First Derivatives to report ‘moderately’ ahead of expecatations for 2016

Newry-based financial software consultancy First Derivatives said yesterday that it expects to report results "moderately" ahead of expectations for the financial year 2017.

Updating the market, Financial Derivatives said that the strong trading performance the company experienced in the first half of the financial year ended February 28th, 2017, has continued into the second half.

“As a result, the board now expects to report a financial performance for 2017 moderately ahead of current consensus forecasts of £144.3 million (€172m) of revenue and £27.5 million of EBITDA”.

The company will announce its full year results on May 16th.

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First Derivatives is making headway in its efforts to expand its market beyond its historical base among Wall Street banks. In February, it agreed a partnership with Business Growth Fund (BGF), a UK investor in small- and medium-sized businesses, to use the its high-performance database, Kx, to “turn bright ideas into disruptive companies” across various sectors.

And last month the company disclosed it had signed a deal with Airbus’ defence and space unit in France which will use the firm’s database system to exploit opportunities in the energy, engineering and natural resources sectors.