Revenue at specialist financial software company First Derivatives increased 22.5 per cent to £56.5 million over the past 12 months.

The Newry-based consultancy firm reported pre-tax profit of £11.5 million during that time, a 7 per cent increase year-on-year.

Software revenues at the company increased 11.4 per cent to £15 million, while consultancy revenue increased by 27.1 per cent to £41.5 million.

First Derivatives chairman David Anderson said the year had seen positive growth across the group's activities with total revenues up.

“In addition to our traditional pipeline we have a strong pipeline of larger prospects arising from our push into the Big Data arena though given our revenue model these if successful are unlikely to have a material impact in our year to 2014,” he added.

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.