A Derry-based software company set up three years ago and already employing 38 people has won the 1997 Johnson Brothers Centenary Award for Enterprise. Singularity, founded by its chief executive Mr Padraig Canavan, produces software for the banking sector and counts among its clients American Express, Citibank, Salomon Brothers and Morgan Stanley.

Mr Canavan's prize was £7,000, while the £4,000 runner-up award went to Bay Street Trading, which makes and distributes corporate protective clothing and is also based in Derry.

Singularity is one of Ireland's fastest-growing software companies and expects its staff to more than double in the next two years. At yesterday's ceremony, Mr Canavan said three factors had offered the firm an unprecedented opportunity. They were: Microsoft's existing and growing domination; the Year 2000; and the expansion of the Internet.

"Singularity has been concentrating on Microsoft technology since our inception," he said.

"The Year 2000 difficulties necessitate that corporations urgently review their IT strategies. And the Internet opens up a world of new benefits in implementing software engineering solutions."

The Bay Street Trading (BST) employs 40 people and makes high-visibility jackets and clothes for a large number of companies and organisations across Europe, including the Garda and British Telecom.

Over 30 of the most dynamic young businesses from Ireland North and South entered the competition, which is designed to encourage enterprise and co-operation throughout Ireland, and promote business friendship. The award, now in its fourth year, is run in association with Co-operation North. It was created to mark the centenary of Johnson Brothers, the family-owned business based in Dublin and Belfast which distributes international food and healthcare products.