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06 Nov 2018 | 09:32

First Derivatives forecasts profits above expectations after strong first half

First Derivatives said it expected full-year profit to top expectations after reporting Tuesday pre-tax profits rose by fifth in the first half of the year, driven strong growth in software revenue. 'We expect to deliver revenue and adjusted EBITDA slightly ahead of consensus forecasts for the year to 28 February 2019,' the company said. For the six months ended 31 August, profit before tax rose 20% to £35.5m, and revenue grew 20% to £105.6m.

The upbeat results were supported by strong growth in software revenue, up 21%, with license revenue up 39%. '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,' said Seamus Keating, Chairman of FD. 'This confidence drove an acceleration of our investment plans in H1, in response to new opportunities across the business. While the benefits from this investment will be received in future periods, the Group has delivered a strong first half.' At 9:32am: (LON:FDP) First Derivatives PLC share price was +205p at 3455p

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