Independent investment bank Moelis & Company has continued to benefit from a surge in mergers and acquisitions work this year, posting a 22% increase in third-quarter revenues and signalling its intent to continue expanding the business.

The US-headquartered boutique reported revenues of $207.7m in the third quarter, an increase of 22% on the same period a year ago, and made a profit of $44.9m, which was up around 4%. Revenues rose by 26% in the first nine months of 2018 to $647.5m.