LONDON (ShareCast) - (Sharecast News) - FD Technologies reported an 11% improvement in revenue in its full-year results on Tuesday, to £263.5m, with further growth expected going forward.
The AIM-traded firm said gross profit was ahead 5% at £106.1m, while profit before tax slid 19% to £9m for the 12 months ended 28 February.

Its reported diluted earnings per share were 28% weaker year-on-year at 22.9p, while the company swung to net cash of £0.3m, from net debt of £9.9m at the end of the 2021 financial year.

Looking at its strategic performance, FD said annual recurring revenue for KX grew 25% over the year, precisely on target, while First Derivative revenue growth blew past the 10% target to reach 24%.

MRP platform revenue growth slightly missed targets, however, coming in at 18% at constant currency, compared to the 20% goal.

Looking ahead, FD said the outlook was positive across its business units, with 2023 guidance for growth in KX annual recurring revenue of between 35% and 40%, guidance for group revenue and adjusted EBITDA targeting a return to double-digit growth.

"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," said chief executive officer Seamus Keating.

"KX, which was the principal focus of our investment in the year, delivered our target annual recurring revenue 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.

"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."

Keating said across the Group, the firm's investment in systems and people positioned it to scale operations to meet its 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."

At 1053 BST, shares in FD Technologies were up 10.02% at 2,470p.

Reporting by Josh White at Sharecast.com.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE