Strong performance from our Corporate Patron, FD Technologies who have seen its revenues rise by 12% to £296m, spearheaded by strong sales of its KX software products.
The Newry-based and London-listed company which provides software and services to investment banks and other financial institutions, also reported that profits have risen by 12% to £34.8m.
FD Group operates across three business units including the KX software division, First Derivative services and consulting division and the MRP marketing technology division.
KX exceeded its targets with annual recurring revenue up 39% to £65.3m in the year to February 2023 and revenue retention of 119% while incremental annual contract value rose by 93% to £18.7m.
First Derivative delivered revenue growth of 18%, also ahead of target, benefiting from multi-year strategic growth drivers, particularly relating to regulatory compliance and digital transformation.
But weaker demand environment continued at MRP, with revenue down by 19%.
The group says it expects full-year 2024 revenue in the range of £315m to £325m, with adjusted EBITDA in the range of £38m to £40m.
Seamus Keating, Chief Executive of FD Technologies:
“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.”
FD Technologies operates from 14 locations across Europe, North America and Asia Pacific and employs 3,000 people globally.