Newry IT firm looking for overseas acquisition

NEWRY-based financial services IT support company, First Derivatives is actively pursuing acquisition opportunities in the Australasia region, in the coming months, as it seeks to significantly expand its international presence.

The company — which specialises in software support services for hedge fund administrators and investment banks — yesterday reported a record set of interim results for the six months to the end of August. First half pre-tax profits were up by 21%, on a year-on-year basis, to £2.24 million (€2.83m), with turnover up by a similar level at £6.83m.

A first-half operating profit of £2.42m was up from a figure of just over £2m for the same period last year and earnings per share showed a year-on-year jump of 4% to 10.8p.