Neil McDonald, who heads up the Edinburgh office of Cenkos Securities, said Calnex is also engaging in discussions with several potential IPO candidates based in Scotland, including privately-owned and equity-backed companies, The Herald reports. 

While the October admission of Calnex shares to the Alternative Investment Market (AIM) was the first flotation of a Scottish company in more than two years, Mr Mcdonald said there are signs of increasing interest in the option of a London listing.

Mr McDonald said: “I think we could see activity pick up. It has certainly been a frustration that there have not been more IPOS out of Scotland.”

Mr McDonald’s comments came as Cenkos, the UK’S only institutional stockbroker offering the full range of services in Scotland, reported a 23% increase in revenue to £31.9 million last year.

The increase in revenue was driven by increased fundraising on behalf companies in the second half of the year.

Cenkos said it raised £900m for clients across 29 transactions, compared to £700m across 25 transactions the previous year. Most of this activity was linked to funding acquisitions or new growth opportunities.

The firm’s pre-tax profit soared to £2.3m, compared to £100,000 previously.

Cenkos said its current business pipeline is “healthy”, leaving it well-positioned to grow its operations. It added that its objective over the next two to three years is to continue to build on its strengths and synergies to deliver ‘sustainable and predictable earing and a stronger platform for growth.

The firm employs eight of its 88 staff in Edinburgh, with the rest based in London.