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Increasing profits for Newry software firm

Newry based software company First Derivatives has announced a set of exceptional results from March to August this year by a turnover increasing  by over 26 per cent to £22.4m. The firm which is a global provider of software and consulting services to leading investment banks and hedge funds had a pre-tax profits increase of 5.1 per cent to £3.4m. First Derivatives which has over 15 years experience with leading financial institutions said it has experienced growth across all divisions of the business in the six months. Three new consulting initiatives were also launched in the period which are said to have contributed to the strong performance. Net profits increased by 33.4 per cent up from £21.7m to £29m. David Anderson chairman of First Derivatives said: ” We have continued to invest in the group’s activities the benefits of which are starting to show through. We have signed a number of contracts during the period which will start to become revenue generating in the second half and we a healthy pipeline of prospects. Despite a background of market turbulence we have made a strong start to the second half and expect to report profits for the year in line with market expectations,” Mr Anderson said. 2011 has been a big year for the company which announced  March that it would be employing 359 people over the next 3 years. Over 100 had already been employed by August. CEO Brian Conlon who was named E&Y Entrepreneur of the Year recently, said: “We have enjoyed another good set of results and are pleased to have been able to maintain momentum despite the current financial climate. “Our success is based on our good reputation once that was solidified we were able to build on that makes people keep coming back to us. Investment is another aspect of our growth and we are constantly looking at investment, increasing staffing levels, allowing staff the opportunity to go and work at our other offices around the world, in places like London and New York to help develop their skills,” Mr Conlon said. With Headquarters in Newry First Derivatives which employs over 650 people worldwide has offices in London, New York, Stockholm, Tokyo, Toronto, Sydney, Dublin and Hong Kong.


Newry Democrat

21 October 2011