Business
Interim Results
Interim Results.
About this update from Tp Icap Group Plc
[{"type":"text","content":"\n \nTULLETT PREBON PLC\n\n \n\nINTERIM RESULTS - for the six months ended 30 June 2009\n\n \n\nTullett Prebon plc today announced its preliminary results for the six months\nended 30 June 2009. \n\n \n\nFinancial Highlights\n\n \n\n- Revenue £517.9m (2008: £468.3m) - growth of 11%\n\n- Operating profit £100.6m (2008: £84.2m) - growth of 19%\n\n- Operating margin 19.4% (2008: 18.0%)\n\n- Adjusted Profit before tax1 £92.8m (2008: £73.9m) - growth of 26%\n\n- Adjusted EPS2 28.5p (2008: 22.4p) - growth of 27%\n\n \n\nNotes\n\n1. Adjusted PBT is stated before non cash gains and losses in net finance\nincome/(expense)\n\n2. Adjusted EPS is stated before non cash gains and losses in net finance\nincome/(expense) net of tax\n\n \n\n \n\nCommenting on the results, Keith Hamill, Chairman of Tullett Prebon plc, said:\n\n \n\n\"Our strong financial results for the first half of 2009 reflect the robustness\nof the business, the value of the service that it provides to participants in\nthe world's over-the-counter (\"OTC\") financial markets, and the benefits of the\nactions taken during the second half of last year to reduce fixed costs and to\nincrease cost flexibility.\n\n \n\nRevenue for the first half of £517.9m was up 11%. Operating profit has\nincreased by 19% to £100.6m, with the operating margin increasing to 19.4%. \nAdjusted basic earnings per share for the first half were up 27% to 28.5p.\n\n \n\nAn interim dividend of 5.0p per share (2008: 4.75p per share) will be paid on\n19 November 2009 to shareholders on the register at 30 October 2009.\"\n\n \n\n \n\nTerry Smith, Chief Executive, added:\n\n \n\n\"The world's financial markets remain unsettled, and volatility in interest\nrate structures, currency parities and credit spreads seems likely to persist,\nwhilst government bond issuance will continue to be at high levels. Our bank\nclients and their customers will continue to need to trade in flow products and\nto hedge risk through the use of derivatives. Transacting business through\nIDBs who provide deep liquidity pools, price and volume discovery, anonymity\nfor trading, and cost advantages is likely to be increasingly attractive for\nparticipants in the wholesale OTC markets.\n\n \n\nOur business is well diversified across both products and geographies, and we\nhave taken action to reduce fixed costs and to increase ...