Less Ads, More Data, More Tools Register for FREE

Pin to quick picksTP ICAP Regulatory News (TCAP)

Share Price Information for TP ICAP (TCAP)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 204.00
Bid: 203.00
Ask: 204.00
Change: 1.50 (0.74%)
Spread: 1.00 (0.493%)
Open: 207.50
High: 207.50
Low: 201.50
Prev. Close: 202.50
TCAP Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Interim Management Statement

9 Nov 2012 07:00

RNS Number : 7169Q
Tullett Prebon PLC
09 November 2012
 



9 November 2012

 

Tullett Prebon plc

 

Interim Management Statement

 

Tullett Prebon plc (the "Company") is today issuing its Interim Management Statement in relation to the period from 1 July 2012.

 

Business Update

 

Market conditions have continued to be challenging and the overall level of market activity has remained subdued. Since the half year the level of market activity has been lower than in the same period last year, which benefited from some periods of more heightened activity, particularly in August.

 

Revenue in the four months July to October of £276m was 12% lower than reported for the same period last year. At constant exchange rates, and excluding the acquisitions of Convenção and Chapdelaine, revenue was 15% lower. This reflects a particularly slow July and August period compared with the prior year. Revenue in July/August, at constant exchange rates and excluding the acquisitions, was 19% lower than in the prior year. Revenue in September/October, at constant exchange rates and excluding the acquisitions, was 10% lower than in the prior year, including the adverse effect of Hurricane Sandy on activity in North America in the last few days of the period.

 

Year to date (January to October) revenue of £731m was 5% lower than that reported for the same period last year. Using constant exchange rates, and excluding the acquisitions, year to date revenue was 9% lower. 

 

Action was taken during the first half of the year and at the end of 2011 to reduce fixed costs and to maintain flexibility in the cost base through the exit or restructuring of contracts of individual brokers. These actions, which were designed to ensure that the business was well positioned to respond to less favourable market conditions by preserving the variable nature of broker compensation costs in relation to broking revenue, have been effective. 

 

The Company has been ranked as the overall number one interdealer broker in Risk magazine's 2012 annual interdealer rankings published in September. Dealers across the global wholesale banking market voted Tullett Prebon first place in 36 product categories, more than any other broker. This is the second time in three years that the Company has been ranked as the overall number one in the industry, and reflects the business's delivery of flexible and innovative products, as well as best in class service.

 

The business has continued to develop its electronic broking capabilities through the development and launch of platforms to provide clients with the flexibility to transact either entirely electronically or via the business's comprehensive voice execution broker network. This hybrid model is consistent with the nature and operation of the majority of OTC product markets which are not characterised by continuous trading, and which therefore depend upon the intervention and support of voice brokers for their liquidity and effective operation.

 

In the United States, the final rules relating to Swap Execution Facilities (SEF) have not yet been published. We are continuing to prepare for the implementation of these rules, and we are confident that we will qualify as a SEF.

 

Since 30 June, £7.0m of costs have been incurred in relation to the legal action between the Company and BGC relating to the raid on the business by BGC in the second half of 2009, taking the year to date exceptional charge for major legal actions to £13.9m.

 

The Company's financial position remains strong.

 

 

Enquiries:

 

Nigel Szembel, Head of Communications, Tullett Prebon plc

Direct: +44 (0)20 7200 7722

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IMSBCBDBIXGBGDI
Date   Source Headline
24th Mar 20207:00 amRNSDirectorate Change
20th Mar 20207:00 amRNSHolding(s) in Company
17th Mar 202010:52 amRNSHolding(s) in Company
10th Mar 20207:00 amRNSFinal Results
6th Mar 20207:00 amRNSDirectorate Change
18th Feb 20202:54 pmRNSHolding(s) in Company
18th Feb 20207:00 amRNSDirectorate Change
23rd Jan 20205:33 pmRNSHolding(s) in Company
16th Jan 20202:34 pmRNSHolding(s) in Company
24th Dec 20197:00 amRNSProposed acquisition of Louis Capital
23rd Dec 20197:00 amRNSIntroduction of a new Jersey incorporated HoldCo
11th Dec 20199:29 amRNSHolding(s) in Company
1st Nov 20191:58 pmRNSHolding(s) in Company
1st Nov 20197:00 amRNSTrading Statement
31st Oct 20197:00 amRNSTotal Voting Rights
18th Oct 20197:10 amRNSDirectorate Change
11th Oct 20197:00 amRNSSettlement of FCA Investigation
7th Oct 20198:50 amRNSHolding(s) in Company
27th Sep 20197:00 amRNSDirector Declaration and Board Change
19th Sep 20192:22 pmRNSHolding(s) in Company
16th Sep 20194:13 pmRNSAcquisition
14th Aug 20194:41 pmRNSDirector/PDMR Shareholding
6th Aug 20197:00 amRNSFinancial and Interim Management Report
28th Jun 20193:26 pmRNSDirector/PDMR Shareholding
6th Jun 20194:08 pmRNSDirector/PDMR Shareholding
28th May 20191:20 pmRNSPublication of Final Terms
24th May 201910:38 amRNSResult of Tender Offer
16th May 201910:58 amRNSTender Offer
15th May 20195:45 pmRNSPublication of a Prospectus
15th May 20194:41 pmRNSConfirmation of Richard Berliand as Chairman
15th May 20194:37 pmRNSResult of AGM
15th May 20197:00 amRNSAGM Statement and Trading Update
12th Apr 20191:17 pmRNSDirector/PDMR Shareholding
3rd Apr 20195:35 pmRNSDirector/PDMR Shareholding
19th Mar 20197:01 amRNSConfirmation of Director Appointment
19th Mar 20197:00 amRNSFinal Results
1st Mar 20192:58 pmRNSHolding(s) in Company
28th Feb 20192:22 pmRNSHolding(s) in Company
21st Feb 20194:14 pmRNSHolding(s) in Company
7th Feb 20194:15 pmRNSHolding(s) in Company
29th Jan 20192:13 pmRNSStatement re Press Release
28th Jan 20195:00 pmRNSHolding(s) in Company
25th Jan 20197:00 amRNSBoard Committee Changes
17th Jan 20199:17 amRNSHolding(s) in Company
14th Dec 20181:52 pmRNSHolding(s) in Company
14th Dec 20187:00 amRNSDirectorate Change
13th Dec 20189:22 amRNSHolding(s) in Company
4th Dec 20184:15 pmRNSHolding(s) in Company
3rd Dec 20183:59 pmRNSHolding(s) in Company
16th Nov 20184:08 pmRNSHolding(s) in Company

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.