FD Technologies Sees 15% Revenue Jump, Brings New KX CEO

FD Technologies (AIM: FDP.L, Euronext Growth: FDP.I) published its financials for the first six months between March and August of 2022, reporting a 15 percent yearly revenue rise. The absolute figure came in at £147.4 million, compared to £128 million generated in the previous year.

The gross profit for the period came in at £60.2 million, which is 16 percent higher on a year-over-year basis. The company notably generated a pre-tax profit of £1.1 million compared to a loss of £1.6 million in the first six months of the 2021 fiscal.

Its reported diluted earnings per share came in at a positive 2.9 pence, while it was at a negative 7.5 pence in the same period in the previous year.

On an adjusted basis, the EBITDA of the company jumped seven percent to £16 million, whereas the diluted EPS increased to 14.2 pence from 11.7 pence, an increase of 21 percent.

“The Group has enjoyed a strong H1, growing revenue and profitability and laying the foundations for accelerated growth from here,” said Seamus Keating, FD Technologies’ CEO.

Focus on KX

FD Technologies is now heavily focusing on the growth of KX, its real-time continuous intelligence technology. The revenue from this business division increased by 19 percent to £37.8 million. On top of that, the annual recurring revenue of KX increased by 41 percent, covering 71 percent of the total revenue of the segment.

The services of First Derivative brought in a revenue of £86.2 million, which is an increase of 22 percent.

The company’s focus on KX can be seen with the recent appointment of Ashok Reddy as the CEO of KX. Reddy is an industry veteran with three decades of experience in engineering and enterprise software.

“The recent appointment of Ashok Reddy is already benefiting KX through his significant experience in scaling product-led enterprise technology businesses,” Keating added. “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.”