First Derivatives marks 6% Y/Y rise in revenues in four months to end-June 2020

Maria Nikolova

There has been some deferral of new project engagements, the financial impact of which to date has been partially mitigated by lower recruitment and cost management.

Fintech company First Derivatives plc (LON:FDP) today issued a statement ahead of its Annual General Meeting, with the statement including an update on the Group’s progress in the current financial year for the four months ending June 30, 2020.

Total revenue was 6% ahead of the prior year period. Managed services and consulting revenue was up 2% on the prior year period as FD continued to benefit from the high visibility and repeat nature of its client engagements. As expected there has been some deferral of new project engagements, the financial impact of which to date has been partially mitigated by lower recruitment and cost management.

Software revenue increased by 8%, led by growth in recurring license and subscription revenue. This was offset by a small decline in perpetual license revenue as new software sales continue to take longer to close in the current climate.

Cash generation during the period was in line with expectations.

Today, the Board said it continues to believe that it is still too soon to determine the likely outcome for the full year but is encouraged by performance to date and will continue to invest to deliver against the market opportunity.

In April this year, First Derivatives said it continued to trade positively in the second half of the financial year to end-February 2020. Back then, the Board said it expects to report financial results in line with company-compiled consensus forecasts of £241 million of revenue and £46 million of adjusted EBITDA. Net debt at the period end was £50 million, which was better than the consensus forecast of £56 million.

Read this next

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

Retail FX

Prop firm The Funded Trader shuts down, claims relaunch in April

Prop trading firm The Funded Trader has ceased all operations, with claims for a relaunch in the near future.

Digital Assets

Ethereum-Based Tokenized Real Estate Platform USP Launches On Republic

How This Californian Startup Is Revolutionizing Real Estate Investment through Ethereum-Based Tokenization.

Digital Assets

Sui Spikes in Weekly DEX Volume, Joins Top 10 of All Blockchains

March DEX volume on Sui stands at over $2.88B – up more than 49% from February – with decentralized exchange Cetus and wholesale liquidity layer DeepBook leading.

Digital Assets

Prisma Finance suffers $10 million crypto exploit, attack ongoing

Liquid staking protocol Prisma Finance fell victim to a security exploit on March 28, resulting in nearly $10 million in Prisma mkUSD and wrapped stETH being stolen by hackers.

<