Operating losses at DC Advisory, the European corporate finance business owned by Daiwa Capital Markets, narrowed to £4.5m in the year to March 31, according to its latest UK accounts filed with Companies House.

Daiwa Corporate Advisory Limited, which operates as DC Advisory, reported an almost 75% increase in fees and commissions receivable from £17.1m to £30m over the period. This helped the firm reduce losses from £13.5m in the previous 12-month period.