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First Derivatives trading ‘in line with market expectations’
Global technology provider First Derivatives says that trading was “in line with market expectations” in the 12 months to February 28.
The Newry-headquartered group generated revenue of £238m (€274.5m) in the 12 month period, up marginally on the prior year revenue of £237.8m (€274.3m).
Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) for its 2021 financial year were £40m (€46m), according to a brief trading update from the company.
In the corresponding period in 2020 First Derivatives reported EBITDA of £45.5m (€52.5m).
The Seamus Keating-headed group said it had net debt at the financial year-end of £10m (€11.5m), which is “better than analyst forecasts” and significantly down on the group's net debt of £49m (€56.5m) a year ago.
The improvement in net debt is primarily driven by strong operating cash conversion, supplemented by the partial sale of its investment in Quantile Technologies for cash consideration of £11m (€12.7m), according to the company.
The group will announce full year results on May 18.
First Derivatives operates from 15 offices across Europe, North America and Asia Pacific, including its headquarters in Newry, and employs more than 2,400 people worldwide.
It started out providing services to financial markets firms – in particular big investment banks.
Its customers are increasingly drawn from a range of sectors, from Formula One to satellite operators.
Last month the company appointed Eric Raab as chief technology officer (CTO) for KX, the group’s ultra-high-performance analytics software business.
Mr Raab will have responsibility for research and development and the technology roadmap at KX, with a focus on accelerating expansion of its platform across industries.
He has joined First Derivatives from Information Builders, a data and analytics software company.
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