First Derivatives: Profits up 38% at Newry tech firm

First Derivatives' head office is at Canal Quay in Newry

First Derivatives, the Newry-based technology firm, made a pre-tax profit of £16.7m in 2019, up 38% on the previous year.

Turnover was up by 17% from £186m to £217m, boosted by a strong performance in the software division.

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.

Chairman Seamus Keating said an investment programme had helped to deliver a number of important new contracts which will "provide a solid platform for growth in the years to come".

He added: "We are excited by the growing pipeline of opportunity across our business and are confident of achieving another year of strong organic growth."

Cancer diagnosis

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 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.

Based on its current share price, the firm is worth about £800m.

Last week, the company announced that Mr Conlon had been diagnosed with cancer but would continue to work as chief executive during his treatment.