Pre-tax profits at Intermediate Capital Group, the UK-listed mezzanine provider, almost doubled to a record £78.5m (€114.3m) in the six months to the end of July on the back of a change in accounting standards and a surge in investment gains.

John Manser, chairman of ICG, said: "Core income and pre-tax profit reached record levels by any accounting measure. While it is too early to comment on the second half, the first-half growth in the portfolio and the encouraging pipeline for new deals and exits should lead to another good performance."