FD Technologies recommends bid
Software company FD Technologies is recommending a bid worth £570m. Entities part of the TA Fund XV are offering 2450p/share. The share price has not been at that level for three years.
There is an alternative offer of 2,450 rollover shares for each FD Technologies share. This is available for up to 27% of the share capital.
Net cash was £56m at the end of February 2025. That follows a £120m tender offer at 1950p/share. That followed the disposal of the original consultancy business First Derivatives for an enterprise value of £230m.
The company is focusing on the KX software business. Annualised recurring revenues increased by 13% to £81.8m in the year to February 2025.
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Kitwave trading improving
Grocery and catering wholesaler Kitwave Group says hospitality demand was weak in the early part of the interim period. However, trading improved in recent weeks. Overall trading is in line with expectations.
There was like-for-like growth in the retail and wholesale division. The new foodservice distribution centre in the South West is up and running. The integration of Creed is progressing, and the initial benefits will show through in the second half.
House broker Canaccord Genuity is maintaining its forecast pre-tax profit of £35.5m in the year to October 2025, up from £27.8m last year. Net debt should fall to £58m. The interims will be published in July.
Eagle Eye sets out targets
Digital personalised marketing technology developer Eagle Eye believes that it can achieve annual revenues of £100m within five years. A deal with an OEM, which will include the technology in its products will help to reach the target.
In the six months to December 2024, revenues were flat at £24.2m, but lower contributions from services and SMS masked 10% growth in SaaS revenues. There was a lack of new wins in the period, but there have been some since.
Investec forecasts an improvement in pre-tax profit from £3.9m to £5.4m. Net cash will continue to build up and could reach £13m by the end of June 2025.
