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LONDON (Alliance News) - First Derivatives PLC on Wednesday said strong second half trading means it now expects to beat market expectations for both earnings and revenue.
For its year ended February, consensus for revenue was GBP180.2 million and for adjusted earnings before interest, tax, depreciation, and amortisation was GBP32.9 million, but the financial consultancy and technology business now expects to beat this.
In its previous year, First Derivatives posted revenue of GBP151.7 million, increased by 30% year-on-year, and adjusted Ebitda of GBP28.8 million, up 24% on the prior year.
At its interims in November, the company also had said it expected to beat expectations as it had at the time a strong pipeline for its second half.
First Derivatives also said Wednesday that, after its assessment of the impact of the recent US tax reform, it expects a reduction in its effective tax rate of between four and six percentage points going forward.
Results for its year ended February will be released on May 22.
Shares were up 1.1% on Wednesday at 3,790.00 pence each.
