Activity in Ireland's mergers and acquisitions market was notably buoyant in the first six months of this year.

There was a record €71 billion in transactions from a total of 76 deals.

Law firm William Fry compile statistics on activity in the sector.

Stephen Keogh, a Partner in William Fry's Corporate department, said the figures were distorted by one very big outlier.

That was the proposed acquisition of pharmaceutical group, Shire, by the Japanese firm, Takeda.

"Every time we produce a new data set, there are a few outliers. This is significantly bigger and was one of the biggest deals in the world in the first half of the year. The reason its in the Irish set is because the takeover target, Shire, is an Irish headquartered company."

He said even with the Shire deal removed, the figures were remarkably resilient and similar to last year's figures, continuing a trend.

"Since the recovery, the figures have been slowly but steadily increasing but last year there was a jump. To match that again is very interesting. We're seeing a lot of activity in the traditional areas like the tech and business services sectors."

Stephen Keogh said Brexit was having a limited impact on the M&A market thus far.

"It's something we'll likely see more of if the process is absent of a political resolution as the March deadline approaches.

"More generally the performance is down to the strong fundamentals of the Irish economy coupled with the remarkable growth that we've seen, probably double the rate across the euro zone."

The figures have not been radically impacted by the move in recent years by Washington to clamp down on so-called corporate inversions where a small company would effectively take over a bigger rival to avail of a tax favourable regime.

"Corporate inversions would have had a distorting effect on the value of deals but not on the volume," he concluded.