First Derivatives posts a 30% rise in revenues after another stellar year
Global financial software and consultancy firm First Derivatives has enjoyed another stellar year as the Newry business reported a 20% increase in pre-tax profits of Â£12.5 million for 2016.
The company, which serves the financial markets around the world saw a 30% rise in revenues up from £117m in 2015 to £151.7m.
Strong growth in software revenue, up 47%, was accompanied by further growth in the firm’s managed services and consulting activities and a 28% rise in FinTech revenues driven by contract wins in software and the breadth of services provided to the global banking client base.
“When you delve in to the figures, we have had growth and excellent performance really across a broad range of activities; there’s no one area that should steal the limelight,” said chief operating officer Adrian Toner.
“We have 1,750 employees and that’s up from 1600 last year. In actual fact, the company is a much bigger business that we were even a few years ago and, with that, we are able to compete for much larger projects than maybe we would have done then.
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“Also, the fact that our technology has been so well road-tested within the capital markets industry that we have now been extending into other verticals such as digital marketing, utilities, oil and gas, telecoms and that has been great for us.
“So it has been a combination of us doing more business with our existing customers and deepening those relationships and winning a number of very sizeable deals both on the consulting side and on the technology side with new clients, so it’s been a very good year.”
FD chairman Seamus Keating said: “During the year we made strong progress on our strategic objectives, while delivering a solid financial performance.
“Demand for the ultra-high analytics processing that Kx delivers continues to grow and this is reflected in a strong pipeline of opportunities across the business. We are engaged in numerous discussions across industries and believe our products and services are well placed competitively.
“Consequently we anticipate another year of strong growth.”
Founded by Newry-born entreprenuer Brian Conlon in 1996 , First Derivatives is head-quartered in Newry with offices in Belfast London and around the globe.
This year it was also named by Glassdoor as one of the top 10 Best Places to Work in the UK.