Intermediate Capital Group’s pre-tax profit rose by 29% to £197.8m, up from £153.4m from the same period last year, as the firm recovered from the initial market turbulence earlier in the year but remains “cautious” about the outlook for the end of 2020.

After suffering a loss in the 12 months to the end of March, the firm’s six-months results to 30 September reported pre-tax profit of £89.8m for the investment division, inching up from 6% from 2019’s half-year results.