Newry firm FD Technologies loses £1.6m during new strategy spend

Newry-based FD Technologies made a loss of £1.6m in the first half of 2021 as it spent heavily on implementing a new strategy.

The firm, formerly known as First Derivatives, is focusing on increasing subscription sales of its KX software products.

It has grown its sales and marketing teams significantly this year.

Chief executive Seamus Keating said that investment was delivering with a "strengthening pipeline" of sales.

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

It grew its sales in the first half of the year by 7% from £120m to £128m.

Mr Keating said: "The outlook across our businesses is positive, with each business unit expected to meet or exceed its full year growth target."

The company has three units: the KX software division, First Derivative services and consulting division and the MRP marketing technology division.

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

Mr Keating said the consulting division had a "stellar" first half of the year with revenues up 18% year-on-year.

That included a contract to migrate a major bank's risk system to the Google cloud, where the firm worked in partnership with Google.

During this period its consulting services were mostly delivered through remote working.

The firm said it is working with customers "to determine the future shape of our engagements and the balance between on-site and remote working".

However the firm has returned to in-person graduate training at its Newry headquarters.

The firm is one of Northern Ireland's biggest graduate recruiters.

Mr Keating said if was "a joy" to be able to work face-to-face with young employees again, many of whom had endured almost two years of remote learning at university.