First Derivatives registers 17% rise in FinTech revenues in FY19

Maria Nikolova

FinTech revenue increased by 17% to £166.7 million in the year to end-February 2019, on the back of expansion of services provided to clients and new contract wins.

First Derivatives plc (LON:FDP) today announces its audited results for the year to end-February 2019. 

Across all segments, revenue rose 17%, with software license revenue growing by 28% from the previous year.

FinTech revenue increased 17% to £166.7 million (2018: £142.9m), on the back of expansion of services provided to clients and new contract wins including the Canadian Securities Administrators, BitMEX and a major Japanese bank. FinTech software continued to deliver strong growth, with revenue up by 17% to £80.2 million.

MarTech revenue was up 8% to £41.4 million (2018: £38.2m), supported by 25% growth in subscriptions for First Derivatives’ Marketing Cloud platform, powered by Kx.

Revenue from other markets increased by 85% to £9.3 million (2018: £5.m). According to the company, this is evidencing the initial success of its strategy to penetrate high-value markets such as Industrial Internet of Things, automotive and precision manufacturing.

Reported profit before tax increased by 38% to £16.7 million (2018: £12.1m). Adjusted profit before tax increased by 12% to £27.5m (2018: £24.5m).

Reported profit after tax increased by 29% to £13.2 million (2018: £10.2m) and reported basic earnings per share increased by 26% to 50.9p per share (2018: 40.4p).

In terms of important events during the reporting period, First Derivatives highlights the agreement to acquire the minority shareholdings in Kx Systems, taking 100% ownership by 29 June 2019, funded by new financing facilities on improved terms.

Regarding most recent developments, the company says that the new financial year has started strongly with good momentum across the business. The investment program in recent years has delivered a number of important new contract wins and OEM and partnership agreements during the year that provide a platform for growth in the years to come. 

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