Evolution pockets profits thanks to the dealmakers

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The investment bank, one of the few that expanded during the credit crunch, made £4.5 million in the past six months, a 22% leap.

Finance director Andrew Westenberger said: "We have a strong pipeline of deals for the second half of the year. Capital raisings and IPOs did get done in the first half of the year."

Evolution worked on transactions including the flotation of healthcare software supplier EMIS Group and the listing of mining house Vallar in the first half of the year.

"We believe the current environment could afford Evolution more opportunities to hire quality teams that will further strengthen the business, and may present consolidation opportunities," said brokerage Arden Partners in a research note.

Earnings per share rose to 1.24p from 1.23p, while the interim dividend rose 25% to 1p.

Britain's smaller, independent investment banks have posted a mixed set of interim results and have given cautious financial outlooks. Collins Stewart reported a 6.6% rise in its interim pre-tax profit last month.