Sunday 25 August 2019

First Derivatives to boost graduate intake by 100

First Derivatives CEO and founder Brian Conlon
First Derivatives CEO and founder Brian Conlon

Ellie Donnelly and Donal O'Donovan

First Derivatives will boost its intake of graduates to 500 next year as it scales its international business.

The increase will make the global analytics software firm the biggest employer of graduates on the island of Ireland, according to CEO and founder Brian Conlan.

Last year 9,000 people applied for 400 graduate places with First Derivatives, he said.

Focusing its hiring policy on graduates means the business is being "scaled from the bottom", said chief financial officer Graham Ferguson.

New hires typically spend two to three months at First Derivatives headquarters in Newry before being posted to offices around the world, including London, Sydney and New York, he said.

Yesterday, the company announced financial results that showed profit before tax fell 10pc to £6.3m (€7.2m) in the six months to August 31.

The fall in profits was primarily driven by acquisition costs and the effects of end of period currency impacts, the company said.

Adjusted profit before tax was £11.4m, up 13pc. Revenue at the company was up 21pc to £87.8m during the six-month period, while the company's adjusted earnings before interest, taxation, depreciation, and amortisation rose by 19pc to £16.1m.

The strong growth in revenue was found across the company, with software revenue growth up 32pc to £52.2m,.

Fintech revenue was up 18pc to £66.8m, and Martech revenue jumped 30pc to £18.3m.

First Derivatives is increasingly growing beyond its original financial services business.

During the period, the company signed initial contracts in multiple new sectors including sensor data management, telecoms, healthcare and retail.

Earlier in the week the company announced that its Kx technology has been selected by Red Bull Racing to analyse sensor data from its Formula 1 vehicles.

In announcing the results the company said that its full-year financial performance is expected to be slightly ahead of the board's expectations.

"We have signed a number of high-value contracts in the first half and there is momentum behind our commercial discussions across the group," said chairman Seamus Keating.

"We therefore anticipate a strong full-year financial performance, slightly ahead of the board's expectations."

Irish Independent

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