Business Irish

Wednesday 28 June 2017

First Derivatives turnover rises 26pc to £22m

software

Donal O'Donovan

Donal O'Donovan

FAST-growing Irish financial software business First Derivatives has reported a 26pc rise in turnover to £22.4m (€25.6m) for the first six months of this year.

The Newry-based, Dublin and London-listed company said it would pay an increased interim dividend on the back of the six-month results. It said it would pay shareholders 3 pence per share for the period, compared to 2.9 pence last year.

Shares were unchanged in Dublin yesterday, after the result met expectations.

CEO and founder Brian Conlon told the Irish Independent that growth over the period was mainly organic, with acquisition adding little or nothing to revenues. He said the company was on course to deliver the 30pc to 40pc growth a year averaged over the last nine years.

First Derivatives provides IT and financial services to global investment banks and hedge funds.

Mr Conlon said its annual turnover remained tiny by comparison with the sector, leaving scope for continued high growth in future.

First Derivatives has offices in Belfast and Dublin as well its global headquarters in Derry.

It hired 114 new staff in the last four months, on both sides of the Border. The company now has around 650 employees.

Management said yesterday that recruitment in the specialist IT sector was being squeezed as colleges fail to keep up with the demand for skilled workers.

First Derivatives is ahead of its target to hire 359 staff between 2011 and 2014.

Irish Independent

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