JAMES HAMILTON NUMIS SECURITIES LIMITED
Voice broking looks like it has been stronger than the weak electronic volumes seen in recent months. Profits will be flat this year with the benefit of £20m of savings, largely from lower bonuses, which may not be sustainable.
SARAH ING SINGER CAPITAL MARKETS
In terms of outlook, Icap has seen an improvement in risk appetite in some markets and management expect a slow move towards normalised markets as the year progresses. The shares have performed well year to date reflecting this improvement.
NESE GUNER CITIGROUP
We expect Icap to report further cost cuts for full year 2013 with its full year results announcement in May. We forecast a three per cent decline in ICAP’s full year 2013 fixed cost base.