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First Derivates scraps interim dividend as profit falls on higher costs

By BFN News | 09:13 AM | Tuesday 27 October, 2020


Technology provider First Derivates scrapped its interim dividend after reporting a fall in profit in the first half of the year as higher revenue was offset by increased costs. For the six months ended 31 August 2020, pre-tax profit fell 12% to £7.4 million year-on-year, while revenue increased 3% to £119.6 million. Software license grew 12%, boosting total software revenue to £74.4m, up 4%. Managed services and consulting revenue in line with the prior period at £45.2 million, the company said. The company had not declared an interim dividend, citing COVID-19 uncertainty, though said it would review this position at the time of its full-year results. 'The outcome for the full year remains uncertain, with a wider range of possible outcomes than is typical. Despite this uncertainty, we anticipate our high level of repeat and recurring revenue will underpin our performance for the full year,' the company said. At 9:13am: (LON:FDP) First Derivatives PLC share price was -35p at 3280p Story provided by StockMarketWire.com

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