FD Technologies PLC said on Tuesday it anticipates an improved revenue figure driven by strong performances from KX and First Derivatives brands.

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.

FD said it expects its revenue for the year ended February 2023 to be around £296 million, up 12% from £263.5 million the previous year.

The company added that its earnings before interest, taxes, depreciation, and amortisation is anticipated to be approximately £35.0 million, noting strong performances at KX, and First Derivative offset by a weak demand environment at MRP.

MRP, which represents 14% of FD’s revenue, delivered a 19% decline in revenue to around £41.0 million. FD said this is ‘primarily due to macroeconomic conditions.’

FD’s net cash position at year-end was £400,000, which swung from a net debt of £7.4 million in the first half of the financial year. This was driven by strong cash management in the second half of the year, FD said.

Looking ahead, FD said it continues to grow as it enters the new financial year, stating that revenue growth in excess of 10% is expected for its First Derivatives branch, calling it a ‘meaningful improvement’ towards its three-year target of a 15% EBITDA margin.

Shares were up 4.1% at 1,744.00 pence in London on Tuesday morning.

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