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Newry based FD Technologies has reported a 12% increase in turnover in their annual full year results for year ended 28 February 2023 but due to one-off costs the company has made a pre-tax loss of £1.2m. The costs included restructuring their MRP part of the business, making their Oracle Enterprise Resource Planning live and addressing legacy employee tax liabilities.
Turnover is up from £263.5m in 2022 to £296m in 2023 led by good performances at KX and First Derivative. First Derivative revenue is up 18% to £174.3m (FY22: £148.0m) while KX revenue is up 25% to £80.2m (FY22: £64.4m). The company's MRP revenue was down by 19% to £41.5m (FY22: £51.1m)
Seamus Keating, CEO of FD Technologies, commented "We are pleased with a year of strong execution on our strategy, with KX and First Derivative beating our expectations for FY23.
"KX in particular has made strong commercial and strategic progress. Our price to performance advantage is particularly compelling for the hyperscale cloud providers, as evidenced by our partnerships with market leaders Microsoft and AWS. We have a range of initiatives that we are progressing with these and other partners that provide confidence in our outlook.
"First Derivative also performed strongly in FY23, delivering impressive revenue growth of 18% for the period. We continue to see multi-year strategic growth drivers that underpin demand for our services.
"We have set ourselves ambitious but sustainable growth targets for the years ahead which will ensure we are focused on driving high-quality recurring revenue growth from an expanding list of customers across a wide range of industries, while generating value for shareholders."
