Evolution's strategy paying off

Group income during the last six months was 56.1m, up seven per cent on the same period in 2009, while pre-tax profit was 3m, down 17 per cent.

The private client investment management business, which operates under the historic Williams de Bro brand, saw continued growth in income, up 35 per cent to 25.4m.

The investment banking division, Evolution Securities, remained profitable despite "very difficult market conditions", with operating profits falling 80 per cent to 1.3m.

The division, which has an office in Leeds, offers corporate finance advice to UK and European mid-cap public companies.

Alex Snow, the chief executive, said: "Evolution Group performed well in the first half of 2010, delivering robust results in an extremely difficult environment.

"Prompted by the European sovereign debt crisis, financial markets – both equities and fixed income – have suffered a series of aggressive sell-offs, followed by subsequent rallies without a clear pattern. This seriously undermined investor confidence and risk appetite.

"Furthermore, beneath the big moves in equity market indices, this lack of investor conviction, evidenced by little sizeable flow or liquidity, has created a challenging environment for corporate capital raising."

Philip Howell, chief executive of Williams de Bro, told the Yorkshire Post that the group is well positioned for the future. "We are controlling our costs and we are sitting on a position of no debt and cash on the balance sheet."

Williams de Bro, which dates back to 1869, has many clients in Yorkshire, said Mr Howell.

Shares closed up 9p at 83p.