Icap revenue up despite subdued markets


ref="http://www.cityam.com/company/icap">Icap it has shrugged off "generally quieter markets" in the six months to the end of September to report revenue up nine per cent at £867m.

Profits before tax rose two per cent to £183m from £179m in the same period last year, and it increased its dividend by three per cent to 5.27p a share.

"During a period of generally quieter markets Icap has delivered good revenue and earnings growth driven primarily by our strong electronic broking franchise," chief executive Michael Spencer said.

The UK broker, which trades currency, bonds and swaps globally, said in an emailed statement on Wednesday its electronic broking and post-trade services businesses accounted for more than half its profit for the first time.

Electronic broking profit was up 24 per cent on last year to £62m, its post-trade line was up 30 per cent to £9m, while profit from its traditional voice broking business grew just two per cent, to £107m.