New contracts help bring outsourcer 40% hike in profits
CONTRACT wins with financial services companies has helped a Northern Ireland outsourcing firm boost its profits by over 40% in the second quarter of the year.
FirstSource Solutions made net profits of $7.4m (£4.8m) in the three months to the end of June – up 41.6% on the same time last year – on revenue of $129m (£83m).
The company employs 2,365 people in Northern Ireland across four offices between Belfast and Londonderry and put the improved performance down to the new contracts as well as partnerships with UK City of Culture.
It's a wholly-owned subsidiary of the Indian parent company of the same name which employs more than 29,000 people in 44 bases across the world including India, the US, UK, Argentina and the Phillipines.
The firms main business is business process outsourcing which includes call centre activities and bank office processing.
Rajesh Subramaniam, Managing Director & Chief Executive Officer of Firstsource Solutions welcomed the results.
"Our focus continues to be on disciplined growth and consistent margin expansion.
"The awards won this quarter are a testament of our commitment to Customer Service Excellence and being an Employer of Choice in the delivery markets."
The company also announced the appointment Stephanie Wilson, a former employee of rival Teleperformance, as Executive Vice President of its European operations.
"The company has a strong presence in the UK & Ireland," she said.
"Firstsource has a well established reputation for customer excellence and a road map of new products to differentiate itself in the marketplace. I look forward to being part of the company's future success."