IAP.L Regulatory News (IAP)

28 Sep 2005 07:00

ICAP PLC28 September 2005 ICAP Pre Close Period Trading Statement London, September 28, 2005 - ICAP plc (IAP.L), the world's largest interdealerbroker announces the following trading update ahead of the close periodfollowing its financial half year ended 30 September 2005. ICAP's interimresults will be announced on 22 November 2005. Michael Spencer, Group Chief Executive, commented "At the halfway stage, ICAP'selectronic and voice broking businesses have shown excellent growth comparedwith the same period last year. Activity levels in the wholesale financialmarkets in fixed income securities and OTC derivatives during the first threemonths of our financial year were noticeably higher ahead of the traditionalseasonal slowdown during the summer. We have further advanced our market sharein both electronic and voice broking. Although yield curves have been fairly flat, interest rates have continued to bevolatile, particularly in the medium and longer term dollar markets. With loweryields in US Treasuries the mortgage market has responded robustly. Our energybusinesses have experienced a substantial increase in activity, particularly inthe oil markets. In the credit markets, credit derivatives have beenparticularly busy but with tight credit spreads trading volumes in manycorporate bond sectors have remained quiet. We expect to benefit from further organic growth and continue to look atacquisition opportunities." Profit (before tax, exceptional items and amortisation of intangibles) for thefinancial year ended 31March 2006 is anticipated to be in line with currentanalysts forecasts, including recent upgrades+. Note: + The current analysts forecasts of ICAP plc pre-tax profits referred to in thisannouncement are based on forecasts of profit before tax, exceptional items andamortisation of intangibles provided by eight equity analysts. The average ofthose forecasts for the year to 31 March 2006 is £197 million, they rangebetween £192 million and £202 million. In the financial year to 31 March 2005,ICAP plc's IFRS pre-tax profit on this basis was £176.7 million. Enquiries ICAP plcMichael Spencer Group Chief Executive (44) 20 7050 7400Mike Sheard Director of Corporate Affairs (44) 20 7050 7103 The Maitland ConsultancyNeil Bennett (44) 20 7379 5151 About ICAP ICAP is the world's largest voice and electronic interdealer broker with a dailyaverage transaction volume in excess of $1 trillion, 50% of which is electronic.The Group is active in the wholesale market for OTC derivatives, fixed incomesecurities, money market products, foreign exchange, energy, credit and equityderivatives. Please go to www.icap.com for more information. This information is provided by RNS The company news service from the London Stock Exchange