Business
Half Year Report
Half Year Report.
About this update from Tp Icap Group Plc
[{"type":"text","content":"\n \nTULLETT PREBON PLC\n\nINTERIM RESULTS - for the six months ended 30 June 2010\n\nTullett Prebon plc (the \"Company\") today announced its preliminary results for\nthe six months ended 30 June 2010. \n\nFinancial Highlights\n\n- Revenue £475.8m (2009: £517.9m)\n- Operating profit £84.7m (2009: £100.6m)\n- Operating margin 17.8% (2009: 19.4%)\n- Adjusted Profit before tax (1) £78.6m (2009: £92.8m)\n- Adjusted EPS (2) 25.5p (2009: 28.5p)\n\nNotes\n1. Adjusted PBT is stated before non cash gains and losses in net finance income/\n (expense). A reconciliation of the adjusted PBT to the reported PBT of £79.3m\n (2009: £91.7m) is shown in the Financial Review\n2. Adjusted EPS is stated before non cash gains and losses in net finance income/\n (expense) net of tax\n\n\nCommenting on the results, Keith Hamill, Chairman of Tullett Prebon plc, said:\n\n\"The performance of the business continues to be robust.\n\nRevenue of £475.8m is 8% lower than reported for 2009. Underlying revenue was\nunchanged compared with the same period a year ago, which is an excellent\nperformance against a strong comparative. The net effect of the broker\ndefections in North America following the raid by BGC in the second half of\nlast year has been to reduce revenue by 7%. The impact of currency movements\non the translation of our non-UK operations has been slightly adverse. \n\nOperating profit for the first half was £84.7m, with an operating margin of\n17.8%. Adjusted basic earnings per share were 25.5p.\n\nAn interim dividend of 5.25p per share (2009: 5.0p per share) will be paid on\n18 November 2010 to shareholders on the register at 29 October 2010.\"\n\nTerry Smith, Chief Executive, added:\n\n\"The world's financial markets remained unsettled during the first half with\nbouts of intense volatility. Market activity in June and July has been\nrelatively subdued, and although it continues to be difficult to forecast\nmarket activity, it is likely that the unsettled financial market conditions\nwill persist into the second half and that there will be periods of higher\nactivity in the remaining months of the year.\n\nWe have a well diversified and robust business and we are well positioned to\nrespond to, and to benefit from, changes in the way in which the OTC markets\nand our customers operate and are regulated. We expect to deliver a good\...