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12 May 2011 07:00
12 May 2011
Tullett Prebon plc
AGM Statement and Interim Management Statement
Tullett Prebon plc (the "Company") is today issuing its Interim Management Statement in relation to the period from 1 January 2011. This statement will be delivered to those attending the Annual General Meeting today.
Business Update
The world's financial markets remain unsettled and the level of activity in the markets during the first quarter was at very similar levels to the same period last year. Activity slowed somewhat during April.
The underlying revenue run rate, adjusting for the closure of the six satellite offices in North America and at constant exchange rates, was 2% higher in the first four months of the year than in the comparable period a year ago. Revenue in the four months to April was £304m, 3% lower than reported for the equivalent period last year.
On 18 March the Company announced the appointment of John Abularrage as the new Chief Executive Officer of the Americas region, together with the appointment of Martin Lynch as Chief Operating Officer for the region. These appointments increase the regional management capability of the business as the rebuilding of our activities in the Americas continues. The effective dates for the appointments are still to be confirmed.
The legal action that the Company had taken in London against BGC, two of BGC's senior directors and ten former Company brokers, in response to a raid by BGC in early 2009 on the London business, has been settled. As part of the settlement it was agreed that no further statement will be made by either side about the settlement or the dispute.
Legal action continues to be pursued against BGC and former employees in the United States. Legal action also continues to be pursued against former employees in Hong Kong and Singapore who have unlawfully terminated their employment with the Company in order to join BGC.
The Company's financial position remains strong.
Enquiries:
Charlotte Kirkham, M:Communications
+44 (0)20 7920 2331
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