First Derivatives has published its financial results for the fiscal year ended on the 29th of February, 2020, in which the financial software and consulting company has achieved an overall uptick across its key metrics.
During the 12 month period, First Derivatives posted revenue of £237.8 million. When measuring this against the same period of the previous year, this represents an increase of 9 per cent.
Gross profit also improved by 11 per cent in the company’s fiscal 2020, rising from £91.3 million in the prior-year period, to reach £101.1 million in the 2020 financial year. Adjusted EBITDA was also higher by 17 per cent on a yearly comparison.
Profit before tax for the 12 month period was £18.3 million. Against the 2019 fiscal year, which had profit before tax of £16.7 million, this represents an increase of 9 per cent.
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Furthermore, First Derivatives achieved an increase in software revenue of 13 per cent, rising from £130.9 million in the 2019 financial year to reach £148.4 million in the most recent period, driven by a 23 per cent growth in recurring software licence revenue.
Furthermore, during the financial year, First Derivatives finalised the acquisition of the minority shareholdings in Kx Systems, taking 100 per cent ownership, as Finance Magnates reported.
First Derivatives partners with TCS
In addition to announcing its financial results for fiscal 2020, First Derivatives also said this Tuesday that it has signed a global partnership agreement with Tata Consultancy Services (TCS).
Under the agreement, the two companies will develop and deploy solutions based on Kx technology and will be targeted at TCS’s client base across multiple industries.
Commenting on the partnership, Seamus Keating, CEO, FD said in the statement: “We have been impressed with the commitment shown by TCS and excited by the potential to accelerate our route to market across industries that this partnership provides. We look forward to working with TCS by combining their industry and domain expertise and our world-leading Kx platform.”