Firstsource Solutions started operations in Northern Ireland in 2006. The company is a wholly owned subsidiary of Indian owned Firstsource Solutions.
In turn, the UK company is the parent company of a related company, Firstsource Solutions S.A.(Argentina).
The units in Belfast and Londonderry have quickly expanded their turnover to generate a viable business. Turnover in 2008-9 rose by 8% to £44.5m, compared to £41.2m in 2007-8. Profits in the more recent year were significantly lower.
In an analysis of the sources of its business, just under 40% is in the UK, 12% is from Argentina and 48% is from India. In the registered accounts, the company says profits in 2008-9 were “severely impacted by the reduction in government grant assistance,” which made a difference of just over £6m to overall trading results. This implies the underlying trading position actually improved in 2008-9.
The company acknowledges the group relies on a small number of clients for a large proportion of its income. In recognition of this, a number of initiatives have been undertaken to rebalance the business portfolio. Employment in 2008-9, at 1,272 people, was just lower than the previous year. The financial structure of the company means the capital invested has nearly all come from the parent shareholder or in credits owed to the group company.