First Derivatives reports a profitable trading year start
First Derivatives, the Newry- based provider of support services to the investment banking market, has enjoyed a healthy start to its trading year.
The company, which is listed on the Alternative Investment Market in London and on the IEX market of the Irish Stock Exchange, said its performance had exceeded expectations.
The Ulster firm, which specialises in providing support services to the investment banking market and derivatives technology industry, including its own range of niche banking applications, said it had experienced increasing demand for long-term consulting contracts and an uplift in product sales-related income.
First Derivatives said its strong performance had been underpinned by retaining many existing contracts and securing some new high profile customers. It has also increased its workforce from 93 to 109 so far this year.
An exclusive sales partner of Kx Systems in the financial sector, First Derivatives revealed it had been directly involved in adding the Financial Services Authority, NYSE/Euronext, UniCredit HypoVereinsbank (HVB) and Rand Merchant Bank to the Kx user base.
In its financial year to the end of February, the company reported turnover of £9.3m, a 48% increase, and pre-tax profit was up 72% to £2.6m.