Business

FD Technologies on track to hit revenue and profits targets

FD Technologies says it is on target to hit its revenues and profits targets in the year to February past.
Gary McDonald Business Editor

NEWRY-headquartered FD Technologies, a group of data-driven businesses, says it will hit its revenue and profits targets when it declares its full-year results on May 10.

It came as the AIM-listed IT specialist, whose company portfolio includes First Derivative, KX and MRP, provided a trading update for the financial year to February 28.

And the group says it expects to achieve its revenue and adjusted EBITDA guidance for the year.

Delivery of the accelerated growth strategy it announced last May "remains on track", enabling KX to achieve its target of 25 per cent growth in exit annual recurring revenue, driven by increasing take-up of the KX Insights platform.

Combined with the recent announcement of our strategic partnership with Microsoft, FD says it means it has entered the new financial year in a position to build on this momentum.

Seamus Keating, chief executive of FD Technologies, said: “I'm pleased with our financial performance and the execution of our accelerated growth strategy in what was a year of transformation for the group.

“I’m also excited by the opportunities across our business as we win new customers and continue to develop our offering to drive value, performance and returns.”

FD Technologies, which operates from 15 offices across Europe, North America and Asia Pacific, employs more than 3,000 people worldwide, and has added 500 new staff across the business in the last year alone.

In its last full trading year, the company had sales £237.9m, but its profits fell by 39 per cent from £18.3m to £11.1m.

During that period, it enjoyed contract wins across the group and a substantially strengthened pipeline, and it secured a raft of new partnerships and contracts including with the Williams F1 team, a major US gas and electricity utility business, a large scale semi-conductor manufacturer, and a major telecoms company in North America.

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