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Tullett Prebon Share News (TLPR)
Share News for Tullett Prebon (TLPR)
| Share Price: 273.80 | Bid: 274.50 | Ask: 275.50 | Change: 0.00 (0.00%) |  | ||||||
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UPDATE 2-Tullett blames revenue drop on broker defections
Tue, 8th Mar 2011 08:25
LONDON, March 8 (Reuters) - Iter-dealer broker Tullett Prebon blamed broker defections in Nort
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.
($1=.6160 Pound)
(Reporting by Luke Jeffs; Editing by Hans Peters) Keywords: TULLETT/RESULTS
(luke.jeffs@thomsonreuters.com; Tel: +44 207 542 2471; Reuters Messaging: luke.jeffs.reuters.com@reuters.net)
COPYRIGHT
Copyright Thomson Reuters 2011. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
LONDON, March 8 (Reuters) - Iter-dealer broker Tullett Prebon blamed broker defections in Nort
h 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.
($1=.6160 Pound)
(Reporting by Luke Jeffs; Editing by Hans Peters) Keywords: TULLETT/RESULTS
(luke.jeffs@thomsonreuters.com; Tel: +44 207 542 2471; Reuters Messaging: luke.jeffs.reuters.com@reuters.net)
COPYRIGHT
Copyright Thomson Reuters 2011. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
UPDATE 1-Big banks gain as U.S. adopts weakened swap rules
* CFTC adopts set of rules for new trading platforms* Trading over phone will still be allowed* Critics say rule too close to opaque bilateral trading[16 May '13]
U.S. regulator to vote on watered-down swap rules
By Douwe MiedemaWASHINGTON, May 16 (Reuters) - Big banks are set to gain key concessions as the top U.S. derivatives regulator meets to vote on watere[16 May '13]
UPDATE 1-US regulator sets final rules for swaps trading
By Douwe MiedemaWASHINGTON, May 15 (Reuters) - The top U.S. derivatives regulator unveiled rules for swaps trading that could break open Wall Street's[16 May '13]
UPDATE 1-Broker ICAP to cut more costs after profit slumps
* Pretax profit down 20 pct at 284 mln stg* Group revenues down 12 pct at 1.47 bln stg* Full-year dividend 22 pence per share* CEO says no evidence of[14 May '13]
Broker ICAP posts 20 percent fall in full-year profit
* Pre-tax profit 284 mln stg* Group revenues down 12 pct to 1.47 bln stg* Full-year dividend 22 pence per shareLONDON, May 14 (Reuters) - Interdealer[14 May '13]
UPDATE 2-U.S. swaps regulator to meet on trading rules next week
By Douwe MiedemaWASHINGTON, May 9 (Reuters) - The top U.S. derivatives regulator will discuss next week keenly awaited rules for swaps trading that ha[9 May '13]
Tullett Prebon says regulation, tough markets hit revenues
LONDON, May 9 (Reuters) - Broker Tullett Prebon said a slowdown in its revenues had continued into the first four months of this year as tough market[9 May '13]
UPDATE 2-ICAP warns on profit as trading recovery falters
* Expects 13 pct drop in full-year revenue* Forecasts 280 mln stg pre-tax profit, down 21 pct* Cost savings remain on track* Shares fall 8 pctBy Tommy[27 Mar '13]
