Award winning Newry firm moves to issue shares

Newry-based software firm First Derivatives is set to float on the Alternative Investment Market (AIM) in order to raise necessary funds for further investment and acquisition.

The company, which designs software for the financial sector, will issue four million shares on AIM, the London Stock Exchange market which lists recently formed companies. The share release represents just under 30 per cent of the company's share capital, which means First Derivatives is valued at around £7 million.

First Derivatives can be considered one of the province's best-kept success stories in the IT sector, as the company has continued to increase its client lists despite the current downturn in both the software and hardware industries. The company's customer roster includes numerous European names as well as clients in the UK, who have helped Financial Derivatives increase its market share.

Speaking about the decision to offer shares, company MD Brian Conlon, said: "We believe the AIM listing will provide access to the financial markets which will enable the company to exploit opportunities or future development requiring capital investment and selective acquisition."

During 2001, First Derivative was awarded the number one position in the Deloitte and Touche Fast 50 listing after the IT firm revealed a growth rate of 891 per cent during the previous three years. (CL)