Revenue on rise at software firm First Derivatives
FIRST Derivatives, a software and consultancy service company based in Newry, has announced that trading in the first half of its financial year has been strong with both revenue and EBITDA ahead of last year.
The company revealed that it received $6.5m (€5.7m) net of tax in respect of a shareholding in 1010data, which was recently acquired by Advance/Newhouse for $500m (€442m).
After last year's acquisition of Kx Systems, chief executive officer Brian Conlon says that the company is working on maximising the opportunities of the deal.
"Following the acquisition of Kx Systems in October 2014 the Group has continued to work towards maximising the opportunities this transformational deal has provided.
"As well as strengthening our position within capital markets we are making good progress in new markets and 1010data's use of kdb [a high-performance column-store database] highlights the potential in sectors such as manufacturing and telecoms," Mr Conlon said.
"We remain focused on delivering strong, profitable growth while investing in First Derivative's future."
Research analyst with Goodbody Stockbrokers Gavin Kelleher said the figures were encouraging.
"In terms of our H1 estimates we have revenue growth of 37pc in for H1 and EBITDA growth of 51pc so you can see we are forecasting a significant improvement year on year," Mr Kelleher said.
"We will get more detail when the results come out on November 11."