Profits at Newry-based First Derivatives increase 20pc to £12.5m
First Derivatives, has announced pre-tax profits of £12.5m (€14.7m) for year-ended 28 February 2017, up 20pc year-on-year.
Adjusted earnings before interest, taxes, depreciation, and amortisation were £28.8m, a 24pc increase on 2016.
The provider of products and consulting services to finance, technology, and energy institutions, saw its revenue increase 30pc to £151.7m.
First Derivatives, which employs over 1,700 people worldwide, experienced strong growth in software revenue, up 47pc as a result of new contract wins and continued penetration of the existing customer base.
Meanwhile FinTech revenue at the company increased to £117.4m from £91.9m at year-ended 2016. The strong performance in this area was driven by both contract wins in software, and the level of services provided to the company’s global client base.
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The company reported a strong performance in its marketing technology arm, with annual revenue increasing 39pc to £30.7m, driven by the launch of a subscription-based Marketing Cloud platform powered by their Kx technology.
During the year, the company secured a collaboration with Airbus Defence and Space to use its Kx technology as a platform to analyse earth observation data.
“Our increasing scale is leading to larger and longer-term managed services and consulting engagements and we are confident this trend will continue as we develop our service capabilities. Demand for the ultra-high analytics processing that Kx delivers continues to grow and this is reflected in a strong pipeline of opportunities across the business,” Seamus Keating, chairman of First Derivatives said.