TIDMFDP
RNS Number : 1636W
First Derivatives PLC
05 November 2014
5 November 2014
First Derivatives plc
("First Derivatives", the "Company" or the "Group")
Interim results for the six months ended 31 August 2014
First Derivatives (AIM:FDP.L, ESM:FDP.I) a leading provider of
software and consulting services to the capital markets industry,
today announces its results for the six months ended 31 August
2014.
Financial Highlights
* Revenue GBP37.5m (2013: GBP34.4m) +9%
* EBITDA GBP6.8m (2013: GBP5.8m) +17%
* Profit before tax GBP3.7m (2013: GBP3.0m) +24%
* Adjusted Profit before tax* GBP4.5m (2013: GBP3.8m) +18%
* Reported Diluted EPS 13.5p (2013: 12.4p) +9%
* Adjusted* Diluted EPS 16.5p (2013: 15.7p) +5%
* Interim dividend 3.3p per share (2013: 3.2p) +3%
* Net cash from operating activities GBP3.3m (2013:
GBP3.2m) +2%
* Net debt GBP9.1m (2013: GBP15.0m)
* Performance remains in line with current market
expectations for the full year
*Adjusted for amortisation of acquired intangibles, share based
payments, profit on disposal of property, finance translation
income/charges and associated taxation impact.
Business Highlights
- Investment in sales capacity delivering further revenue growth of +9%
- Strong growth in consulting +19% brings more new customers to the Group
- Growing momentum in Market Surveillance; contract wins during
the period with Yieldbroker and afterwards with IEX and strong
pipeline of additional opportunities
- Continued investment in software products with new clients for
Delta Flow, Delta Stream and Delta Algo
- Further commitment from Invest Northern Ireland of GBP3.9m to support up to 484 new jobs
Post Period-end Highlight
- Purchase of majority stake in Kx Systems opens up range of new
opportunities in Big Fast Data.
Seamus Keating, Chairman of First Derivatives, commented: "The
high revenue visibility in our consulting division combined with
the software deals we are working on or have signed during the
first half of the year underpin our confidence in meeting market
expectations for the full year. The second half has started
strongly across the Group, both in terms of business performance
and growth in our sales pipeline. We expect a modest enhancement to
adjusted earnings in the current year from the Kx Systems
transaction, with greater impact in the year to February 2016,
despite increasing investment in Kx to maximise its growth
potential.
In summary, the Group is well positioned to deliver in the
current year and beyond with numerous business development
opportunities to accelerate our growth. We view the future with
confidence."
For further information please contact:
First Derivatives plc +44 (0)28 3025 2242
Brian Conlon, Chief Executive www.firstderivatives.com
Graham Ferguson, Chief Financial Officer
Ian Mitchell, Head of Investor Relations
Charles Stanley Securities +44 (0)20 7149 6000
(Nominated Adviser and Broker)
Russell Cook
Carl Holmes
Goodbody Stockbrokers +353 1 667 0410
(ESM Adviser and Broker)
Linda Hickey
Finbarr Griffin
Walbrook PR +44 (0)20 7933 8783
Bob Huxford bob.huxford@walbrookpr.com
Sam Allen sam.allen@walbrookpr.com
About First Derivatives
First Derivatives is a global provider of software and
consulting services to the financial services industry. With over
17 years' experience working with leading financial institutions,
it continues to deliver technologically advanced, award winning
products and services that anticipate and respond to the evolving
needs of global capital markets. First Derivatives currently
employs over 1,000 people worldwide and counts many of the world's
top investment banks, brokers and hedge funds as its customers. It
has operations in London, New York, Stockholm, Singapore, Hong
Kong, Sydney, Toronto, Philadelphia, Dublin and its headquarters in
Newry.
CHAIRMAN'S STATEMENT
The Group made a healthy start to the current financial year,
with new contract wins and a growing pipeline in our software
division and strong growth in consulting revenue. We continue to
invest in both software development and the sales and marketing
function across the Group and there is growing evidence that this
strategy is succeeding.
The investment in our software products is reinforcing our
position in the Big Fast Data market as a leading player in
real-time capture and analysis of large volumes of streaming data.
Our strength in this area continues to be demonstrated by the win
for Delta Surveillance at IEX, a high profile US trading exchange
dedicated to ensure a fair and balanced market for all
participants. In addition Delta Surveillance won Best Market
Surveillance Product in Asia. The six month period has also seen us
win new customers for our Stream, Algo and Flow products.
