Pre-tax profits at Evolution Group fell 91% last year but the chief executive of the UK investment bank and fund manager has said the group still plans to use a £125m (€139m) cash pile to seek out acquisitions at a time when rivals are downsizing their operations.

Group income fell by 25% to £65.2m in the year to December, 31 2008, compared with the previous year, while pre-tax profits fell by 91% to £1.9m, according to the bank's full-year results released this morning.