| 4.7°C Belfast

Newry tech firm First Derivatives sees global sales hit almost £190m


Brian Conlon of First Derivatives

Brian Conlon of First Derivatives

Brian Conlon of First Derivatives

Newry global listed tech firm First Derivatives has seen its sales soar to almost £190m.

The company grew its turnover to £186m in the year to February 28. That’s up 23% on the same period a year earlier.

And while pre-tax profits saw a small dip, adjusted earnings rose by almost a fifth to £34.1m.

The company produces software used in the financial service sector, but has also landed deals for work with Formula One team Red Bull and in other areas.

Adrian Toner, chief operating officer, told the Belfast Telegraph: “We regard these results as very positive, and they are ahead of market expectations.

“There was strong progress in turnover, which was up 23% overall… importantly for ourselves, the increase in software revenue was 27%.”

“In the underlining performance, our operating profits were up 20%. Profit before tax was slightly down on the year before.”

He said that was due to financing costs and additional costs associated with acquisitions.

“There is a little bit in it for everybody. Earnings per share are up 18%. The full year dividend is up 20%, so clearly there is something in there for investment and everyone alike.”

He said the company’s strategy "appears to be on track”.

“Our pedigree has been in the capital markets… built up over the last 20 years.

“Over the last 18 months we have been focusing on bringing that technology into different areas.

“The market for the platform is enormous. It’s a totally infinite market we are looking to address.”

During the last 12 months it’s also signed up clients in new sectors, including the Formula One Red Bull team and Airbus defence and space.

Please log in or register with belfasttelegraph.co.uk for free access to this article.

Already have an account?

Belfast Telegraph