18th Oct 2022 12:10
(Alliance News) - FD Technologies PLC on Tuesday said it was extending its guidance for the full year after strong revenue and profit growth in the first half.
FD Technologies is a County Down, Northern Ireland-based group comprising several data-driven businesses, including technology and digital solutions providers KX, First Derivative, and MRP.
For the six months ended August 31, the group reported pretax profit of GBP1.1 million, swung from a loss of GBP1.6 million a year prior.
Revenue also increased, up 15% to GBP147.4 million from GBP128.0 million.
FD Technologies attributed this to performance at both KX and First Derivative, emphasising the return of the former to growth, with revenue up 19% to GBP37.8 million from GBP31.9 million last year. Revenue for the latter was GBP86.2 million, up 22% from GBP70.7 million.
The group said that while both performed above its full-year guidance, this was balanced by a reduction in revenue at MRP, which fell 8% to GBP23.4 million from GBP25.3 million.
FD Technologies has extended its revenue guidance based on its first half results, and now expects revenue for the 2023 financial year to be at least GBP300 million.
It maintains guidance for adjusted earnings before interest, tax, depreciation and amortisation in the range of GBP36.5 million to GBP38.5 million, but argued that the recent appointment of Ashok Reddy as Chief Executive Officer of KX would help to accelerate growth.
Chief Executive Officer of FD Technologies, Seamus Keating, commented: "These results demonstrate that our strategy of investing to accelerate growth is working. We have added significant value to the group during the first half-year as our investments in product, systems and people are delivering."
The group did not declare an interim dividend, unchanged from last year.
FD Technologies shares were trading 3.1% higher at 1,423.00 pence each in London on Tuesday afternoon.
By Holly Beveridge; [email protected]
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