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(Alliance News) - Ireland, Newry-based First Derivatives PLC on Tuesday said a wider range of possible outcomes than normal is possible for the year after profit narrowed in the first half on increased finance expenses.
The consulting and software company posted a pretax profit in the six months to August 31 of GBP7.4 million, narrowing 12% from GBP8.4 million a year prior. Research & development costs rose 37% to GBP7.7 million from GBP5.6 million, while finance expenses increased 54% to GBP2.5 million from GBP1.6 million.
Revenue increased 2.5% to GBP119.6 million from GBP116.7 million a year before.
Chair Donna Troy said: "During the period we have demonstrated the group's resilience while continuing to focus on the considerable opportunity ahead. It is clear that the use of data, particularly streaming operational data, to drive decision-making will become critical for enterprises and Covid-19 will accelerate this trend."
First Derivatives did not declare an interim dividend, down from 8.5 pence a year ago.
Going forward, First Derivatives said: "The outcome for the full year remains uncertain, with a wider range of possible outcomes than is typical. Despite this uncertainty, we anticipate our high level of repeat and recurring revenue will underpin our performance for the full year. We are confident in our strategy and excited by the growth opportunities in the medium term and will continue to invest to maximise our market position."
"With our new leadership teams in place following a number of senior appointments we are making good progress on our strategic objectives, with enhancements to our internal structures and go-to-market capabilities as well as our technology roadmap," Troy added.
First Derivatives shares were down 1.8% at 3,255.00 pence each in London on Tuesday morning.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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