First Derivatives: Profits up 50% at Newry tech firm
- Published
The company provides products and consultancy services to finance and technology companies
Newry-based financial technology firm, First Derivatives, made a pre-tax profit of 拢7m in the first half of 2016.
That was up more than 50% on the same period in 2015.
The profit was achieved on turnover of 拢72m compared to 拢54m in the first six months of 2015.
The company now employs around 1700 people, up by 200 over the year.
First Derivatives makes financial analysis software used by investment banks all over the world.
They also provide consultancy services and are diversifying into new markets, primarily marketing technology and utilities.
The company said it is "actively working with potential clients to explore use cases for our technology in other arenas such as telecoms and the Internet of Things."
Chairman Seamus Keating said the results demonstrated another period of strong growth.
"We are particularly pleased with our software business where revenue increased by 60% to 拢29.4m," he said.
The firm was founded by Brian Conlon in 1996 and floated on the stock market in 2002. At that time, it had just 26 employees and a turnover of less than 拢2m.
Based on its current share price, the firm is worth about 拢487m. Mr Conlon continues to hold a large shareholding in the firm.
- Published17 May 2016
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