TECHNOLOGY giant First Derivatives has unveiled a new strategy – and dispensed with part of its name – as it aims to double revenues by 2025.
It came as the Newry-headquartered firm posted “robust” results in the year to February 28, in line with market expectations, with sales and gross profit flat at £237.9 million and £101 million respectively, though pre-tax profit dipped 39 per cent to £11.1 million.
Momentum increased towards the end of the financial year, with contract wins across the group and a substantially strengthened pipeline, and it secured a raft of new partnerships and contracts.
They include with the Williams F1 team, a major US gas and electricity utility business, a large scale semi-conductor manufacturer, a major telecoms company in North America and fintech and finance organisations across the globe.
Revealing the financials in London yesterday, company principals also outlined a new group structure, effectively splitting operations into three.
The group will now be known as FD Technologies and will comprise three businesses – KX, First Derivative and MRP – with each brand having a distinct identity and market, and maximising its growth opportunity.
KX will be at the heart of future growth propositions and the focus of investment, with FD’s goal being to enable KX to…