Patsystems, which makes systems for derivatives traders, has reported record results for the third quarter after downsizing the company and renegotiating bad deals with its clients.

The company posted revenues of £2m (€3.16), an increase of 11% over the previous quarter and 60% over the same period last year. Operational cash outflows fell by 35%, with operational costs reduced for the fourth successive quarter, and the company plans to cut a further £1.2m per year from its operating expenses. Total losses for the quarter were £1.7m.