FD Technologies PLC on Tuesday said it was extending its guidance for the full year after strong revenue and profit growth in the first half.

FD Technologies is a County Down, Northern Ireland-based group comprising several data-driven businesses, including technology and digital solutions providers KX, First Derivative, and MRP.

For the six months ended August 31, the group reported pretax profit of £1.1 million, swung from a loss of £1.6 million a year prior.

Revenue also increased, up 15% to £147.4 million from £128.0 million.

FD Technologies attributed this to performance at both KX and First Derivative, emphasising the return of the former to growth, with revenue up 19% to £37.8 million from £31.9 million last year. Revenue for the latter was £86.2 million, up 22% from £70.7 million.

The group said that while both performed above its full-year guidance, this was balanced by a reduction in revenue at MRP, which fell 8% to £23.4 million from £25.3 million.

FD Technologies has extended its revenue guidance based on its first half results, and now expects revenue for the 2023 financial year to be at least £300 million.

It maintains guidance for adjusted earnings before interest, tax, depreciation and amortisation in the range of £36.5 million to £38.5 million, but argued that the recent appointment of Ashok Reddy as Chief Executive Officer of KX would help to accelerate growth.

Chief Executive Officer of FD Technologies, Seamus Keating, commented: ‘These results demonstrate that our strategy of investing to accelerate growth is working. We have added significant value to the group during the first half-year as our investments in product, systems and people are delivering.’

The group did not declare an interim dividend, unchanged from last year.

FD Technologies shares were trading 3.1% higher at 1,423.00 pence each in London on Tuesday afternoon.

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