r defections in North America following a 'raid' by U.S. firm BGC Partners for lower 2010 results.
Tullett on Tuesday posted 2010 profit before tax of 139.7 million pounds ($226.8 million), down 11 percent from a year earlier and below a Thomson Reuters I/B/E/S poll consensus of 12 analysts of 142 million pounds. Revenue was down 4.1 percent to 908.5 million pounds from 947.7 million pounds in 2009.
'The net effect of the broker defections in North America, following the raid by BGC in the second half of 2009, reduced revenue by 5 percent,' Tullett said on Tuesday in an emailed statement.
Tullett Prebon said it is 'seeking substantial damages from BGC', adding the damages trial has been fixed for four weeks starting later this month.
Tullett also said that a separate case has been brought in the U.S. and action is being pursued against former employees in Hong Kong and Singapore.
A British high court judge found in March last year that BGC had unlawfully induced 10 Tullett brokers to breach their employment contracts and join BGC.
(Reporting by Luke Jeffs; Editing by Hans Peters) Keywords: TULLETT/RESULTS
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