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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 February 2020 2019 Change
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 EPS 54.2p 47.9p +13%
Full year dividend per share 8.5p 27.0p -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