In consulting, we continue to add high-profile clients to the
Group, and to grow the strong relationships we have developed over
the years with our existing client base. This year we increased our
aggressive recruitment of both graduates and experienced
consultants, supporting clients with high quality service and
domain expertise.
We have also broadened our service offering, expanding our "Near
Shore" model which provides support to mission-critical systems
from our regional office bases. In June we announced the continued
support from Invest Northern Ireland, in the form of an additional
GBP3.9m in grant assistance to support the creation of 484 high
quality jobs within the Group over the next three years, which will
take our total headcount to over 1,500.
The Group continues to generate positive operating cash flows
and the Board has decided to increase the interim dividend by 3% to
3.3p per share (H1 2013: 3.2p). This will be paid on 5 December
2014 to those shareholders on the register on 14 November 2014.
Our recent purchase of a majority interest in Kx Systems creates
a significantly profitable First Derivatives software business,
which on a consolidated basis now has annualised revenues of over
GBP30m, of which more than 50% is recurring. It also increases our
addressable market in the wider Financial Services sector and
creates new opportunities for commercial partnerships in other
vertical markets to accelerate our growth rate.
The high revenue visibility in our consulting division combined
with the software deals we are working on or have signed during the
first half of the year underpin our confidence in meeting market
expectations for the full year. The second half has started
strongly across the Group, both in terms of business performance
and growth in our sales pipeline. We expect a modest enhancement to
earnings in the current year from the Kx Systems transaction, with
greater impact in the year to February 2016, despite increasing
investment in Kx to maximise its growth potential.
In summary, the Group is well positioned to deliver in the
current year and beyond with numerous business development
opportunities to accelerate our growth. We view the future with
confidence.
Seamus Keating
Chairman
CHIEF EXECUTIVE'S STATEMENT
I am pleased to report strong operational and financial
performance in the first half of our financial year, despite
significant currency headwinds in the period. In the six months
ended 31 August 2014 we increased our reported revenue by 9% to
GBP37.5m, from GBP34.4m in the corresponding period a year ago.
EBITDA was GBP6.8m compared to GBP5.8m in the prior period,
representing 17% growth. On a constant currency basis, our growth
was stronger at 15% for revenue and 26% for EBITDA. In addition the
Group generated GBP3.3m of cash from operating activities, up 2%
(2013: GBP3.2m), with net debt falling to GBP9.1m (2013:
GBP15.0m).
The size of our market opportunity in capital markets is
measured in billions of dollars and we continue to make progress
positioning ourselves to capture a meaningful share of that
opportunity. The recent purchase of a majority interest in Kx
Systems increases our addressable market several fold and opens up
a raft of new commercial opportunities that the Board continues to
evaluate. These opportunities are likely to lead us into the wider
financial services market and beyond into additional vertical
markets.
Software
Software sales during the period fell by 11% to GBP9.8m on a
reported basis. The fall was largely due to a decline in the
services component, as a result of a major implementation in 2013,
in addition to the currency headwind noted above. For the current
year as a whole, despite the adverse currency movements, we
continue to expect double-digit growth in software revenues,
in-line with current market forecasts.
We continue to invest in our software products and in
reinforcing our position in the Big Data market as a leading player
for situations requiring the real-time capture and analysis of
large volumes of streaming data. During the first six months we
have won new customers across all of our products and also won an
award, for Best Market Surveillance Product in Asia, after the
period end.
Our software products, detailed below, each address market
opportunities valued at hundreds of millions of dollars or more per
annum. These products are hosted, multi-tenanted solutions so the
incremental cost of signing new customers can be minimal.
Our products share a common technology platform, Delta, which
means that our software is easier to support, deploy and upgrade.
