Revenue up 3% at First Derivatives

First Derivatives has announced their interim financial results for the six months to 31 August.

Revenue is up 3% from £116.7M to £119.6M for the Newry based company while gross profit stayed stable at £48.2M.

Highlights of the period included a Software license growth of 12% that drove total software revenue up 4% to £74.4m (H1 2020: £71.4m). Managed services and consulting revenue was in line with the prior period at £45.2m with our strategic client relationships and market-leading services protecting our revenue base and providing a solid foundation for a return to growth. The Group revenue increased by 3%, representing a highly resilient performance during a period in which sales cycles lengthened as a result of macro uncertainty caused by COVID-19.

Donna Troy, Chairman of FD, commented: “During the period we have demonstrated the Group’s resilience while continuing to focus on the considerable opportunity ahead. It is clear that the use of data, particularly streaming operational data, to drive decision-making will become critical for enterprises and COVID-19 will accelerate this treng uncertainty throughout the world. nd. Kx technology is ideally placed to be the streaming analytics software of choice that customers and partners trust to solve their most demanding and complex data challenges, and it is our mission to capitalise on that opportunity.

"With our new leadership teams in place following a number of senior appointments we are making good progress on our strategic objectives, with enhancements to our internal structures and go-to-market capabilities as well as our technology roadmap. While the current year outcome remains difficult to predict, we are excited by the potential of our business and the capability to significantly accelerate our growth.”