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Tullett Prebon reveals declining profits at ICAP acquisition assets

Mon, 16th May 2016 07:58

(ShareCast News) - Tullett Prebon has revealed that the voice broking and other businesses it hopes to soon acquire from Icap produced 8% lower revenue and profits down 16% in the year to 31 March. Tullett has agreed purchased Icap's global hybrid voice broking and information business (IGBB), which includes associated technology and broking platforms and associated businesses, including iSwap and Fusion, with Icap due to end up with a 19.9% in the enlarged Tullett.The transaction is on track but still remains conditional upon clearances from antitrust authorities in the UK, the United States, Australia and Singapore.The global broking business, including iSwap, saw revenue fall 10%, but this was largely offset by information services increasing sales 24%.Revenue from continuing businesses on a constant currency basis, was down 3%, with global broking down 4% and information services up 22%.Global broking continues to be troubled by historically low and negative interest rates, low levels of volatility, and bank deleveraging, which combine to produce a reduced risk appetite for its services."Global economic uncertainties and oil price reductions generated spikes in activity but overall market activity remained subdued," the company said. Last week Tullett said revenue in its existing business was up 2% in four months to April, or 1% lower at constant exchange rates.It said trading conditions had remained mixed, with European and Middle East trading volumes subdued, activity levels in the Americas benefitting from investment in energy there, and the performance of Asia Pacific continuing to progress thanks in part to investments in fixed income products.Broker Numis said it expected the transaction will complete later this year and, once combined, the business is predicrted to generate "significant net synergies of at least £80m over the medium-term as the rationalisation of back office functions and falling broker compensation more than offsets any revenue attrition".Analysts estimate this will underpin EPS growth of roughly 10% per year, even if markets conditions remain challenging."We therefore believe investors will be rewarded with both steady earnings growth and a decent yield of circa 5% whilst they wait for market conditions to improve," Numis added. Shares in Tullett were slightly on the wrong side of flat, at 329p, on Monday morning.

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28 Dec 2016 14:41

Tullett Prebon to become TP ICAP; sees NEX deal done in 2016

(ShareCast News) - Interbroker dealer Tullett Prebon said it was changing it's name to TP ICAP as it said it expected to complete the acquisition of the global hybrid voice broking and information business of rival NEX (formerly known as ICAP). In a statement, Tullett said trading under its new name

5 Dec 2016 12:57

Broker tips: Cranswick, miners, Tullett Prebon

(ShareCast News) - Cranswick's shares were under the cosh on Monday as Numis downgraded the food producer's stock to 'hold' from 'add' and cut the target price to 2,311p from 2,536p. While the company last week revealed a strong set of first half results, Numis noted the market's increased wariness

5 Dec 2016 09:33

BROKER RATINGS SUMMARY: Citi Raises BHP, Anglo, Rio Tinto And South32

5 Dec 2016 09:19

Tullet Prebon shares fall after HSBC rating downgrade

(ShareCast News) - Tullett Prebon's shares fell on Monday as HSBC downgraded the inter-dealer money broker's stock to 'hold' from buy' but raised the target price to 480p from 460p The share price has rallied more than 50% from lows in July following the Brexit vote as the company benefits from fore

29 Nov 2016 13:55

PRESS: Tullett Prebon-ICAP Deal Signed Off By German Regulators

8 Nov 2016 12:11

FTSE 250 movers: JLT and Tullett jag lower, Evraz rides steel spike

(ShareCast News) - The FTSE 250 was led moderately lower on Tuesday as most markets moved skittishly sideways ahead of a US election that is seen as having potentially widespread implications for the global economy. The expected boost to volatility from global markets was behind a rise of interde

7 Nov 2016 16:07

UK Dividends Calendar - Next 7 Days

7 Nov 2016 09:29

BROKER RATINGS SUMMARY: JPMorgan Raises Price Targets For Miners

4 Nov 2016 11:30

UPDATE 1-Tullett Prebon boosted by sterling's fall after Brexit vote

(Adds CEO comments, details, share movement) By Noor Zainab Hussain Nov 4 (Reuters) - British interdealer broker Tullett Prebon Plc on Friday reported higher third-quarter revenue, boosted by a fall in the pound and volatility brought on by Britain's vote to leave the European Union.<

4 Nov 2016 11:02

Friday broker round-up

(ShareCast News) - Coca Cola HBC: Barclays keeps at underweight with a target price of 1630p. Smith & Nephew: Jefferies stays at buy, 1395p target. Merlin Entertainments: Berenberg starts coverage with a 440p target. South 32: Barclays reiterates overweight with a 200p target. Ladbrokes: UBS keep

4 Nov 2016 10:31

WINNERS & LOSERS SUMMARY: Housebuilders Hit By Firm UK Rate Outlook

4 Nov 2016 08:38

BUZZ-Tullett Prebon: 2nd top FTSE midcap gainer on strong Q3

** Tullett Prebon +3% in strong vols & 2nd top midcap gainer as British interdealer broker posts Q3 rev +15% ** Q3 rev jump attributed to Brexit-related pound slide & volatility ** Peel Hunt sees strong performance persisting in Q4 despite tougher comps & expects FY forecast upgrade

4 Nov 2016 07:49

TOP NEWS: Tullett Prebon Boosted By Weak Pound As ICAP Deal Progress

4 Nov 2016 07:30

Tullett Prebon's Q3 revenues lifted by weaker pound

(ShareCast News) - Tullett Prebon reported a 15% jump in third-quarter revenue as it got a boost from the weaker pound, with 60% of group revenues denominated in US dollars. For the quarter to the end of September, revenue rose to £216m from £188m in the same period last year, which was a 4% increas

4 Nov 2016 07:24

Tullett Prebon's Q3 boosted by weak pound, volatility

Nov 4 (Reuters) - British interdealer broker Tullett Prebon Plc reported a jump in third quarter revenue, boosted by a fall in the value of sterling and volatility brought on by Britain's vote to leave the European Union. Tullett, which is to buy ICAP Plc's hybrid voice broking business, s

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