First Derivatives Full year results for the year ended 29 February 2020

19 May 2020 | , ,
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FD (AIM: FDP.L, Euronext Growth: FDP.I) today announces its audited results for the year ended 29 February 2020.

Financial Highlights

Year to 29 February20202019Change
Revenue£237.8m£217.4m+9%
Gross profit£101.1m£91.3m+11%
Adjusted EBITDA*£45.5m£38.9m+17%
Profit** before tax£18.3m£16.7m+9%
Reported diluted EPS54.2p47.9p+13%
Full year dividend per share8.5p27.0p-69%
Net debt ***£49.4m£16.5m

 

*Adjusted for share-based payments and acquisition costs; FY 2020 adjusted EBITDA (excluding impact of IFRS 16): £41.4m (+6%)

**Includes foreign currency translation effect and deferred consideration on prior acquisitions

***Excluding lease obligations under IFRS 16

 

Business Highlights

  • Software revenue up 13% to £148.4m (2019: £130.9m), driven by 23% growth in recurring software license revenue.
  • Significant contract wins in our core FinTech market and progress in our drive to achieve market leadership by building out the capabilities of our solutions.
  • Partner agreements and contract wins across our target markets of automotive, manufacturing and energy as we focus on those markets where Kx provides the greatest competitive advantage, including a global Kx partnership agreement announced separately today with Tata Consultancy Services (TCS).
  • MRP Prelytix subscription revenue up 33% to £25.6m (2019: £19.3m) as we increase the platform’s functionality and it becomes recognised as a leader in its market.
  • Managed services and consulting revenue up 3% to £89.4m (2019: £86.5m) with strong order intake in H2 but lower growth due to a delayed start to two multi-year contracts.
  • Launch of Kx 4.0 with increased performance, security, visualisation and machine learning capabilities to spearhead our push to wide adoption of Kx across industries.
  • Finalisation of the acquisition of the minority shareholdings in Kx Systems, taking 100% ownership, funded by new financing facilities which provide flexibility to support the Group’s growth plans.
  • Appointments of Seamus Keating as Chief Executive Officer and Donna Troy as Chairman in January 2020.

Webcast Recording
You can watch a replay of our analyst presentation from 19th May 2020 by clicking here.

Read the full RNS release here

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