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A non-executive director of the Newry firm, First Derivatives, has resigned due to his other business commitments.

Paul Kinney joined the board in 2008, taking responsibility for the firm's capital markets consulting business.

Mr Kinney owns a 6% stake in First Derivatives through his firm Ishtara Consulting.

First Derivatives, which provides software and consulting services to financial institutions, is one of the fastest-growing companies in NI.

Earlier this month it announced plans to create almost 360 jobs over the next three years.

In a trading update issued on Monday, the firm said revenues and profits for the year to February 2011 are expected to be in line with current market expectations.

The statement said the company has continued to trade positively in the second half of the year with further new contracts being secured across all areas of the business.

Chief Executive Brian Conlon said: "We are greatly encouraged by the continuing successful sales of our Delta product suite, our in-house software, for which we also have a very healthy pipeline of further sales prospects."

Speaking about the resignation of Mr Kinney he added: "We would like to thank Paul for his valuable contribution to the growth and development of First Derivatives during his time with the company and we wish him well for the future."