Software firm First Derivatives enjoys huge hike in revenue
Newry financial software firm First Derivatives is toasting a year of success and "strong growth", seeing revenues soar by nearly 24%.
In its annual results, the Co Down company announced a 29% increase in its software revenue following a year of heavy investment in its products.
The firm also experienced an 11% rise in its recurring licence revenue up until the end of February this year and hopes are high of another "pivotal" year to come.
First Derivatives, which has branches in many of the world's financial hubs, provides software and consulting services to the capital markets industry.
Chairman Seamus Keating said the past year was one of "strong growth" and one which also saw significant expansion in sales capacity with a regional hub established in Singapore and satellite offices in Hong Kong and Japan.
"The 2013/14 year has seen strong growth across the group's activities with total revenues up over 23.8%," he said.
Announcing a turnover of £69.9m, up 24% from £56.5m in 2013, the chairman also revealed First Derivatives had achieved pre-tax profits of £7.9m, up 29% from £6.2m last year. "The current fiscal year is set to be a pivotal year for the group as we gain traction in the target markets for our software," he added.
"As the year progresses we expect to demonstrate progress in the areas we are addressing."
The financial year also witnessed a 22% increase in total consulting revenues with increase scale leading to larger opportunities.
Chief operating officer Adrian Toner said the results followed a period of "heavy investment in our software products".
"Our products have matured to the point that they are ready for the market and are ready for sale and we are investing in our international sales force that will deliver the products." he said.
He said there had been a significant expansion in sales capacity which was boosted by the regional hub and satellite offices in the Far East.
Mr Toner listed among recent successes a software contract with the Australian Securities and Investment Commission as well as its Delta Flow project at its Tokyo Data Centre.