Monday 19 August 2019

First Derivatives sees first half revenues jump by nearly 50pc to €76m

Technology firm First Derivatives is based in Northern Ireland
Technology firm First Derivatives is based in Northern Ireland

Paul O'Donoghue

Revenue rose by 44pc at Newry-based financial software firm First Derivatives to £53.8m (€75.9m) in the six months to the end of August, according to the company's half year report.

In tune with upbeat forecasts, the company registered a strong set of performance metrics, including a steep rise in revenues and profits.

Earnings before deductions rose from just over £6m in the first half of the 2014 financial year to £10.8m while profit before tax increased from £3.7m to £4.6m.

The company said a multi-year investment in software continued to pay off with new clients within financial services markets "driving software revenue growth of 87pc".

The company also bought Affinity Systems and ActivateClients for a combined initial consideration of £7.1m which First Derivatives said generated "positive results in the digital marketing and utilities sectors".

First Derivatives chairman Seamus Keating said: "The positive performance in the first half of our financial year has continued into the second half and the high visibility within both consulting and software gives the board confidence that the group expects to meet market expectations for the full year.

"We will continue to invest to position ourselves to benefit from our software's technology lead, to build upon this and look to convert our pipeline of opportunities within capital markets and other sectors."

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