First Derivatives to meet full-year target

Newry-based specialist technology firm First Derivatives is expecting to meet full-year financial targets, despite seeing a double digit percentage decline in first half profits.

The Dublin and London-listed firm, which provides tailored software solutions for investment banks and hedge fund administrators, yesterday reported a 15% year-on-year drop in pre-tax profits, for the six months to the end of August, to £3m (€3.6m). Adjusted earnings per share were down by 3.6%, but management said performance remains “in line with current market expectations”.

First half turnover was up by 25% on the same period last year at £34.4m, with EBITDA rising by 2% to £5.8m. The interim dividend of 3.2p per share marked a 3.2% annualised increase.