NORTHERN IRISH firm First Derivatives hopes to raise more than £3.3 million (€4 million) in a placement of 1,150,000 new shares.

The Newry-based software to consulting company, listed on London’s AIM and Dublin’s ESM, said the placing will take place on June 11th. The placing price of 295 pence per ordinary share with institutional and other investors represents a discount of 0.8 per cent to its closing mid-market price on June 4th of 297.5 pence.

Last month it reported pre-tax profits of £5.6 million for the year to February 2010. It said turnover grew by 45 per cent in the same period to £25.4 million.

It said a combination of “price pressure” and “long term strategic decisions” in the last financial year had resulted in a fall in its gross operating margin from 51 per cent to 41 per cent.