Northern Ireland

First Derivatives increases pre-tax profits by 12%

Office of First Derivatives in Newry
Image caption The company provides software and services to investment banks and other financial institutions

First Derivatives, the Newry-based technology firm, increased pre-tax profits by 12% to £8.4m in the first half of the financial year.

Turnover was up by 11% from £106m to £117m, boosted by a strong performance in financial technology software.

The company provides software and services to investment banks and other financial institutions.

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

The firm said it was beginning to earn revenue from industrial contracts and expected to announce further contracts in the coming months.

It added that there was "good momentum" across the business as it moved into the second half of the financial year.

First Derivatives is one of Northern Ireland's few stock market listed companies.

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

The company's founder and chief executive Brian Conlon died in July.

He had been suffering from cancer.

Seamus Keating, the executive chairman of the company, said progress was being made in the search for a new chief executive.

Mr Conlon's family remain the single largest shareholders of the business.

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