Profits at STJ Advisors, the capital markets advisory boutique that has become one of the best-known players on the London IPO scene, dropped nearly a third in the 12 months to March 31 as revenues slipped from the previous year's record level.

STJ, which has successfully forged a reputation as an independent adviser on high-profile flotations, said in its latest accounts filed with Companies House in late December that revenues in the year to the end of March 2016 were £8.99 million.