London-based broker Evolution has joined its larger rivals HSBC, Goldman Sachs and JP Morgan in reporting record revenues from its fixed-income business during the first half of the year, showing that it is not just the big banks that have benefited from the recent credit boom.

Evolution's earnings from fixed-income commissions hit £16m (€18m) for the first six months of the year, more than five times the amount the firm made in the same period in 2007, as it benefited from its decision last year to make a push into the agency bond trading business.