Renowned fund manager Neil Woodford’s investment firm delivered a "satisfactory" £23m in profits in the six months to March 31 — the period immediately before some big clients began pulling money because of concerns over performance.

Revenues at Woodford Investment Management totalled £38.7m during the half-year period, according to accounts filed with Companies House. Pre-tax profits were £22.9m, which the company said was "satisfactory" and in line with directors' expectations.