Our approach fosters rapid prototyping and innovation and allows us
to convert ideas to products very quickly. From its conception we
made a conscious decision to deploy Delta applications in the cloud
and on mobile platforms - this decision has been validated by
recent technology trends. There are a number of key highlights that
are worth considering further:
- Delta Surveillance (Market Surveillance). During the period,
the Group won a contract to implement Delta Surveillance at
Yieldbroker Pty Limited, an electronic marketplace designed for
institutional investors and banking participants trading in
Australian and New Zealand debt securities and derivatives. This
built on the momentum generated by the go live in November 2013 of
the Group's flagship surveillance contract with the Australian
Securities and Investment Commission. After the period end, Delta
Surveillance was voted Market Surveillance Product of the Year at
the Futures and Options World Awards in Singapore and IEX, a
high-growth equity trading venue based in New York, selected Delta
Surveillance to provide trade surveillance and analytics. Delta
Surveillance is demonstrating momentum and with deployments in key
clients and across geographies we believe we are well placed to
execute against a strong pipeline of opportunities.
- Delta Flow (Foreign Exchange). Despite difficult market
conditions (EBS reports that electronically- traded spot forex
volumes fell by 34% between January and August 2014) we are pleased
to report that volumes executed through the Flow platform have held
firm. Our performance has been assisted by the opening of a Tokyo
data centre in early 2014 to service clients in the region. We
continue to invest in Flow to provide additional functionality and
this investment is paying off in terms of increasing customer
numbers and growth in the volumes from existing customers. During
the first half of the year the Group has signed three new customers
to the Flow platform. While new customers take some time to reach
their expected run rate as they perform integration and testing, we
are encouraged by Flow's performance and the outlook for
growth.
- Big Data. Big Data continues to represent one of the most
fundamental shifts in IT in recent decades, with 87% of enterprises
believing its use will redefine the competitive landscapes of their
industries within the next three years, according to a recent
survey by General Electric. First Derivatives' Delta platform,
powered by kdb+, is a leader in one of the key challenges, namely
the capture and analysis of high volumes of structured data in real
time. We continue to develop our market position in Big Data and
during the period have advanced our relationships with many of the
key vendors including the leaders in handling unstructured data,
who increasingly appreciate our ability to complement their
solutions. We have also a number of new products in development
which will take Delta to new industries.
Consulting
Consulting recorded another solid period of growth, with
revenues increasing by 19% to GBP27.7m (from GBP23.4m) in the six
months to August 2014. As well as continuing to develop the strong
relationships we have built over the years with our current
customer base, we are pleased to report the addition of a number of
new, high-profile clients. We have continued to recruit both
graduates and experienced consultants as we seek to provide these
clients with the high quality service they expect and to allow us
to widen our service offering, particularly with regard to
supporting mission-critical systems from our HQ in Newry. We are
therefore grateful for the continued support from Invest Northern
Ireland, in the form of an additional GBP3.9m in grant assistance,
announced in June, to support the creation of 484 new high quality
jobs within the Group over the next few years. This growth will
take our total headcount to more than 1,500 people.
Our internal training programme, which emphasises both capital
markets and technology skills and capabilities, continues to be a
differentiator. In line with the growth in consultants, we have
also expanded our sales capability and this has led to a number of
new clients and an increase in our sales pipeline.
Our growing range and depth of experience means that as we grow
we are able to pitch for a wider range of assignments, many of
which are larger than those First Derivatives has typically
undertaken.
As an example of our capabilities, during the period we were
pleased to assist a customer on its successful implementation of
Calypso, which included the use of Delta software tools. We now
support the implementation, which exemplifies our strategy in
consultancy to deploy and then support (either on-site or,
increasingly, through a near-shore strategy at our HQ in Newry)
mission critical systems.
Post period-end increase in investment in Kx Systems
As announced on 17 October, First Derivatives has reached
agreement with the founders of Kx Systems to increase our stake in
Kx to 65.2% on a fully diluted basis. Kx's principal product, kdb+,
is widely acknowledged as the world's pre-eminent time series
database and is the technology of choice in the Capital Markets
sector for Big Data solutions. As well as leading exchanges,
regulators and hedge funds, Kx lists nine of the top ten global
investment banks as its customers. kdb+ is ideally suited for
problems involving high data volumes, low latency and high
availability.
First Derivatives has worked with Kx for more than a decade and
kdb+ is the underlying technology within our Delta software
platform.
The deal is transformational for both parties. We expect kdb+ to
benefit from access to First Derivatives' global sales and
marketing capability and its large pool of engineering talent. The
Group now has a significantly wider range of options to
commercialise its software, including the ability to OEM and to
partner with other technology providers to provide a complete
solution that addresses all of the Big Data challenges around
Volume, Velocity and Variety.
