FD Technologies released a report on how its business performed in the year ending February 28, 2023.
Group sales are expected to reach around £296 million. Showing an increase of 12% despite the currency exchange rate in the second half of the year.
The EBITDA is estimated to be £35 million. This is due to positive performance from KX and First Derivative, however, MRP has seen weaker demand.
Cash flow has been managed well, resulting in a net cash position of £0.4 million at the end of the year, compared to a net debt of £7.4 million in August 2022.
Group CEO, Seamus Keating, said:
KX and First Derivative have performed strongly, with both revenue and EBITDA ahead of our expectations, as each business strengthened its market position.
KX in particular has made strong commercial and strategic progress, driven by our market-leading ability to deliver 100x the performance at one tenth of the cost of alternative solutions. These advantages are particularly compelling for hyperscale cloud providers, resulting in a range of initiatives which we are progressing with our partners that provide further confidence in our outlook.
First Derivative also performed strongly and continued to deliver impressive revenue growth of 18% for the period. We continue to see multi-year strategic growth drivers that will underpin demand for our services.
We have set ourselves ambitious but sustainable growth targets for the years ahead which will ensure we are focused on driving high-quality recurring revenue growth from an expanding list of customers across a wide range of industries, while generating long term value for shareholders.
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