Newry-based firm First Derivatives, which provides niche services to large investment banks in London and New York, yesterday revealed plans to list on Dublin's IEX market while announcing strong profit growth in the year to the end of February.
The firm reported that pretax profits soared by 72 per cent to £2.555 million (€3.75 million) during its 2006/2007 financial year, while turnover almost doubled to €9.332 million.
Earnings per share of 15p were also announced. This represents an 85 per cent year-on-year jump.
The firm's performance was boosted last year by increased activity in capital markets, and it continued to benefit from its partnership with Californian company KX Systems. A significant number of new clients were also added to its portfolio.
First Derivatives, which is already listed on London's Alternative Investment Market (AIM), is now seeking admission to the IEX, and expects the listing to take place on June 8th.
This move will provide First Derivative with a euro quotation, said managing director Brian Conlon yesterday, and would give the firm a greater profile in the Republic. Other Irish stocks that have taken a dual listing on AIM and IEX have seen more interest in their shares, he added.
Chairman David Anderson said he believed the listing would "increase the liquidity in the trading of our shares".
He added: "Whilst it is too early to predict the outcome for the full year, the company expects continued growth in the first half of the year."
