First Derivatives plc (LON:FDP) today announces that an Annual General Meeting will be held at 2.30pm on 8 July 2021 at the Group’s Head Office at 3 Canal Quay, Newry, County Down BT35 6BP.

The notice of annual general meeting contains a resolution to effect a change of name to FD Technologies plc. If the resolution is approved, on completion of the change of name the Group’s tickers (AIM: FDP.L, Euronext Growth: FDP.I) will remain the same.

Let’s note that the Board anticipates that revenue for the current financial year will be in the range £255m to £260m, with adjusted EBITDA in the range £31m – £33m. The factors affecting this guidance include:

  • • KX: while the pipeline is considerably stronger than at the same point in 2020 and FD expects growth in exit ARR of at least 25%, growth in recurring software revenue is expected to be offset by a planned reduction in perpetual license revenue;
  • • First Derivative and MRP: the company expects improved performance such that adjusted EBITDA for each division will exceed pre-COVID-19, FY20 levels;
  • • Incremental increase in operating expenses of £11m as a result of the additional investment to accelerate growth, together with an additional £5m of R&D cost, the majority of which is expected to be capitalised.