First Derivatives turnover up 56%

28 October 2010

Financial software and consulting firm First Derivatives has revealed an increase in turnover in its interim results of more than 50%.

The Newry company, whose clients include investment banks and hedge funds, said turnover for the six months up to August 31 was up 56% to £17.7m, compared to £11.4m on the same period last year.

Operating profit rose by 3% to £3m while earnings per share went up to 15.6p from 15.4p.

Earnings before interest, tax, depreciation and amortisation were £3.9m, a rise of 19%.

In a statement, the AIM and Irish Stock Exchange-listed company said recent highlights included doubling sales of its Delta software range and the progress of integration of Irish company Cognotec, which First Derivatives bought out of receivership in February.

David Anderson, chairman of First Derivatives, said: "Over the last 24 months the group has been in a period of transformation, investing in research and development and infrastructure to allow it to offer software products as well as services to its client base and ensure it has a strong platform to facilitate global expansion."

He said investment would continue in building a sales team, recruiting research and development staff, and in infrastructure.

First Derivatives' wholly-owned subsidiary Market Research Partners announced it was creating 106 jobs at a new Newry 'global centre of excellence' earlier this week.

Its founder and chief executive Brian Conlon is the Ernst & Young Entrepreneur of the Year.