Revenue at specialist financial software company First Derivatives increased by 23.3 per cent to £27.6 million in the year to the end of August.

The Newry-based consultancy firm reported operating profits of £4.1 million, a 14.2 per cent increase on the £3.6 million recorded for the same period last year.

First Derivatives said consultancy revenue increased by 30.7 per cent to £20 million.

The company said it would pay an interim dividend of 3.1p per share, up 3.3 per cent on the same time last year.

“The first six months have seen continued strong growth across the Group’s activities with total revenues up over 23 per cent. To fuel this growth we have continued to make substantial investment in the development of all the Group’s activities,” Chairman David Anderson said.

He said the company expected to report profits for the year in line with market expectations despite a background of market turbulence.

In September, the software company bought three London-based businesses, spending £3.15 million (€3.95 million) on the niche firms.

The company announced the acquisition of Redshift Horizons Ltd, which provides design capability for real-time electronic trading systems; investment management partnership Redshift Horizons LLP; and application and consulting services firm Cowrie Financial.

The deal included £2.05 million to be paid on completion, about £450,000 of loan notes, and £650,000 of deferred consideration.

First Derivatives, which employs 700 people worldwide, provides software and services to many of the world’s leading investment banks, brokers and hedge funds.

Established 16 years ago by its chief executive Brian Conlon, the AIM-listed company is ranked as one of Northern Ireland’s fastest-growing businesses.