First Derivatives (FD), a consulting firm and software provider to trading companies, released its annual results for the year ending in 2018 today. The company saw a substantial increase in year on year revenue that was accompanied by comparable growth in net profit.

FD finished the 2017 fiscal year with £151.7 million ($204.1 million) in total revenues. This year the firm managed to increase this number to £186 million ($258.3 million) - a 23 percent year on year increase.

The firm’s growth was largely attributable to increases in its Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term software service. For example, support and implementation services for the firm’s software solutions grew to just over £37 million ($49.8 million), a 40 percent increase when compared to last year.

Matching profits to revenue growth

Growth in revenues may have lead to a corresponding increase in post-tax profits. FD reported profits after tax of £10.2 million ($13.7 million), up from £9 million ($12.11) in 2017.

Having said this, the company also listed its ‘adjusted profit after tax’ which it claims is equal to £19.5 million ($26.2 million) this year, up from £16.1 million ($21.7 million) last year. This would be equivalent to a 21 percent increase and would roughly match with the increase in revenues.

FD’s chairman, Seamus Keating, commented on the release of the annual financial report, saying: “This has been another year where we have combined organic growth with selective investment in the business to realize the enormous market opportunity available to First Derivatives. Prompted by strong demand from our clients, we have continued to penetrate our markets enabling us to deliver our 21st consecutive year of double-digit revenue growth.”