Trading Update

First Derivatives PLC
26 March 2004

26th March 2004



First Derivatives PLC
('First Derivatives' or 'the Company')

Trading update

In light of surges in trading activity, most notably in September 2003 and
February 2004, First Derivatives is pleased to give the following trading
update.


The Company is confident that the results for the year ended 29th February 2004
will be in line with Corporate Synergy's recent PBT forecast of £0.7m (pre
amortisation).  First Derivatives also announces that it proposes to pay a
maiden dividend for the year ended 29th February 2004.


First Derivatives has further developed its core offering over the past year
outperforming its initial targets, in particular through its Capital Markets
division which provides specialist consultants with a unique combination of
business and technology skills.  First Derivatives has also accelerated its
market share in the US, through its relationship with Kx Systems which now
serves eight of the ten largest US investment banks.


                                     -ends-

For further information, please contact:



Michael O'Neill                 Luke Ahern             Justine Howarth
First Derivatives               Corporate Synergy      Parkgreen Communications
Tel: [phone]               Tel: [phone]     Tel: [phone]

www.firstderivatives.com






                      This information is provided by RNS
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