First Derivatives cheers investors with upbeat outlook

Northern Ireland’s First Derivatives said the current year had got off to a strong start as it reported a jump in both revenues and profits.

The technology firm saw revenues improve 17% in the year to 28 February, to £217.4m, while gross profit increased by 16% to £91.3m.

Earnings before interest, tax, deductibles and amortisation meanwhile rose 14% to £38.9m, while pre-tax profits were ahead 38% at £16.7m.

Client wins during the year included Finland’s Fingrid, Belgian technology firm BISTel and Canada’s Survalent, along with a “significant” contract expansion with existing client Aston Martin Red Bull Racing.

Seamus Keating, chairman, said: “We have delivered another year of strong growth while investing to scale our business and secure growth in new markets. Our investment programme has helped to deliver a number of important new contact wins, as well as OEM and partnership agreements that will provide a solid platform for growth in the years to come.

“As we look ahead, we are excited by the growing pipeline of opportunity across our business and are confident of achieving another year of strong organic growth.”

Updating on current trading, the company added that the year had “started strongly with good momentum across the business.”

Shares in the AIM-listed company jumped following the results, trading 3% higher by 1230 BST at 3,123.75p.