hire up to 500 new employees and set up a technology center in Ireland.

https://www.independent.ie/business/irish/fd-technologies-revenues-up-11pc-in-the-year-to-february-41633399.html FD Technologies revenue increased 11 percent in the year ended February

Fry Electronics Team

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