LONDON (Alliance News) - First Derivatives PLC said it expects its full-year performance to be in line with current market forecasts, as the software and consulting services company reported that both revenue and earnings before interest, tax, depreciation and amortisation in the first half of its financial year were significantly ahead of the prior year period.
The company said it is due to report interim results for the six months to August 31 on November 11.
In addition, it has received USD6.5 million net of tax for its shareholding in 1010data, following its recent acquisition by Advance/Newhouse.
First Derivatives' had a stake in 1010data through a license agreement for kdb which is used in 1010data's software platform which serves customers in retail, manufacturing, telecoms and financial services. It was acquired by Advance/Newhouse, an affiliate of US media company Advance Publications, in August 2015 for USD500 million. "The proceeds affect the fair value of the acquisition of Kx within the balance sheet," First Derivatives said.
"Following the acquisition of Kx Systems in October 2014 the group has continued to work towards maximising the opportunities this transformational deal has provided. As well as strengthening our position within capital markets we are making good progress in new markets and 1010data's use of kdb highlights the potential in sectors such as manufacturing and telecoms. We remain focused on delivering strong, profitable growth while investing in FD's future," Chief Executive Brian Conlon said in a statement.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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FD Technologies (FDP)