FD Technologies Sees A Jump of 7% in Its H1 Revenue

FD Technologies, a leading technology provider of the financial industry, announced on Monday its financial results for the six months between March and August in 2021, showing a 7 percent jump in its revenue comparing to the same period last year.

The financial results highlighted that the revenue for the period was £128 million, compared to £119.6 million last year. The company's gross profit also jumped 7 percent year-on-year to £51.7 million. However, at the end of this period, the loss before tax was £1.6m, while in the first half of the previous year the company made a pre-tax profit of £7.4 million. In addition, diluted profits per share (EPS) decreased from last year' s 21.8 pence to 7.5 pence. After being adjusted, EBITDA of the company fell by 31% to £14.9 million. 

The net debt was cut to £11.7m at the end of H1 2021, with 62% reduction from prior period, thus strenghthening its balance sheet. Furthermore, the company stated that revenue growth of its KX platform achieved 40 percent of the previous growth target of 25 percent and it achieved investment goals by extending the KX go-to-market team by 52%. During that period, it signed 41 KX subscription deals and onboarded 12 new clients. The company also expanded its services with the development of KX Insights, a cloud-first platform.

"The opportunity for KX to deliver continuous intelligence remains enormous, and we are excited by the traction we are achieving across industries," said Seamus Keating, CEO of FD Technologies. "The outlook across our businesses is positive, with each business unit expected to meet or exceed its full-year growth target. We are particularly excited by the growing evidence that KX Insights can make real-time decision-making easy to implement for organizations. With its increasing ease of use, deployment freedom and interoperability, backed by our investment in leadership and go-to-market capability, we see KX as strongly positioned to build a market-leading position in continuous intelligence."