FD Technologies PLC - County Down, Northern Ireland-based group comprising several data-driven businesses, including technology and digital solutions providers KX, First Derivative, and MRP - In the six months that ended August 31, swings to a pretax loss of GBP4.5 million from a profit of GBP1.1 million a year earlier. Revenue falls to GBP142.5 million from GBP147.4 million. Expects financial 2024 revenue in the range of GBP285 million to GBP295 million, from GBP296.0 million a year earlier.
Chief Executive Officer Seamus Keating says: "We have continued to drive strategic progress across the group in the first half, with KX highlights including the launch of KDB.AI and strong progress with our global partners. We delivered a resilient performance in First Derivative and MRP despite weaker customer demand in their respective markets and will continue to manage these businesses to protect margins while ensuring they are well positioned to grow as demand improves. The breadth and scale of opportunities within KX, resulting in rapid growth in our pipeline, has convinced the Board that now is the right time to make this additional investment in both product and go-to-market. This investment is a statement of confidence in the prospects for KX and is accompanied by targets that would create significant value for shareholders."
Current stock price: 857.45 pence, down 34%
12-month change: down 30%
By Greg Rosenvinge, Alliance News reporter
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FD Technologies (FDP)