The boutique investment bank run by dealmaking brothers Michael and Yoël Zaoui brought in profit of £5.1m in 2022 — more than double that of a year earlier as advisory fees jumped despite a broader deal drought.

Zaoui & Co made £19.1m in dealmaking fees last year, according to new accounts released on 6 October, up from £11.6m in 2021. The profit of £5.1m, while up by 110% on 2021, still failed to match the £8.7m it made in 2020, which was a record year for the advisory firm set up in 2013.