City investment bank Numis bolstered pre-tax profits by nearly 200% in 2020 as the Covid-19 pandemic led to a surge in capital raisings by companies looking to shore up their balance sheets to weather the crisis.

The bank, which is a major player in UK equity capital markets, posted profits of £37.1m for the year to 30 September, up 198% on 2019 as revenues hit a record £155m — a 39% gain on last year.