FD Technologies (AIM: FDP.L, Euronext Growth: FDP.I) today announces its results for the six months ended 31 August 2021.
Seamus Keating, CEO of FD Technologies, commented: “I am very encouraged by the increasing momentum across the business since we announced our accelerated growth strategy in May 2021. The opportunity for KX to deliver continuous intelligence remains enormous, and we are excited by the traction we are achieving across industries. Our cloud-first platform, KX Insights, was launched during the period and we have already signed new enterprise customers who, importantly, are already getting value from their investment. The investment in our go-to-market strategy is also starting to deliver returns, evidenced by accelerating growth in recurring revenue, partner engagement, industry accreditation and strengthening pipeline. We have signed three times as many subscription deals as we did in the same period last year. Both First Derivative and MRP are performing strongly, driven by good demand from both existing and new customers.
The outlook across our businesses is positive, with each business unit expected to meet or exceed its full year growth target. We are particularly excited by the growing evidence that KX Insights can make real-time decision-making easy to implement for organisations. With its increasing ease of use, deployment freedom and interoperability, backed by our investment in leadership and go-to-market capability, we see KX as strongly positioned to build a market-leading position in continuous intelligence.”
|Six months to end August||2021||2020||Change|
|(Loss)/profit before tax||(£1.6m)||£7.4m||NM|
|Reported diluted EPS||(7.5p)||21.8p||NM|
|Adjusted performance measures|
|Adjusted diluted EPS||11.7p||31.7p||(63%)|
|Progress on Key Performance Indicators||Target||Status|
|KX exit Annual Recurring Revenue (ARR) growth||+25%||On track for year end,
40% of target achieved in H1,
c.60% achieved by the end of October
|First Derivative revenue growth||+10%||Currently ahead,
+18% in H1
|MRP platform revenue growth||+20%||On track for year end,
+17% in H1
|*||Excluding lease obligations|
|**||Adjusted for share-based payments and acquisition and non-operational costs|
After the period end, the Group sold its stake in associate RxDataScience Inc. We are currently assessing the fair value of the initial and deferred consideration which will be reported at year end. The proceeds from the sale eliminate the Group’s net debt position, with the acquiror committing to a KX license subscription agreement.
Current trading and outlook
For further information, please contact:
|FD Technologies plc
Seamus Keating, Chief Executive Officer
Ryan Preston, Chief Financial Officer
Ian Mitchell, Head of Investor Relations
|+44(0)28 3025 2242|
|Investec Bank plc
(Nominated Adviser and Broker)
|+44 (0)20 7597 5970|
|Goodbody (Euronext Growth Adviser and Broker)
|+353 1 667 0420|
|+44 (0)20 3727 1000|
About FD Technologies
FD Technologies is a group of data-driven businesses that unlock the value of insight, hindsight and foresight to drive organisations forward. The Group comprises KX, the leading technology for real-time continuous intelligence; First Derivative, which provides technology-led services in capital markets; and MRP, the only enterprise-class, predictive Accounts Based Marketing solution. FD Technologies operates from 15 offices across Europe, North America and Asia Pacific, and employs more than 3,000 people worldwide.
FD Technologies will publish a pre-recorded presentation today at 07.05 GMT on its website at https://fdtechnologies.com/investor-relations/presentations/. The Group will also host a live results Q&A session for analysts at 09.30 GMT today.