Shares in Newry-based specialist technology firm First Derivatives jumped by more than 5% in London yesterday on the back of it suggesting it should “comfortably” beat market expectations with its latest set of annual results.
The company traditionally offers tailored software solutions to the likes of hedge fund adminstrators, financial traders, and investment banks but has widened its target market to non-financial sectors, like healthcare and utilities, in recent times.
In a trading update yesterday, the company said it saw “continued strong trading” in the second half of its financial year to the end of February, adding it now expects financial performance for the full year to be comfortably ahead of current consensus forecasts” of £109.5m (€137.2m) in revenue and £22.1m in earnings (ebitda).
“We have made strong progress over the course of the past year and are well-placed to continue to do so,” said chief executive Brian Conlon.
The company said revenue from consulting work continued to grow strongly in the second half of the year, helped by “a number of important new customer wins” including some projects where FD will act as strategic partner to assist major investment banks with change programmes.
Additionally, strong demand continued for its traditional financial services-targeted capabilities.
Outside of financial services, the company said it continues to make “good progress” with potential customers and partners.
The company’s AIM-listed share price jumped by just over 5.1% yesterday to £15.37.
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