5 January 2012
Tullett Prebon plc
Pre Close Statement
Tullett Prebon plc (the "Company") is today issuing a trading update ahead of
the close period for the year ended 31 December 2011. The Company expects to
announce its preliminary results for the year ended 31 December 2011 on 6 March
2012.
Business Update
The world's financial markets have remained unsettled throughout the year.
There have been periods of market volatility and heightened activity, although
there have also been periods of more subdued activity.
Revenue for the year ended 31 December 2011 is expected to be in line with the
£908.5m reported for 2010. Using constant exchange rates, and adjusting for the
impact of the closure in 2010 of the satellite offices in North America and for
the recent acquisition of Convenção, revenue is expected to be around 2%
higher.
The acquisition of Chapdelaine & Co., which was announced on 18 November 2011,
has completed, with an effective date of 1 January 2012.
In the light of the market conditions a number of actions were taken prior to
the year end to reduce costs and to maintain flexibility in the cost base. A
charge reflecting these actions of around £10m will be included in the 2011
accounts. Further actions will be taken in the first half of 2012.
Enquiries:
For Investors and Analysts:
Nigel Szembel, Head of Communications, Tullett Prebon plc
Direct: +44 (0)20 7200 7722
For Press:
Charlotte Kirkham, M:Communications
Direct: +44 (0)20 7920 2331