First Derivatives announces £7m profit

Newry Times News Posted by
Monday, May 28th, 2012
Business, News

Newry business First Derivatives is celebrating today after it announced a profit of £7m. The company recorded total revenue of £46.1 million compared to £36.7 million a year earlier, while pre-tax profit rose by 7% to £6.9 million.

First Derivative sells software and consulting services to large banks to help them manage their risks. The company said that its software license revenues rose by 7.6% to £13.5m.

First Derivatives said that its customer base continued to grow during the 12 month period and it now provides services to over 91 different investment banks, exchanges, brokers and hedge funds.

Chairman David Anderson said the group was well positioned to continue to grow. “We continue to have a strong pipeline of prospects and have made a strong start to the current year and expect to be able to report further progress in the year to February 28th, 2013,” he said.

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