FD Technologies (AIM: FDP.L, Euronext Growth: FDP.I) today announces its interim results for the six months ended 31 August 2022.
Momentum continues, strong growth in KPIs
Seamus Keating, CEO of FD Technologies, commented: ‘The Group has enjoyed a strong H1, growing revenue and profitability and laying the foundations for accelerated growth from here. In KX the momentum we have built since the launch of KX Insights is delivering results, as evidenced by the 41% growth in annual recurring revenue. The recent appointment of Ashok Reddy is already benefiting KX through his significant experience in scaling product-led enterprise technology businesses. Likewise, First Derivative maintained its strong growth, while we have taken action to enable MRP to improve its performance in H2 despite the market conditions experienced there.
These results demonstrate that our strategy of investing to accelerate growth is working. We have added significant value to the Group during H1 as our investments in product, systems and people are delivering. We are very well placed to continue to create value, with major growth opportunities ahead.’
|Six months to end August||2022||2021||Change|
|Profit / (loss) before tax||£1.1m||(£1.6m)||N/A|
|Reported diluted EPS||2.9p||(7.5p)||N/A|
|Adjusted performance measures|
|Adjusted diluted EPS||14.2p||11.7p||21%|
|Performance against Key Performance Indicators||FY23 target||H1 performance|
|KX annual recurring revenue (ARR) growth||35-40%||41%|
|KX net revenue retention (NRR)||110%||119%|
|First Derivative revenue growth||15%||22%|
|MRP revenue growth||10%||(8%)|
|*||Excluding lease obligations|
|**||Adjusted for share-based payments and restructure and non-operational costs|
Current trading and outlook
The Group is delivering growth in both revenue and profitability. In KX, the acceleration in ARR in H1 leaves us well placed to deliver growth in this key metric at the top end of our range of 35-40%. In First Derivative, while H1 was particularly strong, we continue to believe that a growth rate of 15% is the appropriate medium term target, while in MRP we expect revenue to decline by approximately 8% for the full year.
For the Group’s FY23 performance we increase our revenue guidance and now expect revenue to be at least £300m, while maintaining our adjusted EBITDA guidance in the range of £36.5m to £38.5m.
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 14 locations across Europe, North America and Asia Pacific, and employs more than 3,100 people worldwide.
FD Technologies will publish a pre-recorded presentation today at 07.05 BST on its website at https://fdtechnologies.com/investor-relations/news-results/presentations/. The Group will also host a live results Q&A session for analysts at 09.30 BST today.