First Derivatives continues search for new CEO

Maria Nikolova

“We continue to progress our search for a new CEO following the passing in July of our founder, Brian Conlon”, says Seamus Keating, Executive Chairman of FD.

Fintech company First Derivatives plc (LON:FDP) is continuing its search for a successor of FD’s founder and CEO Brian Conlon who passed away in July this year.

Today, First Derivatives said that, under its succession planning, a process to appoint a successor was initiated and Non-Executive Chairman Seamus Keating was appointed Executive Chairman to guide the business through that process and oversee the Executive Committee in the interim period. The CEO recruitment process is a priority for the Group and a further update is set to be provided in due course.

Seamus Keating, Executive Chairman of FD, said:

“We continue to progress our search for a new CEO following the passing in July of our founder, Brian Conlon, and we will provide an update when the process is complete”.

Also today, First Derivatives posted its results for the six months to end-August 2019.

Software revenue in the period grew 13% from a year earlier to £71.4 million, supported by 19% growth in recurring software license revenue.

The company noted multiple contract wins across both software and managed services and consulting, including notable deals signed with a major Japanese bank for the global roll-out of a next generation e-FX platform built on Kx and multi-year assignments across FD’s managed services and consulting business.

Software revenue from Industry increased by 45% from thee equivalent period a year earlier to £4.4 million.

Managed services and consulting revenue is 7% higher than a year ago at £45.2 million, with long-term, strategic client relationships and market-leading services enabling continued growth.

Seamus Keating commented: “We successfully executed on our strategy during the period, signing a number of key contracts across our business, and making strong progress towards securing landmark contracts in the markets we are targeting across Industry. Our financial performance was solid, and we are encouraged by the growing momentum through the period that provides confidence in achieving another year of strong growth, in line with consensus forecasts.”

The Group believes consensus revenue and adjusted EBITDA (excluding the impact of IFRS 16) forecasts for the year to 29 February 2020 to be £242.9m and £43.8m respectively.

Read this next

Executive Moves

Crculus taps Michael Idzkowski as head of sales

Michael Idzkowski has joined Crculus, a UK-based startup that describes itself as a multi-custody middleware infrastructure for financial institutions, in the post of its head of sales.

Retail FX

ActivTrades jumps on fractional stock trading bandwagon

CFDs and FX broker, ActivTrades has updated its trading offering to provide its clients with the opportunity to trade fractions of stocks.

Digital Assets

BitMEX to list its native token by end of 2023

BitMEX CEO Alexander Hoeptner said the crypto exchange is planning to list its native token, called BMEX, on the spot market by the end of the year.

Market News

Forex investments take over popular sentiment as a worthy global trend

Quite the confusion is afoot in the financial markets. Tighter regulation, rising inflation, energy sector disruptions, social unrest and wars have taken a toll on the world’s economies. How come Forex, as a means of investment, has come up on top as a global trend in 2022? Against the backdrop of current events, the international broker’s expert team at OctaFX has gathered some answers.

Crypto Insider, Metaverse Gaming NFT

How Hiding Crypto’s Influence Will Be Key To Unlocking Its Success

In past years, cryptocurrency has advanced well beyond the technophiles responsible for its initial success to reach widespread name recognition. Crypto has found its way into news, music, culture, and other relevant facets of daily life. 

Digital Assets

SCRYPT Digital taps Enclave Markets to mirror dark pool trading in crypto

“A service like this has been sorely lacking in the crypto space. There hasn’t been a solution that provides the security or privacy that institutions require with these kinds of trades.”

Institutional FX

FXSpotStream reports record monthly volume at $1.613 trillion

Trading volumes on institutional FX platforms surged in September after fears over the impact of recent developments around Russia’s military invasion of Ukraine sent speculative asset classes reeling.

Industry News

OKX adds four-time Olympian snowboarder Scotty James as brand ambassador

‘What is OKX?’ is the name of the new multi-milion dollar brand campaign launched by crypto exchange OKX as part of its efforts toward world expansion.

Industry News

Circle buys Elements and announces beta version of Crypto Payments API

“Lowering barriers of entry for payments and financial services and establishing dollar payments utility are core to Circle’s mission.”