First Derivatives: Profits up 38% at Newry Tech firm

First Derivatives: Profits up 38% at Newry Tech firm

First Derivatives, the Newry-based technology firm, complete a pre-tax profit of £16.7m in 2019, up 38% on the previous year.

Turnover was up by 17% from £186m to £217m, boosted by a solid presentation in the software division.

The company makes available software and services to investment banks and other financial organizations.

It has also diversified into markets like marketing technology, gaming and the automotive business.

Chairman Seamus Keating said an investment programme had helped to provide a number of main new contracts which will “offer a strong platform for development in the years to come”.

He plus: “We are excited by the developing pipeline of chance across our business and are self-assured of success another year of strong organic growth.”

Cancer diagnosis

Head Derivatives is one of Northern Ireland’s few stock market listed companies.

It services more than 2,400 people worldwide across 15 offices, with the bulk of its workforce in Northern Ireland.

The firm was established by Brian Conlon in 1996 and floated on the stock market in 2002.

At that time, it had just 26 staffs and a turnover of less than £2m.

Created on its current share price, the firm is worth about £800m.

Last week, the company declared that Mr Conlon had been diagnosed with cancer but would continue to work as chief executive during his treatment.

 

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