Newry-based FD Technologies makes pre-tax profit of £1.1m

The firm, formerly known as First Derivatives, has focused on growing subscription sales of its KX software products

Newry-based FD Technologies made a pre-tax profit of £1.1m in the first half of 2022 on sales of £147m.

Chief executive Seamus Keating said a strategy of investment to accelerate growth was paying off.

The firm, formerly known as First Derivatives, has focused on growing subscription sales of its KX software products.

That involved significantly increasing sales and marketing spend which reduced profits.

Mr Keating said it had been a strong start to the year, with growing revenue and profitability "laying the foundations for accelerated growth from here".

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

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

Rising staff numbers

Revenues at the KX business were up 19%, while the consulting business business saw revenue growth of 22%.

However, sales were down 8% at MRP due to market conditions.

Businesses in the technology sector use MRP as a tool to generate sales leads and so that division has suffered as technology businesses in the US have cut back on spending.

Mr Keating said he expected to see spending by United States companies pick up "once they see inflation is on a downward trend".

Staff numbers over the year rose from 3,000 to 3,100 and the business remains one of Northern Ireland's biggest graduate recruiters.

Mr Keating said hybrid working was continuing to work well for staff and customers and people were not required to be in the office on set days.