A revenue increase of 21% compared to the last accounting period saw Newry firm First Derivatives increase their revenue for the six months ended 31 August to £87.8M.

The company have already hired 386 graduates this year so far, an increase of 66% on last years numbers.

First Derivatives HQ in Newry. Photograph: Columba O'Hare
First Derivatives HQ in Newry. Photograph: Columba O'Hare

Seamus Keating, Chairman of FD, commented “We have continued to position the Group to target several high-value addressable markets, while maintaining our financial discipline. Through our conversations with existing and potential customers and partners, we remain convinced that demand for ultra-high performance analytics capability will continue to grow and that Kx technology leads this market in terms of its performance and lower total cost of ownership.

"Our managed services and consulting activities are also in high demand and we are addressing this through record levels of recruitment of high-calibre graduates. We have signed a number of high value contracts in the first half and there is momentum behind our commercial discussions across the Group. We therefore anticipate a strong full year financial performance, slightly ahead of the Board’s expectations.”

A strong growth in software revenue, up by 32% to £52.2m  with recurring software revenue up by 44% to £19.6m played a major role while strong demand and strategic progression in Managed Services and Consulting saw revenue grow to £35.6m.

FinTech revenue rose by 18% since H1 2017 to £66.8 courtesy of a 32% increase in recurring software revenue within their global banking client base, while MarTech revenue was up 30% to £18.3m compared to H1 2017 following the launch of the latest version of their predictive analytics platform.

Red Bull Racing

In a busy growth period for the company First Derivatives also announced this week that  it has been selected by Red Bull Racing as a team supplier for the use of its Kx technology to analyse sensor data from its Formula 1 vehicles.

Initially, Kx will be deployed for the analysis of wind tunnel data, a critical element in the development of faster, more competitive F1 cars.

Brian Conlon, Chief Executive Officer of Kx, commented: “We at Kx are delighted to work with Red Bull Racing. Both companies are associated with power, speed, precision engineering and innovation. Over the years F1 has proven itself as an ideal testing ground for disruptive technologies and we look forward to bringing the power of Kx to bear in high-value complementary markets.”