First Derivatives records 29% jump in pre-tax profit

Co Down-based First Derivatives recorded a 29 per cent jump in pre-tax profit to £7.9 million last year.

The company, which makes financial software for the investment bankers and brokers, said turnover rose by 24 per cent to £69.9 million in the year to the end of February, up from £56.5 million a year earlier.

The company said it had seen an increase in sales from both its software division and its consulting business.

Total software revenue rose 29 per cent while recurring licence revenue increased by 11 per cent.

The company also said consulting revenues had increased by 22 per cent, noting that increased scale had led to larger opportunities.

During the year, the company said it had significantly increased its sale capacity with the establishment of a regional hub in Singapore and satellite offices in Hong Kong and Japan.

The company’s debt was £11.2 million, down from £22.2 million the previous year.

Chairman Seamus Keating: " The pipeline across the business is strong and as the year progresses we expect to demonstrate progress in the areas we are addressing."

“ We have invested to ensure the group is in a strong position to capture market share in software and consulting and consequently expect to report further progress in the year to February 28th, 2015.”

First Derivatives is one of only two stock market listed companies in Northern Ireland, and employs around 900 staff, mostly in Newry.