NEWRY-BASED financial software and consulting specialist First Derivatives has reported a 21 per cent jump in both pretax profit and turnover in its latest interim results.

The Alternative Investment Market (Aim)-listed Northern Ireland company reported pretax profits of £2.24 million (€2.8 million) on a turnover of £6.83 million for the six months to August 2008.

David Anderson, chairman of First Derivatives, said the company was pleased to report further progress "in a period of turbulent financial markets and significant global concerns".

In a statement, Mr Anderson said the company had continued to experience demand for its consulting services from both existing and new customers.

"We have secured a number of new contracts in the last six months. Most of our assignments are long-term and rolling in nature, and we maintain a high-revenue visibility for this year.

"Strong interest has also been shown in our 'near-shore support services', and we anticipate that further contracts will be agreed during the second half of the financial year," said Mr Anderson.

First Derivatives was established by its chief executive and largest shareholder Brian Conlon in 1996.

The latest results show the company generated an operating cashflow of £3.341 million in the six months to August and had retained cash of £1.377 million at August 31st.

First Derivatives's net assets have risen from £6.574 million on August 31st, 2007, to £8.923 million.

Mr Anderson believes the current turbulence in global financial markets could create new business opportunities for the Newry company.

He says it expects to report further progress at the end of the year.

"The company considers that its expertise and product base is well-placed to take advantage of opportunities emerging from this shifting landscape," said Mr Anderson.

First Derivatives has announced an interim dividend of 2.35 pence per share.