Newry.ie

Interim results for the six months ending 31 August published by Newry based global technology provider, First Derivatives show an 11% increase in revenue and a 9% increase in gross profit compared to the same period in 2018.

It's the first published results since their CEO and founder Brian Conlon tragically passed away in July.

Revenue for the Canal Quay based company was £116.7m compared to £105.6m for the same period last year while Gross Profit rose to £48m compared to £43.9m last year.

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

Software revenue is up 13% to £71.4m (H1 2019: £63.1m), driven by 19% growth in recurring software license revenue

Multiple contract wins across both software and managed services and consulting providing confidence in our outlook, including notable deals signed with a major Japanese bank for the global roll-out of a next generation e-FX platform built on Kx and multi-year assignments across our managed services and consulting business

Managed services and consulting revenue were also up 7% to £45.2m (H1 2019: £42.5m) with the company citing their  long-term, strategic client relationships and market-leading services enabling continued growth.

Commenting on the results Seamus Keating, Executive Chairman of FD, said “We successfully executed on our strategy during the period, signing a number of key contracts across our business, and making strong progress towards securing landmark contracts in the markets we are targeting across Industry. We continue to progress our search for a new CEO following the passing in July of our founder, Brian Conlon, and we will provide an update when the process is complete.

"Our financial performance was solid, and we are encouraged by the growing momentum through the period that provides confidence in achieving another year of strong growth, in line with consensus forecasts"

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