In addition to improving our position within our core capital
markets sector, the deal also provides us with the ability to enter
additional vertical markets, either through OEM, partnership or
acquisition. Kx has recently signed major deals in the Oil and Gas,
Pharmaceutical and Utilities sectors and we consider there is a
significant opportunity to be addressed in these and other
markets.
Finally, our position as a leading technology provider
addressing real-time data capture and analysis of large volumes of
data opens up additional opportunities for the Group. One example
is the Internet of Things (IoT), where Intel expects that by 2020
there will be 200 billion connected devices ranging from sensors
and smart meters to health monitors. According to a recent research
report by industry analysts Bloor, kdb+ is an ideal technology for
the analysis of IoT data, due to its nanosecond time-stamping as
standard and its geo-location tagging capabilities. The market
opportunity for the analysis of such data is already very large -
General Electric recently announced that its IoT analysis software,
Predix, has generated $1 billion of revenue and is its fastest-ever
growing product to achieve this landmark.
We expect to invest further across the Group to ensure we
maximise the revenue opportunity from our deal with Kx. The
reaction of customers and potential partners has been highly
encouraging and we look forward to updating the market on
progress.
Financial Review
Following the increase in our shareholding in Kx Systems we will
consolidate Kx's performance within our financial statements from 1
November 2014 and as a consequence associate income will not form
part of our income statement from FY 2016 onwards.
Adjusted profit before tax (excluding amortisation of acquired
intangibles, profit on property disposals, share based payment
charges and translation charge) was GBP4.5m (2013: GBP3.8m), up
18%. Adjusted profit before tax excludes non-operating items and,
in the opinion of the Directors, better reflects the underlying
performance of the business.
Current Trading and Outlook
Our high visibility over revenue in our consulting division
combined with the software deals signed during the year to date
underpin our confidence in meeting market expectations for the full
year. The second half has started strongly across the Group, both
in terms of business performance and growth in our sales pipeline.
We expect a modest enhancement to earnings in the current year from
the recent purchase of a majority stake in Kx Systems, with a more
positive impact in the year to February 2016 even after significant
investment in Kx to maximise its growth potential.
In summary, the Group is well positioned to deliver a solid
performance in the current year and beyond with numerous business
development opportunities to accelerate our growth.
Brian Conlon
Chief Executive Officer
Consolidated Statement of Comprehensive Income (unaudited)
6 months ended 6 months ended
31 August 31 August
2014 2013
Notes GBP'000 GBP'000
Revenue 2 37,506 34,381
Cost of sales (27,606) (25,313)
Gross profit 9,900 9,068
Administrative expenses (4,070) (3,949)
Other income 938 681
EBITDA 6,768 5,800
Share based payments (607) (340)
Depreciation and Amortisation (2,505) (2,003)
Results from operating activities 3,656 3,457
Financial income 1 1
Financial expenses (249) (343)
Finance translation charge 12 (250)
Net financing costs (236) (592)
Profit before tax and associate income 3,420 2,865
Income from associates 239 90
Profit before tax 3,659 2,955
Income tax expense (723) (531)
Profit for the period 2,936 2,424
=============== ===============
Pence Pence
Earnings per Share
Basic 4 14.6 13.3
Diluted 13.5 12.4
=============== ===============
Consolidated Statement of changes in equity
Shares Currency
Share Share option Revaluation translation Retained Total
capital premium reserve reserve adjustment earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 March 2013 87 12,895 3,341 167 981 21,903 39,374
-------- -------- -------- ----------- ------------ --------- -------
Total comprehensive income for the period
Profit for the period - - - - - 2,424 2,424
Other comprehensive income
Deferred tax on share options outstanding - - 892 - - - 892
Net loss on net investment in foreign
subsidiary and associate - - - - (1,051) - (1,051)
Net profit on hedge of movement in
foreign
subsidiary and associate - - - - 54 - 54
-------- -------- -------- ----------- ------------ --------- -------
Total other comprehensive income - - 892 - (997) - (105)
Total comprehensive income for the period - - 892 - (997) 2,424 2,319
Transactions with owners, recorded
directly
in equity
Exercise or issue of shares 7 5,425 (196) - - - 5,236
Share based payment charge - - 370 - - - 370
Transfer or forfeiture - - (53) - - 53 -
Dividends to equity holders - - - - - (1,498) (1,498)
-------- -------- -------- ----------- ------------ --------- -------
Total contributions by and distributions
to owners 7 5,425 121 - - (1,445) 4,108
-------- -------- -------- ----------- ------------ --------- -------
