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FD Technologies (formerly First Derivatives) have announced their results for the six months ending 31 August 2021 and they report strong performance across the business with good demand from both existing and new customers.
Overall revenue at the Newry based company is up 7% on 2020 to £128M while gross profit rose 7% to £51.7M
Profit before tax saw the Group record a loss of £1.6m compared with a profit of £7.4m in the same period 2020. The report explains the major factors here were an increase in acquisition and non-operational related costs, mainly due to costs associated with the ERP programme being expensed as incurred, and costs in relation to M&A activity in the period, and a £1.4m loss on foreign currency translation due largely to the impact of the movement in US$ rate on their USD$ loan.
Commenting on the results Seamus Keating, CEO of FD Technologies said “I am very encouraged by the increasing momentum across the business since we announced our accelerated growth strategy in May 2021. The opportunity for KX to deliver continuous intelligence remains enormous, and we are excited by the traction we are achieving across industries. Our cloud-first platform, KX Insights, was launched during the period and we have already signed new enterprise customers who, importantly, are already getting value from their investment. The investment in our go-to-market strategy is also starting to deliver returns, evidenced by accelerating growth in recurring revenue, partner engagement, industry accreditation and strengthening pipeline. We have signed three times as many subscription deals as we did in the same period last year. Both First Derivative and MRP are performing strongly, driven by good demand from both existing and new customers."
Keating continued "The outlook across our businesses is positive, with each business unit expected to meet or exceed its full year growth target. We are particularly excited by the growing evidence that KX Insights can make real-time decision-making easy to implement for organisations. With its increasing ease of use, deployment freedom and interoperability, backed by our investment in leadership and go-to-market capability, we see KX as strongly positioned to build a market-leading position in continuous intelligence.”
