First Derivatives' pre-tax profit increases by 20% to £12.5m

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

First Derivatives, the financial technology firm based in Newry, County Down, made £12.5m profit before tax for the year to the end of February.

That was a 20% increase on the same period last year.

The profit was achieved on turnover of £152m, up from £117m the previous year.

First Derivatives makes financial analysis software used by investment banks all over the world and the firm now employs more than 1,750 people.

'Strong growth'

They also provide consultancy services and are diversifying into new markets, primarily marketing technology and utilities.

Chairman Seamus Keating said they have made an encouraging start to the current financial year.

"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," he said.

New office space

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

At that time, it had just 26 employees and a turnover of less than £2m.

It is understood that the company is planning to develop a significant amount of new office space close to its existing headquarters in Newry.

That will be largely to accommodate the growth in its managed services business