Write a commentLocal Newry Company First Derivatives happily has bucked the current economic trend with a very encouraging revenue increase of over 25% for the year ending February 2012.
First Derivatives based in Canal Quay in Newry is a global provider of software and consulting services to the financial services industry and employs around 700 people worldwide including a substantial number in Newry.
Revenue in the past year has risen to £46.1 million with the majority of this due to a 35% increase in Consultancy revenue to £32.6 million up from 24.2 million the previous year.
Chairman of First Derivatives David Anderson commented “This year has seen continued strong growth across the Group’s activities with total revenues up over 25%. As the economic recovery has been taking a fragile hold we have continued to make a substantial investment in the development of all the group’s activities. The goal of this investment has been to ensure that we build a robust organisation with a strong asset base and service offering to ensure future growth. We expect the market in coming years will continue to be challenging as the full effects of budget constraints, regulation and globalisation continue to impinge our customers. With the improvements made to the Delta suite and its revenue stream and the positioning and improvements to
our service offerings, we feel that the group is well positioned to continue to grow. We continue to have a strong pipeline of prospects and have made a strong start to the current year and expect to be able to report further progress in the year to 28 February 2013.”
Chief Executive Brian Conlon sees further growth in the years ahead. "Based on the health of our current sales pipeline we anticipate reporting further growth in the year to 28 February 2013. As well as organic growth the Board will continue to pursue acquisition opportunities where we see a strategic fit and have access to the necessary sources of finance. On a macro level we are confident that we have positioned ourselves to benefit from global trends in technology and consulting and that with our recurring revenue model and continued reinvestment in the business we will deliver further significant benefits in the years ahead."
