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 Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
- 4 Tennis fan suing Australian Open organisers for 'failing to shade spectators' during Murray match
- 5 This crazy skiing video will leave you feeling queasy
Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
Mother of newborn Baby No 59 trapped in sewer pipe told Chinese police she 'heard crying' when she raised alarm
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
AirAsia QZ8501: Black box reveals warning alarms 'screamed' before crash, as more bodies recovered from near fuselage of jet
Rob Lowe hits out at White House decision not to meet Israeli leader
British Muslim leaders outraged after Eric Pickles says followers of Islam should 'prove their identity'
UK terror fears: My jihadist son returned from Syria mentally scarred – now he is being ignored
Nigel Farage: NHS might have to be replaced by private health insurance
Billy Crystal: 'Stop shoving gay sex scenes in my face'
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
British Muslim school children suffering a backlash of abuse following Paris attacks
iJobs Money & Business
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...
£16000 - £25000 per annum: Recruitment Genius: This is an exciting opportunity...
£45000 - £47000 per annum + bonus + benefits: Ashdown Group: Java Developer / ...
£35000 - £38000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...