Final Results

First Derivatives PLC
31 July 2002


                             First Derivatives plc


            Preliminary Results for the Year Ended 28 February 2002


First Derivatives plc, a provider of support services to the financial
derivatives market and the derivatives technology industry, today announces its
preliminary results for the year ended 28 February 2002.


HIGHLIGHTS

•    PBT at £612,000

•    Joint consulting and implementation partner agreement with Kx Systems
     Inc ,(a financial services firm that  meets the need for acquiring, 
     managing and analysing data at  extremely high speeds), the scope of which 
     has been extended since the year end

•    Successful floatation on AIM in March 2002

David Anderson, Chairman of First Derivatives, commenting on the results, said:

' The last year has been another profitable year for the Company during which it
signed a joint consulting and implementation partner agreement with Kx Systems
Inc the scope of which was extended after the year end.  There has been a
significant build up of personnel to support the anticipated work arising from
this relationship and the benefits of this initiative will not be felt until the
second half of the current financial year.

The Company continues to explore opportunities for agreements on consulting and
implementation and discussions are progressing with a number of potential
partners.'


For further information, please contact:

Brian Conlon                  02830 252242


Chairman's statement

I have pleasure in reporting on the financial year ended 28th February 2002 of
First Derivatives plc ('the Company') which was completed before our recent
successful flotation on the Alternative Investment Market ('AIM').  The
flotation attracted applications for 2,296,158 shares raising £1,148,000 gross,
which after issue expenses of £374,000 raised a net £774,000 for the company.

Turnover for the year was £1.778 million compared with £1.852 million in the
previous eleven month period, the decrease being primarily due to a reduction in
non-core business.  Turnover with the banking sector increased from £1.36
million to £1.45 million.  The profit before taxation for the year was £611,000
(2001: £605,000).

Historically consulting revenue from the banking sector has been our main source
of income.  This has been in substantial one off contracts which has made it
difficult to maintain the optimum staffing level to maximise profitability.
During the past year significant progress has been made in generating recurring
revenues and we started the current financial year  with a number of substantial
support contracts.

In March 2002 we announced that First Derivatives had extended its joint
consulting and implementation partner agreement with Kx Systems Inc ('Kx') to
include North American and Asian financial institutions.  First Derivatives has
also assumed responsibility for selling the suite of products to those markets.
Kx is a market leader in enabling financial services firms to meet the need for
acquiring, managing and analysing data at extremely high speeds.  Under the
agreement the company will receive commission on software sales and be
responsible for implementation.  As part of the arrangements the Company has
been granted an option to acquire up to 1% of ordinary share capital in Kx.

During the current financial year there has been a build up of personnel to
support the anticipated work arising from the Kx relationship.  We have had a
permanent presence in New York for the last 3 months and a low cost office has
been in operation since the middle of July.  The benefits of this initiative
should be felt in the second half of the current financial year.  We have
recently been informed that we will receive a DTI grant of £45,000 to support
this and other export  initiatives.

Typically there is a long lead time for consulting  contracts and towards the
end of the last financial year a number of consulting contracts came to an end.
The first three months of the current financial year has seen a lower level of
activity in this area although there are on going discussions on a number of
contract opportunities.  We were informed in May 2002 that we are to receive a
grant of £145,000 from IRTU towards the development costs of our 'Trading
Simulation Product'.  The commencement of this project will result in more
efficient utilisation of staff time and should ultimately result in additional
software and implementation revenues.  It is anticipated that this product will
be ready for market in the latter part of the current financial year.

The Company continues to explore opportunities for agreements on consulting and
implementation and discussions are progressing with a number of potential
partners. Whilst trading conditions remain challenging the initiatives taken
within the last twelve months should enable the Company to take advantage of
opportunities in a fast moving market.


                                         Year ended             11 month period
                                        28 February           ended 28 February
                                               2002                        2001
                                              £'000                       £'000

Turnover - continuing operations              1,778                       1,852

Cost of sales                                (1,152)                     (1,190)


Gross profit                                    626                         662

Administrative expenses                         (85)                       (121)

Other income - grant received                    92                          49


Operating profit - continuing operations        633                         590

Interest receivable                              -                           33

Interest payable and other similar charges     (21)                         (18)


Profit on ordinary activities before taxation  612                          605

Tax on profit on ordinary activities          (182)                        (186)


Profit on ordinary activities after taxation   430                          419

Retained profit brought forward                492                          835

                                               922                        1,254

Dividends paid                                (575)                        (762)

Transfer from reserves                         (40)                           -


Retained profit carried forward                307                          492


Earnings per share                             4.3p                         4.2p



                                  At 28 February                 At 28 February
                                            2002                           2001

                             £'000         £'000              £'000       £'000

Fixed assets
Tangible assets                               37                             41

Current assets
Debtors                      1,514                            1,580

                             1,514                            1,580

Creditors - amounts falling due
  within one year           (1,184)                          (1,111)

Net current assets                           330                            469


Total assets less current liabilities        367                            510

Creditors - amounts falling due
  after more than one year                     -                             (4)

Provisions for liabilities and charges       (10)                            (4)

Net assets                                   357                            502



Share capital and reserves
Called-up share capital                       50                             10
Profit and loss account                      307                            492

Equity shareholders' funds                   357                            502



                                         Year ended             11 month period
                                        28 February           ended 28 February
                                               2002                        2001
                                              £'000                       £'000

Cash inflow from operating
  activities                                    844                         620

Returns on investment and servicing
  of finance                                    (22)                         15
Taxation                                       (130)                       (123)
Capital expenditure                             (15)                        (36)
Equity dividend                                (575)                       (762)


Cash inflow/(outflow) before financing          102                        (286)

Financing                                       (15)                        (13)


Increase/(decrease) in cash in the period        87                        (299)



Notes:



1    Earnings per ordinary shares has been based on the profit attributable to
     equity shareholders of £430,000 (2000: £419,000) and 10,000,000 ordinary 
     shares being the number of shares in issue at 28 February 2002 following 
     the bonus issue of 4 to 1 ordinary shares on 3 December 2001 and the 
     subsequent share split from £1 per ordinary shares to 0.5p per ordinary 
     share on the same day. Earnings per share for the period ended 28 February 
     2001 have also been calculated based on 10,000,000 shares outstanding.

2    No items produce dilutive effects in accordance with Financial Reporting
     Standard 14.

3    The financial information set out above does not constitute the statutory
     accounts for the year ended 28 February 2002 and the eleven month period 
     ended 28 February 2001.  Statutory accounts for 2001 have been delivered to 
     the Registrar of Companies.

4    The auditors have reported on the 2002 accounts, their report was
     unqualified.

5    An interim dividend of £575,000 was paid in the year (2001: £762,000).
     No final dividend is proposed for the year (2001: £Nil).

6    Copies of the Report and Accounts for the year ended 28 February 2002
     will be posted to shareholders shortly and thereafter may be obtained from 
     the Company Secretary at 21 Arthur Street, Belfast, BT1 4GA.


                      This information is provided by RNS
            The company news service from the London Stock Exchange