Balance at 31 August 2013 94 18,320 4,354 167 (16) 22,882 45,801
======== ======== ======== =========== ============ ========= =======
Consolidated Statement of changes in equity (continued)
Shares Currency
Share Share option Revaluation translation Retained Total
capital premium reserve reserve adjustment earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 March 2014 98 22,251 6,627 167 (3,040) 25,959 52,062
-------- -------- -------- ----------- ------------ --------- -------
Total comprehensive income for the period
Profit for the period - - - - - 2,936 2,936
Other comprehensive income
Net loss on net investment in foreign
subsidiary and associate - - - - (443) - (443)
Net profit on hedge of movement in
foreign
subsidiary and associate - - - - 4 - 4
-------- -------- -------- ----------- ------------ --------- -------
Total other comprehensive income - - - - (439) - (439)
Total comprehensive income for the period - - - - (439) 2,936 2,497
Transactions with owners, recorded
directly
in equity
Income tax on share options - - (1,146) - - - (1,146)
Exercise or issue of shares 3 3,139 (715) - - - 2,427
Share based payment charge - - 308 - - - 308
Transfer or forfeiture - - (20) - - 20 -
Dividends to equity holders - - - - - (1,813) (1,813)
-------- -------- -------- ----------- ------------ --------- -------
Total contributions by and distributions
to owners 3 3,139 (1,573) - - (1,793) (224)
-------- -------- -------- ----------- ------------ --------- -------
Balance at 31 August 2014 101 25,390 5,054 167 (3,479) 27,102 54,335
======== ======== ======== =========== ============ ========= =======
Consolidated statement of financial position (unaudited)
As at As at As at
31 August 31 August 28 February
2014 2013 2014
GBP'000 GBP'000 GBP'000
Assets
Property, plant and equipment 5,335 6,401 5,358
Intangible assets 39,415 37,347 38,025
Other financial assets 5,488 6,233 5,233
Trade and other receivables 2,721 2,126 2,554
Deferred tax asset 4,344 2,634 5,855
----------- ----------- -------------
Non-current assets 57,303 54,741 57,025
Trade and other receivables 22,022 20,630 20,571
Cash and cash equivalents 2,569 4,909 4,393
Assets held for sale 1,840 2,089 3,146
----------- ----------- -------------
Current assets 26,431 27,628 28,110
Total assets 83,734 82,369 85,135
----------- ----------- -------------
Equity
Share capital 101 94 98
Share premium 25,390 18,320 22,251
Shares option reserve 5,054 4,354 6,627
Revaluation reserve 167 167 167
Currency translation adjustment
reserve (3,479) (16) (3,040)
Retained earnings 27,102 22,882 25,959
Equity attributable to shareholders 54,335 45,801 52,062
=========== =========== =============
Liabilities
Interest bearing borrowings 7,101 13,321 9,706
Deferred tax liability 4,328 2,554 4,008
Trade and other payable 2,042 2,354 2,087
Non-current liabilities 13,471 18,229 15,801
Interest bearing borrowings 4,531 6,538 5,875
Trade and other payables 7,774 8,155 8,785
Current tax payable 755 617 430
Employee benefits 2,868 2,653 2,182
Contingent deferred consideration - 21 -
Deferred consideration - 355 -
----------- -------------
Current liabilities 15,928 18,339 17,272
Total liabilities 29,399 36,568 33,073
----------- ----------- -------------
Total equity and liabilities 83,734 82,369 85,135
=========== =========== =============
Consolidated statement of cash flows (unaudited)
6 months ended 6 months
31 August ended 31
2014 August 2013
GBP'000 GBP'000
Cash flows from operating activities
Profit for the period 2,936 2,424
Net finance costs 236 592
Share of profit of associate (239) (90)
Depreciation 410 343
Amortisation of intangible assets 2,095 1,638
Gain on sale of property, plant and
equipment (554) (550)
Equity settled share-based payment
transactions 607 340
Grant income (938) (680)
Tax expenses 723 531
----------------- ---------------
5,276 4,548
Changes in:
Trade and other receivables (1,048) (1,172)
Trade and other payables (722) 224
Taxes (234) (402)
----------------- ---------------
Net cash from operating activities 3,272 3,198
Cash flows from investing activities
Interest received 1 1
Acquisition of property, plant and
equipment (404) (1,031)
Disposal of property, plant and equipment 1,877 5,235
Acquisition of intangible assets (2,993) (2,298)
Payment of deferred consideration - (435)
----------------- ---------------
Net cash (used)/generated in investing
activities (1,519) 1,472
Cash flows from financing activities
Proceeds from issue of share capital 2,425 4,778
Repayment of borrowings (2,605) (5,994)
Payment of finance lease liabilities (533) (189)
Interest paid (249) (393)
Dividends paid (1,813) (1,602)
Net cash from financing activities (2,775) (3,400)
Net (decrease) /increase in cash and
cash equivalents (1,022) 1,270
Cash and cash equivalents at 1 March
2014 1,544 (322)
Effects of exchange rate changes on
cash and cash equivalents 9 (250)
Cash and cash equivalents
at 31 August 2014 531 698
----------------- ---------------
Notes to the Interim Results
1 Basis of Preparation
The results for the six months ended 31 August 2014 are
unaudited and have not been reviewed by the Company's Auditors.
