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First Derivatives posts Q1 profit rise

10 May 2007  |  886 views  |  0 Source: First Derivatives

The principal activities of First Derivatives ('the Company' or 'First Derivatives') are the provision of a range of support services to the investment banking market and the derivatives technology industry and the provision of its own range of niche banking applications.

Financial highlights
  • Turnover £9.332m (2006: £6.313m) +48%
  • Earnings before tax, depreciation and amortisation £2.96m (2006:£1.865m) +59%
  • Normalised PBT £2.7m (2006: £1.7m) +59%
  • Pre-tax profit £2.555m (2006: £1.486m) +72%
  • Earnings per share 15p (2006: 8.1p) +85%
  • Normalised EPS 16.5p (2006: 9.6p) +72%
  • Proposed final dividend 3.6p (2005: 3p) (with total proposed dividend 5p +67%)
  • Net debt £3.7m as at 28 February 2007 ; £0.4m of cash with the balance relating to mortgages.


Business highlights
  • Further increase in Capital Markets Activity, continued benefits from relationship with KX Systems
  • Additional new clients added during the course of the year
  • Geographical reach expanded
  • Number of employees rose from 66 to 89
  • Introduction of Capital Markets Training Programme
  • Further acquisitions of residential properties to accommodate staff supporting contracts in London and New York


Post year end highlight
  • Intention to seek admission to the IEX market of the Irish Stock Exchange
  • Complimentary to existing AIM listing
  • Provide a Euro denominated quote for the shares


David Anderson, Chairman of First Derivatives, commented: "2006/2007 has seen again another year of growth for First Derivatives. The Company continues to generate significant cash flow from operations and I am pleased to report turnover has increased to £9.332m, up 48% from £6.33m in prior year.

"Having noted a significant increase in the number of shareholders in the Republic of Ireland, I am delighted to announce First Derivatives' intention to seek admission to the IEX market of the Irish Stock Exchange in addition to our existing AIM listing, which we believe will increase the liquidity in the trading of our shares.

"Since the year end the Company has signed further KX Systems contracts and has seen significant increases in its capital markets activity. Whilst it is too early to predict the outcome for the full year, the Compampany expects continued growth in the first half of the year."

Read the full statement here:» Download the document now 46 kb (PDF File)

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