First Derivatives Sees 11% Uptick in Revenues in H1 Fiscal 2020

First Derivatives has published its financial results for the six months ended August 31, 2019, this Tuesday. During this period, the consulting firm and software provider to trading companies saw an uptick across its key business metrics.

The fiscal year for First Derivatives ends on February 29, 2020. Therefore, the six months to August 31 is the first half of the company’s 2020 fiscal year. During this period, the company reported revenue of £116.7 million ($150.5 million).

When measuring this against the same period of the previous year, which reported revenue of £105.6 million, revenue has grown by 11 percent year-over-year. Software revenue also increased by 13 percent, rising from £63.1 million in the first half of fiscal 2019 to £71.4 million in the most recent period.

In the first half, First Derivatives won a number of contracts across its software, managed services, and consulting services. In particular, the company signed a major Japanese bank for the global roll-out of a next-generation electronic foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term) platform built on Kx.

First Derivatives profit increases 9%

Gros's profit for the software provider also grew on a yearly comparison. In particular, it increased by nine percent from £43.9 million in H1 of fiscal 2019 to £48.0 million in the first half of fiscal 2020.

Commenting on the results, Seamus Keating, Executive Chairman of FD, said: “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. 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."

“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.”

For the full fiscal 2020 year, ended February 29, 2020, the Group believes consensus revenue and adjusted EBITDA to be £242.9m and £43.8m, respectively, the statement said.