A Newry firm is continuing to buck the economic trend by increased profits and expanding its staff numbers over the past year. First Derivatives who provide software and consulting services to the capital markets industry made almost £7m in pre-tax profits this year. The company recorded £6.9m, a seven per cent increase on the £6.5m it made last year. Revenue was also up more than 25 per cent to over £460m. The company now employs 662 people up from 524 last year. Brian Conlon chief executive officer of First Derivatives said they would continue to build on their success. “I am pleased to report another year of continued growth in profitability for the group, the 16th year of continued progression,” he said. “This achievement is all the more satisfying given the market backdrop. In response to these market opportunities we have continued to implement the board’s strategy of continued investment into the group’s technology, infrastructure and operation. Our ability to generate continued growth in this challenging market while implementing our investment growth strategy demonstrates the strength of the organisation. We employ people from the universities in Belfast and then shift them all over the world, so we have the likes of people in New York and Sydney and London and continental Europe but by and large we recruit locally and train people ion Newry.”
Newry Democrat
29th May 2012
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