Broker Numis Corporation saw its interim profits almost double on Friday as its presence in the London IPO and deal advisory markets has grown.
The AIM-traded company's profits after tax jumped 90% to £16.8m over the six months leading up to 31 March, assisted by a rise in revenue of 42% from £52.4m to £74.1m over the same period.
Numis also reported that corporate broking revenue rose by 76% to £50.9m while equities revenue was flat at £23.3m.
The broker has seen an upsurge in average deal fees for both IPOs and M&A transactions compared to previous periods, due to increased involvement in larger deals.
As of 31 March, Numis had cash and cash equivalents of £82.5m, up 16% on the prior year.
The company said it will pay an interim dividend of 5.50p per share on 22 June, unchanged from the previous year, as it seeks to re-invest in its own platform, pursue growth opportunities and return excess cash to shareholders - subject to a variety of factors.
Alex Ham and Ross Mitchinson, co-chief executives, said: "Numis has followed up an excellent performance in the second half of last year with another strong performance in the first half. This consistency in performance is particularly pleasing given the backdrop of variable market conditions in the final few months of the period and the implementation of MiFID II in January 2018."
In preparation for MiFID II, a revamp of the Markets in Financial Instruments Directive, the company engaged with its institutional clients and has since experienced no material changes to the breadth and composition to its client base since the implementation of the new regulations.
The company also said it will continue to review the impact of MiFID II in the immediate future, but early indications suggested that the revenue impact would be limited.
"We have established a strong reputation in the market by delivering a consistently high quality service to our clients, but now is not the time to stand still. As we look to take the business to the next level, we intend to enhance our client offering by investing further in our platform and recruiting a selective number of high calibre individuals," said Ham and Mitchinson.
As of 1152 BST, Numis Corporation's shares
were down 1.1% at 405.50p.