GLOBAL technology provider First Derivatives is on target for a 22nd successive year of double-digit revenue growth.
It comes after the Newry-based big data firm reported a 20 per cent rise in both revenues and pre-tax profits for the six months to the end of August.
Over the period First Derivatives made a pre-tax profit of £7.6 million on turnover of £105.6 million - up from £6.3m and £87.8m respectively.
And the company - which employs 2,400 people across its global operations - said it expects to deliver year-end revenues and profit ahead of analysts' predictions of £213m and £38.5m respectively when it reports next February.
"The pace of major contract wins across the business, together with our high levels of repeat and recurring revenue provide confidence and position the group well to continue achieving strong growth," FD chairman Seamus Keating said.
“Our confidence in the growth prospects and the long-term potential of FD continues to increase, underpinned by demand for our Kx technology across multiple industries and our domain knowledge and growing reputation in managed services and consulting.
"This confidence drove an acceleration of our investment plans in the first half, in response to new opportunities across the business. While the benefits from this investment will be received in future periods, the Group has delivered a strong first half."
First Derivatives - which is planning to recruit another 1,000 staff over the next three years - has proposed an interim dividend of 7.7 pence a share, up 10 per cent on the same time last year.
High-profile new client wins in the six-month period included Fingrid and the Canadian Securities Administrators, and in recent weeks it has also signed contracts with BISTel and Survalent.
Revenues in the company's financial technology division rose by 24 per cent to £82.7m, driven by growth in software revenue and an expansion of services provided to clients, while its marketing technology section saw an 8 per cent uplift to £19.8m, thanks largely to a 42 per cent growth in subscriptions for its marketing cloud platform, which is powered by its Kx technology.
Software revenue rose by 21 per cent and license revenue increased by 39 per cent on the back of increased demand for Kx technology across its client base.
An agreement has also been struck to acquire the minority shareholdings in Kx Systems, with FD taking 100 per cent ownership by the end of next June.
