KX generated revenue growth of 12 percent, but First Derivatives declined by 8 percent.
The company turned a pre-tax loss of £7.7 million.
FD Technologies (AIM: FDP), previously known as First Derivatives, closed its 2024 fiscal year with annual revenue of £248.9 million, 2 percent lower than the previous year. The company’s losses before taxes also broadened to £7.7 million from merely £0.4 million.
Two Divisions of the Company
According to the official numbers, the KX division of the company saw revenue growth of 12 percent in constant currencies to £79 million. Recurring revenue also increased by 19 percent and now represents 86 percent of KX revenue, up from 81 percent in the previous year.
The company highlighted that the performance of the KX division was impacted by lower pipeline conversion rates and lengthened sales cycles with “fewer repeatable use cases in newer markets and macroeconomic headwinds.”
Despite the marginal revenue decline, the gross profit of the company almost remained the same at £105.7 million. Its loss per share dived to 145.2 pence from 14.4 pence. The company's debts also increased to £14.4 million from £3.7 million.
The adjusted EBITDA of FD Technologies also went down by 31 percent to £23 million, due to accelerated investment in KX and lower revenue in First Derivative.
FD Technologies' FY24 financial summary
“FY24 presented challenges within our businesses, but we made significant strategic progress, and we enter FY25 with clarity and focus on the exciting opportunities ahead,” said Seamus Keating, CEO of FD Technologies.
“While KX's ARR growth was below our expectations for the year, we have addressed the operational challenges and are well-placed to execute on the enormous addressable market in the industries we are targeting. First Derivative managed its cost base to ensure that despite the caution in its customer spending, it maintained margins.”
Outlook Is Bullish
As for the outlook, the company expects KX to achieve an annual contract value in the range of £16 million to £18 million in the ongoing fiscal year. This will result in gross annual recurring revenue growth of 20 to 25 percent.
“Looking to FY25, the conclusion of the structure review provides a clear path to value creation for shareholders while the operational improvements, focus on repeatable use cases, and growing opportunity in AI provide confidence that KX will deliver stronger, sustainable growth,” Keating added.
FD Technologies (AIM: FDP), previously known as First Derivatives, closed its 2024 fiscal year with annual revenue of £248.9 million, 2 percent lower than the previous year. The company’s losses before taxes also broadened to £7.7 million from merely £0.4 million.
Two Divisions of the Company
According to the official numbers, the KX division of the company saw revenue growth of 12 percent in constant currencies to £79 million. Recurring revenue also increased by 19 percent and now represents 86 percent of KX revenue, up from 81 percent in the previous year.
The company highlighted that the performance of the KX division was impacted by lower pipeline conversion rates and lengthened sales cycles with “fewer repeatable use cases in newer markets and macroeconomic headwinds.”
Despite the marginal revenue decline, the gross profit of the company almost remained the same at £105.7 million. Its loss per share dived to 145.2 pence from 14.4 pence. The company's debts also increased to £14.4 million from £3.7 million.
The adjusted EBITDA of FD Technologies also went down by 31 percent to £23 million, due to accelerated investment in KX and lower revenue in First Derivative.
FD Technologies' FY24 financial summary
“FY24 presented challenges within our businesses, but we made significant strategic progress, and we enter FY25 with clarity and focus on the exciting opportunities ahead,” said Seamus Keating, CEO of FD Technologies.
“While KX's ARR growth was below our expectations for the year, we have addressed the operational challenges and are well-placed to execute on the enormous addressable market in the industries we are targeting. First Derivative managed its cost base to ensure that despite the caution in its customer spending, it maintained margins.”
Outlook Is Bullish
As for the outlook, the company expects KX to achieve an annual contract value in the range of £16 million to £18 million in the ongoing fiscal year. This will result in gross annual recurring revenue growth of 20 to 25 percent.
“Looking to FY25, the conclusion of the structure review provides a clear path to value creation for shareholders while the operational improvements, focus on repeatable use cases, and growing opportunity in AI provide confidence that KX will deliver stronger, sustainable growth,” Keating added.
Arnab Shome is an electronics engineer-turned-financial editor. He holds a Bachelor of Technology from the National Institute of Technology, Agartala. He entered the retail trading industry about a decade ago, covering the cryptocurrency market for Finance Magnates, and later expanded his coverage to include forex and CFDs as well.
His work at Finance Magnates includes C-level interviews, data-driven analysis, opinion pieces, and scoops of industry exclusives. He also contributes to Finance Magnates’ quarterly industry report.
Area of coverage:
1. CFD broker-related news
2. Industry-related Regulatory updates and developments
3. New retail trading trends
4. Prop trading industry updates
5. Executive interviews
Education:
Bachelor of Technology - National Institute of Technology, Agartala (India)
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