First Derivatives, the global analytics software company, has had a strong year with profits before tax increasing by 9% to €20.5m in the twelve months leading up to 29th February 2020.
Annual results for the group also indicate that Revenue for the same period is up by 9% to €266m.
The company, based in Newry, County Down, said it had seen “no material financial impact to date” from the coronavirus and that its high levels of repeat and recurring revenue had mitigated the impact of the global crisis.
The past year has been one of the most significant in the Group’s history, having to cope with the sudden loss of our founder and CEO, Brian Conlon, and then the challenges posed by Covid-19.
It had also taken a number of measures to pre-emptively protect the business including ceasing business travel and suspending bonus payments to executive directors. It will not recommend a dividend for the year.
First Derivatives said it remains “too early” to determine the probable impact of this on its full year performance. A spokesperson said:
“In the longer term, FD remains confident in its strategy and the growing demand for its world-class Kx streaming analytics from both potential customers and partners.”
Meanwhile, software turnover increased by 13pc to £148.4m in the same period and the company secured a number of contact wins in its core FinTech market.
CEO Seamus Keating was appointed earlier this year following the death of company founder, Brian Conlon.
Donna Troy, chairperson of First Derivatives, said: “The past year has been one of the most significant in the Group’s history, having to cope with the sudden loss of our founder and CEO, Brian Conlon, and then the challenges posed by Covid-19.”
“Against that backdrop, these results represent a period of solid execution.”
Business & Finance, Company of the Month
