Tuesday 22 January 2019

First Derivatives to beat forecasts with sales of €137m

Brian Conlon of First Derivatives
Brian Conlon of First Derivatives

Michael Cogley

Northern Irish software provider First Derivatives expects to beat analysts expectations with revenue of £109.5m (€136.7m) in its financial year ending February 29.

In a trading update issued to shareholders this morning the firm expects earnings before interest tax depreciation and amortisation of £22.1m for the financial year.

The firm said it continued strong trading into the second half of the year with both increased demand in its consulting and software businesses.

First Derivatives said consulting revenue grew strongly in the second half of the year with a high level of contracted revenue as well as sizeable new customer wins.

First Derivatives chief executive Brian Conlon said the firm made "strong progress" over the course of the year.

"In consulting our increasing scale and breadth of expertise is enabling us to get involved earlier in the change lifecycle within our clients, leading to deeper and more strategic relationships."

The company said its traditional financial services market experienced strong demand in the year after it signed a record number of contract wins in the second half of the year.

"In software, our market-leading capability in analysing large volumes of data in real time is increasingly understood and as a result we have experienced an acceleration of contract wins during the past year. We look forward to updating shareholders further when we announce our full year results."

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