They have been prepared on accounting basis and policies that are
consistent with those used in the preparation of the financial
statements of the Company for the year ended 28 February 2014.
The financial statements contained in this report do not
constitute statutory accounts within the meaning of Section 477 of
the Companies Act 2006. The results for the period ended 28
February 2014 were prepared under International Financial Reporting
Standards (IFRSs) as adopted by the EU ("adopted IFRSs") and
reported on by the auditors and received an unqualified audit
report. Full accounts for the period ended 28 February 2014 have
been delivered to the Registrar of Companies.
2 Segmental Reporting
Revenue by division
Consulting Software Total
division division
2014 2013 2014 2013 2014 2013
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Total Segment
Revenue 27,727 23,382 9,779 10,999 37,506 34,381
--------- --------- --------- --------- --------- ---------
Revenue by geographical location
UK Rest of America Australasia Total
Europe
2014 2013 2014 2013 2014 2013 2014 2013 2014 2013
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Revenue from
external customers 16,983 12,207 4,513 5,069 12,744 12,736 3,266 4,369 37,506 34,381
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
3 Dividends
An Interim Dividend of 3.3p per share will be made for the six
months to 31 August 2014. This will be paid to shareholders on 5
December 2014 to shareholders on the register on 14 November 2014.
The shares will be marked Ex-Dividend on 13 November 2014.
4 Earnings per Share
Basic earnings per share for the six months ended 31 August 2014
has been calculated on the basis of the reported profit after
taxation of GBP2.9m (H1 2013: GBP2.4m) and the weighted average
number of shares for the period of 20,094,940 (H1 2013:
18,118,787). This provides basic earnings per share of 14.6 pence
(2013: 13.3 pence).
Diluted earnings per share for the six months ended 31 August
2014 has been calculated on the basis of the reported profit after
taxation of GBP2.9m (H1 2013: GBP2.4m) and the weighted average
number of shares after adjustment for the effects of all dilutive
potential ordinary shares 21,678,504 (H1 2013: 19,509,630). This
provides diluted earnings per share of 13.5 pence (2013: 12.4
pence).
Adjusted earnings of GBP3.6m excludes the amortisation of
acquired intangibles, share based payments, profit on disposal of
property, finance translation income/charges and associated
taxation impact. Using the same weighted average of shares as above
provides adjusted basic earnings per share of 17.8 pence (2013:
16.9 pence) and adjusted diluted earnings per share of 16.5 pence
(2013: 15.7 pence).
Six months to 31 August 2014 2013
GBP'000 GBP'000
Reported Profit for the
period 2,936 2,424
Adjustments for:
Amortisation of acquired
intangibles 776 798
Share Based Payment Charges 607 340
Profit on disposal of accommodation (554) (550)
Finance Translation charge (12) 250
Tax effect of the above (173) (194)
Adjusted Profit for the
period 3,580 3,068
5 Interim Report
Copies can be obtained from the Company's head and registered
office: 3 Canal Quay, Newry, Co. Down, BT35 6BP and are available
to download from the Company's website
www.firstderivatives.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR XZLLBZFFZFBV
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