New contract wins boost turnover at Newry technology giant First Derivatives

First Derivatives has reported revenue growth of 17 per cent to over £217 million
Gareth McKeown

NEWRY-headquartered First Derivatives has reported another stellar financial year, with new contract wins helping push turnover up 17 per cent to over £217 million.

The global technology provider, which employs around 800 people in Newry and Belfast, has recorded growth across all key areas of business in its latest set of accounts.

Total revenue of £217.4m was supplemented by the company's burgeoning software division, which reported growth of 28 per cent in the year to February 28.

The company's FinTech sector, which accounts for the majority of business, continued on an upward trajectory, with revenue up 17 per cent to £166.7m.

First Derivatives attributed the strong performance to new contract wins, including; the Canadian Securities Administrators, BitMEX and a major Japanese bank, as well an expansion of services provided to existing clients

In MarTech growth of 8 per cent pushed revenue in the division up to £41.4m.

Of great satisfaction for the company was its performance in other markets, with revenue soaring by 85 per cent to £9.3m - almost double the total recorded in the previous year (£5m).

High-profile new client wins across the business throughout the year included; Fingrid, BISTel and Survalent, as well as the expansion of its partnership with Aston Martin Red Bull Racing.

First Derivatives chief operating officer, Adrian Toner said the latest figures show the company is delivering on its strategy to establish itself as a leading global business and described the firm's potential as "infinite".

"There is a huge global demand for the type of technology that we have," Mr Toner said.

"So long as that continues and there's every expectation that it will, we'd be anticipating and investing for growth on similar levels for the years ahead.

"The market will set expectations for growth, but we have been delivering double digit growth really for the last 20 years and we would anticipate that will continue.

"We're a flea on the back of the elephant that is the capital markets industry so our growth potential is really unlimited," he continued.

At present First Derivatives employs just shy of 2,500 people at 17 global offices. Less than a third of these are employed in Northern Ireland and while there is expectation for further growth locally, there are fears it could be limited by a lack of available talent.

"The war for talent is a universal one, but is particularly acute in Northern Ireland and therefore wherever we need to go to get the people necessary to deliver upon what our clients expect we will go there, whether that's in Northern Ireland or the Republic of Ireland or the rest of the world," Mr Toner added.

Reflecting on the latest accounts, First Derivatives chairman, Seamus Keating said they are excited for the future of the business.

“We have delivered another year of strong growth while investing to scale our business and secure growth in new markets."

"As we look ahead, we are excited by the growing pipeline of opportunity across our business and are confident of achieving another year of strong organic growth," he added.

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