First Derivatives shares rise on outlook
Shares in First Derivatives were trading up over 6pc yesterday after the company said it expects to deliver revenue and adjusted interest, taxation, depreciation, and amortisation (EBITDA) slightly ahead of consensus forecasts for its financial year end February 28, 2019.
The global analytics software firm believes its revenue and adjusted EBITDA forecasts to be £213m (€244m) and £38.5m (€44m) respectively for the year. The improved outlook came as it announced a 21pc increase in profits to £43.9m (€50m) in the six months to 31 August.
In a trading update the Newry-based firm, whose CEO is Brian Conlon, also reported a 20pc increase in revenue to £105.6m (€121m).
Adjusted EBITDA increased 12pc to £18.1m.
The performance was driven by strong growth in software revenue and license revenue on the back of increased demand for its Kx technology.
"Our confidence in the growth prospects and the long-term potential of FD continues to increase, underpinned by demand for our Kx technology across multiple industries and our domain knowledge and growing reputation in managed services and consulting," company chair Seamus Keating said.