Icap: outlook is positive despite uncertainty on Greece and rates

 
Caitlin Morrison
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Michael Spencer founded Intercapital in 1986 and it became Icap after a series of deals
ICAP boss Michael Spencer said the broking firm had started the year on an improved footing, despite challenges arising out of the uncertainty regarding Greece and a lack of clarity around interest rates.

The company posted a one per cent drop in revenue for the three months between 1 April and 30 June, however the chief executive said: “We have started the year a leaner business, set for long-term growth and increased profitability.”

The company’s electronic markets business grew revenue by six per cent during the first quarter, offset by declines in the global broking and post trade risk and information divisions.

Icap said continuing uncertainties surrounding Greece and the future of the Eurozone had reduced risk appetite and trading volume, and also cited the fact that there is “still no clear picture on the future direction and timing of any interest rate moves”.

Shares closed up by 1.54 per cent.

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