Shares of FD Technologies (FDP.L) were losing around 29 percent on London Stock Exchange after the company said it now sees Group revenue for fiscal 2024 will be slightly below consensus.
Separately, the company said its Board has concluded, following a review, to separate its three businesses. The firm has agreed to an all-share merger of its MRP business with CONTENTgine, a provider of B2B technology buyer insights and lead generation.
The Board will take a measured approach to the separation of KX and First Derivative.
In its update on trading, the company said it expects full-year revenue will be slightly below consensus at not less than 247 million pounds, and adjusted EBITDA will be in line with consensus at not less than 22.5 million pounds.
The company -compiled analyst consensus excluding MRP is for revenue of 254 million pounds and adjusted EBITDA of 22.5 million pounds.
The revenue performance for the Group was impacted by the prevailing macro-economic conditions and some short-term challenges in KX.
The outlook excludes MRP, which will no longer be consolidated in financial statements following the announcement of its merger with CONTENTgine.
Seamus Keating, Group CEO, said, "While the Group's revenue and adjusted EBITDA performance is broadly in line with our guidance, the KX ARR growth is disappointing. The slower growth reflects the weaker macro environment and some areas where we need to improve."
In London, FD Technologies shares were trading at 939 pence, down 29.08%.
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