FD Technologies Sees 12% Increase in Group Revenue for FY23

FD Technologies, the global leading technology provider in the financial industry, released its financial results for the fiscal year ended 28 February 2023 (FY23), showing an increase of 12% in the group's revenue.

Financial Performance for FY23:

• The group's revenue for the fiscal year totaled £296 million, an increase of 12% comparing to £263.5 million in FY22.

• Gross profit came in at £122.3 million, an increase of 15% comparing to £106.1 million in FY22.

• Loss before tax recorded £1.2 million for the year, compared to profit before tax of £9.0 million in FY22. While loss after tax recorded £4.0 million, compared to a profit after tax of £6.4m in FY22.

• KX revenue rose by 25% from £64.4 million in FY22 to £80.2 million, with recurring revenue up 47% to represent 72% of total KX revenue. The recurring revenue accounted for 61% in KX revenue in FY22.

• First Derivative revenue was £174.3 million, 18% higher than £148.0 million in FY22.

• Net cash amounted to £0.4 million, increasing 24% compared to £0.3 million on a yearly basis.

• Adjusted EBITDA was £34.8 million, an increase of 12% comparing to £31.0 million in FY22.

• Adjusted diluted EPS was 35.3p, an increase of 9% comparing to 32.3p in FY22.

FD Technologies projects Group level revenue for FY24 to be between £315m and £325m, with adjusted EBITDA expected to fall within the range of £38m to £40m.