Global technology provider FD Technologies, previously known as First Derivatives, today released its results for the financial year ended on 28 February.
The company saw a 12% jump in revenue to £296 million for the financial year 2023 from £263.5 million recorded the prior year. However, the year ended with pre-tax loss of £1.2 million compared to a £9 million profit in the previous year.
FD Technologies reported gross profit of £122.3 million, 15% higher than FY22, when it was £106.1 million. The number was offset by mounting expenses in research and development, sales and marketing, and administrative functions. The loss per share stood at 14.4 pence, compared to earnings per share of 22.9 pence.
FD Technologies also saw a strong performance by its divisions KX and First Derivative. KX’s revenue reached £80.2 million, up by 25% from the previous year. The firm also noted that 72% of the revenue came from recurring clients. The First Derivative segment generated £174.3 million, demonstrating a substantial increase of 18%. Both divisions exceeded market expectations.
MRP, however, recorded a 19% drop in revenue to £41.5 million. The company attributed the fall to lower spending on demand generation by enterprise customers.
FD Technologies’ adjusted EBITDA for the period reached £34.8 million, rising 12% on yearly basis. Additionally, the adjusted diluted EPS rose by 9% to 35.3 pence.
Seamus Keating, CEO of FD Technologies, commented:
Seamus Keating
We are pleased with a year of strong execution on our strategy, with KX and First Derivative beating our expectations for FY23.
The company expresses optimism about its performance in the current financial year. According to the report, FD Technologies anticipates annual revenue in the range of £315 million to £325 million at the group level, with adjusted EBITDA projected to reach £38 million to £40 million.
Keating added:
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.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
