First Derivatives ends year in line with expectations

First Derivatives traded in line with market expectations for the year ended 28 February, it announced on Tuesday, generating revenue of £238m and adjusted EBITDA of £40m.

The AIM-traded firm said net debt at year-end was £10m, which was better than analyst forecasts and “significantly reduced” from its net debt of £49m a year ago.

“The improvement in net debt is primarily driven by strong operating cash conversion, supplemented by the partial sale of our investment in Quantile Technologies for cash consideration of £11m,” the board said in its statement.

First Derivatives said it would announce its full-year results on 18 May.

At 0943 BST, shares in First Derivatives were down 0.18% at 2,835p.