Write a commentNewry firm First Derivatives has announced it’s interim results for the six months to 31 August with revenue up 44% over the previous six months to £53.8 Million, giving a profit before tax of £4.6 Million, also up 27% on the previous results.
A Software revenue growth of 87% has been made possible by multi-year investment in software and new clients within financial services markets.
Further growth and strategic progress in consulting, with increased scale and broader expertise has also resulted in revenue growth of 28%.
The strategic acquisitions of Affinity Systems and ActivateClients for a combined initial consideration of £7.1m is also generating positive results in the digital marketing and utilities sectors.
Commenting on the results First Derivatives Chairman, Seamus Keating said “This was another period of strong progress across the Group. Our consulting division delivered revenue growth of 28% and during the period a number of initiatives laid the foundations for FD to continue our remarkable track record of more than 20% per annum growth in consulting revenue. Although we remain at an early stage of full commercialisation of our software products we are pleased to report an impressive 87% growth in software revenue as we continued to penetrate our key target markets in the period.
“The positive performance in the first half of our financial year has continued into the second half and the high visibility within both consulting and software gives the Board confidence that the Group expects to meet market expectations for the full year. We will continue to invest to position ourselves to benefit from our software’s technology lead, to build upon this and look to convert our pipeline of opportunities within capital markets and other sectors. We continue to believe the work and investments we have made, along with our market positioning in both consulting and software, provide a strong platform to meet our exciting growth ambitions.”
