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FD Technologies on track to meet revenue and profit targets

Gary McDonald Editor-in-Chief

07 April 2022 01:00

FD Technologies, headquartered in NEWRY, a group of data-driven companies, said it would hit its revenue and profit targets when it reports its annual results on May 10.

It came as the AIM-listed IT specialist, whose portfolio of businesses includes First Derivative, KX and MRP, provided a business update for the financial year through February 28.

And the group indicates that it expects to achieve its revenue and adjusted EBITDA targets for the year.

The execution of the accelerated growth strategy announced last May “remains on track”, allowing KX to achieve its goal of 25% growth in annual recurring exit revenues, thanks to the increasing adoption of the KX Insights platform.

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

Seamus Keating, Managing Director of FD Technologies, said: “I am pleased with our financial performance and the execution of our accelerated growth strategy during what has been a transformational year for the group.

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

FD Technologies, which operates from 15 offices in Europe, North America and Asia-Pacific, employs more than 3,000 people worldwide and recruited 500 new employees across the company during the last year only.

In its last full trading year, the company had a turnover of £237.9m, but profits fell 39% from £18.3m to £11.1m of pounds sterling.

During this period he won contracts across the group and a significantly strengthened pipeline, and he secured a series of new partnerships and contracts, including with the Williams F1 team, a major US gas utility company and Electricity, a large-scale semiconductor manufacturer. , and a major telecommunications company in North America.