Intermediate Capital Group’s pre-tax profit fell 37% to £114.5m in the year to the end of March, as the firm suffered from the market dislocation caused by the coronavirus pandemic.

The firm's investment division — which invest's the group's capital — recorded a loss of £68.6m, compared with a £39.1m profit a year earlier “reflecting lower valuations of unrealised assets in the final quarter”, according to the group's annual results.