Northern Ireland

First Derivatives reaches £1bn market value

First Derivatives' head office is based on Canal Quay, near Sugar Island, in Newry
Image caption First Derivatives' head office is based on Canal Quay, near Sugar Island, in Newry

First Derivatives, the Newry-based IT firm, has reached a stock market valuation of more than £1bn.

The valuation represents the number of company shares multiplied by the current price of those shares.

First Derivatives share price has risen sharply in recent months from under £30 at the start of October to more than £40.

The company specialises in financial analysis software and now employs more than 2,000 people.

Last year, it increased its profits by 20% to £12.5m on a turnover of £152m.

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

Mr Conlon is still the single largest shareholder.

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