FD Technologies reported its financial results for the year ended 28 February 2022 (FY22) today. The company posted decent growth in revenue as the number touched £263.5 million, compared to £237.9 million in FY21.
However, profit before tax and reported diluted EPS dropped sharply during the mentioned period. While gross profit increased 5% to £106.1 million, profit before tax dipped by almost 19%. Reported diluted EPS came in at 22.9 p, which is 28% lower compared to FY21.
“We have delivered a year of transformation across the Group, with each business unit achieving the Key Performance Indicators we set out in our strategy one year ago to accelerate our growth. KX, which was the principal focus of our investment in the year, delivered our target ARR growth, and enters the new financial year with increased momentum from our partnership with Microsoft enabled by the launch of our cloud -native KX Insights platform,” Seamus Keating, the CEO of FD Technologies, commented.
For the reported period, FD Technologies highlighted strong growth across First Derivative revenue as the figure touched £148 million, which is up by 24% compared to FY21. According to the company, the growth in First Derivatives was driven by solid market demand.
Growth Ambitions
FD Technologies noted that the company has entered the new financial year with decent momentum. For FY23, the company expects revenue in the range of £290 million to £300 million and adjusted EBITDA in the range of £36.5 million to £38.5 million.
“First Derivative recorded strong growth as it built on its reputation for domain knowledge and delivery excellence, while MRP continued to grow strongly from its leadership position in predictive lead generation. Across the Group, our investment in systems and people positions us to scale our operations to meet our growth ambitions. The opportunities across the markets in which we operate are significant and through continued execution of our strategy I am confident we can unlock value for our customers and accelerate our growth in the years ahead,” Keating added.
