Icap blames profit tumble on 'extraordinarily tough year'
Wednesday 15 May 2013
Icap warned that market conditions remain "fragile and unpredictable", despite a good April, as the broking giant yesterday revealed its profits tumbled 20 per cent last year.
However, its founder and chief executive Michael Spencer said the business had cut costs and developed new products, which meant it should prosper when markets revive.
Mr Spencer said: "This has been an extraordinarily tough year in the wholesale financial markets. Trading activity across all asset classes was negatively affected by a combination of cyclical and structural factors, including the depressed global economy, a low interest rate environment and lack of clarity around some aspects of regulatory reform."
Revenues for the year to the end of March fell by 12 per cent to £1.47bn, while pre-tax profits fell by a fifth to £284m, which was slightly better than the market expected. Icap shares gained 42.3p to 339.7p.
Mr Spencer said that the company had now achieved annualised cost savings of £80m, which is £20m more than its original target. Part of this came from the departure of almost 350 voice brokers, although net staff numbers were down only 147 at 4,976.
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Shock poll shows voters believe Ukip is to the left of the Tories
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
iJobs Money & Business
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
£32000 - £35000 per annum + benefits: Ashdown Group: Marketing Services Manage...
£Neg. (DOE) + Excellent Benefits: Guru Careers: A Finance Account Manager with...