Last checked at 12 May 2016 07:00
12 May 2016
Tullett Prebon plc
AGM Statement and Trading Update
Tullett Prebon plc (the "Company") is issuing a trading update in relation to the four month period from 1 January 2016. This statement will be delivered by the Chairman to those attending today's Annual General Meeting.
Business Update
Revenue in the four months to April 2016 of £291m was 2% higher than the £285m reported for the same period last year, and 1% lower at constant exchange rates.
Trading conditions have remained mixed, although the pick-up in activity levels in certain products and markets observed in the last two months of 2015 has continued during the period. In Europe and the Middle East, trading volumes have remained subdued, reflecting lower activity in traditional product areas. Activity levels in the Americas have benefited from the investments that have been made in Energy in the region. The performance of Asia Pacific has continued to progress, benefiting from the investment made in Fixed Income capability at the end of 2015.
In November 2015, the Company announced its proposed acquisition of the global hybrid voice broking and information businesses of ICAP plc (the "Transaction"). The Company continues to plan for the integration of the two businesses. In March, both companies' shareholders approved the proposed transaction, which remains subject to clearance from certain antitrust authorities and various regulatory consents. The Company continues to expect that the Transaction will complete in 2016.
The Company notes that ICAP plc will report its Preliminary Results on Monday, 16 May, 2016. Accordingly, the Company will issue an announcement and a Supplementary Prospectus on the same day setting out the preliminary results of the businesses it is acquiring from ICAP.
Enquiries:
Tullett Prebon plc
Stephen Breslin, Head of Communications
Direct +44 (0)20 7200 7750
Email: sbreslin@tullettprebon.com
Brunswick Group
Kim Fletcher
Craig Breheny
+44 (0)20 7404 5959
Email: tullettprebon@brunswickgroup.com