First Derivatives, a firm that develops software for the financial industry, yesterday reported a profit of £757,000 (€1.1 million) for the year to end February 2004.
The Newry-based firm, which is a former winner of the Deloitte Fast 50 all-Ireland technology awards, also reported a 62.5 per cent increase in turnover at £2.68 million for the financial year.
First Derivatives develops a range of support services to the investment bank market, the derivatives technology industry and the provision of its own range of e-business applications.
In a statement accompanying the results the company said it had experienced an upturn in activity in the second half the year and a positive start to the current financial year. Since the end of the year, First Derivatives has signed additional distribution deals with the companies TickData and IT&E.
For the year to end February, the firm reported an 86.5 per cent increase in profit to £757,000. Earnings per share increased by 37.5 per cent to 3.3p in 2004, up from 2.4p. First Derivatives, which is quoted on the AIM stock exchange in London, had a cash balance of £848,000 in February.
The company said it would pay a dividend of 1.1p per share in light of the substantial improvement and the enhanced cash position of the company. The firm said he had now sold its core database technology into eight of the 10 largest global investment banks.
