Business

Belfast-based Options Technology posts pre-tax profit of £10m

Options Technology's Belfast base at Linen Loft on Adelaide Street.
Options Technology's Belfast base at Linen Loft on Adelaide Street. Options Technology's Belfast base at Linen Loft on Adelaide Street.

IT services firm Options Technology increased its profit by almost 200 per cent last year, new accounts show.

The Belfast-based company recorded a 21 per cent jump in revenue to £54.7 million for the year ending December 31 2022.

The report, published by Companies House, show Options’ profit before tax increased from £3.5m to £10.3m over the same period.

It comes just two weeks after the tech firm announce announced plans to create 200 new jobs in Belfast over the next three years.

Options Technology provides cloud-enabled managed services to the global financial sector.

Its growth has been backed by a $100m investment in 2019 by Boston-based Abry Partners.

Options Technology has offices in London, New York and Hong Kong, but remains headquartered in Belfast’s Adelaide Street.

A review of the business, published alongside the new accounts, state the revenue growth in 2022 was achieved by securing new customers, the conintued expansion of services to existing customers, together with a contract which transitioned to Options following the 2021 acquisition of Fixnetix Limited.

The report reveals a record number of graduates and placement students in 2022, taking its headcount to 239 at the end of last year.

The Options wage bill in that time surged to £18m, which averages out at around £75,000 per head.

Options Technology is headed by Danny Moore, who previously led Belfast-based trading technology firm Wombat Financial Software.

Wombat was acquired in 2008 by NYSE Euronext for $200 million (about £145m).