First Derivatives reaches 拢1bn market value

Image caption, First Derivatives' head office is based on Canal Quay, near Sugar Island, in Newry

First Derivatives, the Newry-based IT firm, has reached a stock market valuation of more than 拢1bn.

The valuation represents the number of company shares multiplied by the current price of those shares.

First Derivatives share price has risen sharply in recent months from under 拢30 at the start of October to more than 拢40.

The company specialises in financial analysis software and now employs more than 2,000 people.

Last year, it increased its profits by 20% to 拢12.5m on a turnover of 拢152m.

The firm was founded by Brian Conlon in 1996 and floated on the stock market in 2002.

Mr Conlon is still the single largest shareholder.