First Derivatives makes £12m profit, down 3% on last year

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

First Derivatives, the technology firm based in Newry, made £12.1m profit before tax for the year to the end of February.

It is a 3% decrease on the same period last year.

The profit was achieved on turnover of £186m, up 23% from £151.7m the previous year.

First Derivatives makes software used by investment banks all over the world and the firm now employs more than 2,200 people.

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

It announced a partnership with Red Bull Racing to help the Formula One team analyse its racing data last year.

Chairman Seamus Keating said: "This has been another year where we have combined organic growth with selective investment in the business to realise the enormous market opportunity available to First Derivatives.

"Our ability to capitalise on the investments we have made and the scale of our addressable software market provides us the potential for continued strong growth in future years."

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.