Profit rises at First Derivatives

Newry-based First Derivatives said trading performance was robust in the 12 months up to the end of February, with turnover and…

Newry-based First Derivatives said trading performance was robust in the 12 months up to the end of February, with turnover and profit rising for the period.

The company said it had seen an increase in consulting activity over the year, with an uplift in Delta software sales also recorded during the period.

Turnover at First Derivatives was £25.5 million, rising 45 per cent on 2009 figures. Earnings before interest, tax, depreciation and amortisation (Ebidta) was 12 per cent higher at £7.25 million.

The company reorded a pre-tax profit of £5.6 million, up 27 per cent on last year.

First Derivatives proposed a dividend of 9.5 pence for the year, 6 per cent more than the previous year.

"The substantial investment into First Derivatives coupled with acquisitions made during the year have increased our global coverage and extended our range of Delta software products," said chairman David Anderson.

The company acquired Hologram in Australia and icnreased its stake in Kx to 20 per cent over the year, while it also bought Dublin-based Cognotec and Reference Data Factory in the US.

"We are continuing to make a substantial investment in the development of the group to ensure it is positioned for both short and long term benefits to shareholders," he said. "We have made a strong start to the current year and expect to be able to report further progress."

Ciara O'Brien

Ciara O'Brien

Ciara O'Brien is an Irish Times business and technology journalist