By Business & Finance 
FD Technologies has reported a 12% rise in revenue under the stewardship of company CEO Seamus Keating. The increase has been credited in part to impressive sales of KX Software products. Seamus Keating is our Business Person of the Month June 2023, in association with KPMG.
Seamus Keating
Seamus Keating is the CEO of FD Technologies, a global technology firm offering a multitude of services to financial, technology and energy institutions.
Keating was named chief executive of the company in January 2020 having previously served as a Non-Executive Director and Non-Executive Chairman on the company board.
He has over twenty years’ experience in the global technology sector with his expertise including finance and operational roles. Keating previously held the role of Chief Financial Officer at Logica plc from 2002 to 2010 before being made Chief Operating Officer of the company’s Benelux operations.
FD Technologies sales and profits increase
Newry-based FD Technologies have reported a revenue increase of 12% up to €345 million after the firm reported as company profits also increased by 12% up to €40.6 million.
The FD Group includes three business units: KX Software, First Derivative services and MRP marketing technology.
Both the KX Software division and First Derivative services segment performed well.
KX software exceeded expectations with recurring revenue jumping 39% to €76.2 million in the year to February 2023. The division also achieved revenue retention of 119% as the value of annual and incremental contract value rose by 93% to €21.8 million.
First Derivative also outperformed their targets as the division attained revenue growth of 18% however the MRP segment of the firm struggled as revenue fell by 19%.
Moving forward
FD Technologies stated it expects to achieve full year revenue for 2024 in the range of €367 million–€379 million with adjusted EBITDA projected to land between €44 million–€47 million.
“We are pleased with a year of strong execution on our strategy, with KX and First Derivative beating our expectations for FY23,” said Seamus Keating.
“KX in particular has made strong commercial and strategic progress. Our price to performance advantage is particularly compelling for the hyperscale cloud providers, as evidenced by our partnerships with market leaders Microsoft and AWS.”
“We have a range of initiatives that we are progressing with these and other partners that provide confidence in our outlook,” he continued.
“First Derivative also performed strongly in FY23, delivering impressive revenue growth of 18 per cent for the period. We continue to see multi-year strategic growth drivers that underpin demand for our services.”
“We have set ourselves ambitious but sustainable growth targets for the years ahead which will ensure we are focused on driving high-quality recurring revenue growth from an expanding list of customers across a wide range of industries, while generating value for shareholders,” he added.
Business Person of the Month
The Business Person of the Month Award, in association with KPMG, recognises outstanding leaders in Irish business. It especially acknowledges those who have made significant contributions to the business community of Ireland.
Recipients of the award are automatically put forward as candidates for the prestigious Business Person of the Year Award at the annual Business & Finance Awards.
See here for more information on the 2023 Business & Finance Awards. To get involved, please contact Brian.Kearns@businessandfinance.com.
Business & Finance, Business Person of the Month
Business & Finance, in association with KPMG, rewards excellence in business through the ‘Business Person of the Month’ award. This award seeks to recognise noteworthy achievements in business leadership, and, particularly, those that make a telling contribution to the wider business community in Ireland.
