Business
Preliminary Results - year ended 31 December 2008
Preliminary Results - year ended 31 December 2008.
About this update from Tp Icap Group Plc
[{"type":"text","content":"\n \nTULLETT PREBON PLC\n\nPRELIMINARY RESULTS - for the year ended 31 December 2008\n\nTullett Prebon plc today announced its preliminary results for the year ended\n31 December 2008.\n\nFinancial Highlights\n\n- Revenue £943.6m (2007: £753.8m) - growth of 25%\n- Operating profit1 £175.1m (2007: £131.8m) - growth of 33%\n- Operating margin1 18.6% (2007: 17.5%)\n- Adjusted Profit before tax2 £155.4m (2007: £114.4m) - growth of 36%\n- Adjusted EPS3 47.1p (2007: 33.5p) - growth of 41%\n\nNotes\n1. Operating profit and operating margin are stated before exceptional items\n2. Adjusted Profit before Tax is stated before exceptional items and non cash\ngains and losses in net finance income / (expense)\n3. Adjusted EPS is stated before exceptional items and non cash gains and\nlosses in net finance income / (expense) net of tax, prior year tax items, and\ncapital tax items\n\n\nCommenting on the results, Keith Hamill, Chairman of Tullett Prebon plc, said:\n\n\"Our excellent results for 2008 demonstrate the strength of our business and\nthe value of the service that we provide to participants in the world's\nover-the-counter (\"OTC\") financial markets. Revenue of £943.6m was up 25% for\nthe year. Operating profit before exceptional items has increased by 33% to £\n175.1m. Adjusted basic earnings per share were up 41% to 47.1p.\n\nThe business has low capital requirements and excellent cash flow\ncharacteristics. In 2008, more than 100% of the operating profit was converted\ninto operating cash flow, the third year in a row that this has been achieved.\nCash flow before dividends and debt repayments was £124.6m, and net debt at the\nend of the year was £17.4m (2007: £160.0m).\n\nThe Board is recommending an unchanged final dividend of 8.0p per share, making\nthe total dividend for the year 12.75p, an increase of 6% on the 12.0p per\nshare paid for 2007. The final dividend will be payable on 21 May 2009 to\nshareholders on the register on 1 May 2009.\"\n\n\nTerry Smith, Chief Executive, added:\n\n\"There have been significant changes in the structure of the financial services\nindustry in recent months and further changes are likely, but we believe that\nour role as a leading intermediary in wholesale OTC markets will continue to be\nvital.\n\nVolatility in interest rates and exchange rates looks likely to persist for\nsome t...