First Derivatives confirms creation of 359 jobs over three years

25 May 2011

Newry-based provider of software and consulting services First Derivatives has confirmed it is on track with the creation of close to 359 jobs on announcing its results for the 12 months ended 28 February 2011.

In March, the company secured £4.3m in support from Invest Northern Ireland (Invest NI) to enable it to create the new consultancy and operations positions and 12 new managerial posts over the next three years.

The Invest NI grant will enhance the operational infrastructure and near-shore capabilities necessary to support the increasing demand for its consulting services, the company said.

With a client base of global financial institutions, First Derivatives today reported a 44.2pc jump in revenues for the year to 28 February to reach £36.7m, while its pre-tax profits went up by 15.1pc to nearly £6.5m.

In its results announcement, the company said it was making a “significant and ongoing investment” into staff and the total headcount at year end was 524 (up from 385 at end February 2010).

“We are continuing to make a substantial investment in the development of all the group’s activities as we build a robust organisation with a strong asset base for growth,” said David Anderson, chairman of First Derivatives.

“The past year has been one of further building and proving our software assets. Soft product launches will continue to occur in the first half of the current year and we expect to follow this with sustained marketing in the second half as we aim to capitalise on the investments made.”

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