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.
“We have maintained the momentum gained in the second quarter of the year and expect to report profits for the year in line with market expectations,” noted chairman Seamus Keating. He said added investment in its consulting and software services has bolstered the ability of First Derivatives to compete for larger scale contracts, underpinning management’s confidence in delivering continued strong revenue growth.
CEO Brian Conlon said the pipeline has never been so healthy and recent high profile client wins can prove a springboard for bigger opportunities.
© Irish Examiner Ltd. All rights reserved