FD Technologies Share News (FDP)

(Sharecast News) - First Derivatives said the Covid-19 crisis had caused a slowdown in orders as the data and analytics company opted not to pay a final dividend.
Pretax profit for the year to the end of February rose 9% to £18.3m as revenue also rose 9% to £237.8m.

As announced in April, First Derivatives will pay no final dividend for the year, sending the annual payout down 69% to 8.5p a share. The company's shares fell 14.8% to £24.55 at 12:11 BST.

First Derivatives said Covid-19 had no major impact on revenue to date but that sales cycles had lengthened. The company has suspended non-essential business travel and deferred hiring new graduates. Executive directors will not be paid a bonus for the year that ended in February.

The company, whose customers include banks, hedge funds and exchanges, said under a severe, extended economic downturn it would stay profitable and generate cash.

First Derivatives said: "The group has not seen any material financial impact on revenue to date. Sales cycles across the group have lengthened, and we continue to monitor the impact of this on the likely financial performance for the current year."