Revenues down at Tullett as BGC lawsuit drags on

INTERDEALER broker Tullett Prebon said “unsettled” markets and office closures pulled revenue down for the first four months of the year, adding that it was pushing ahead with legal action against rival BGC Partners.

London-based Tullett said yesterday that trading this year to April was flat on last year, leading to a three per cent fall in revenue to £304m for the period, while trading last month “slowed somewhat”.

The firm said underlying revenue for the four-month period, taking out the effect of office closures in the US, was two per cent higher than last year.

The broker, which settled its high-profile poaching court case against BGC last month without disclosing the value of the settlement, said it was pushing ahead with similar legal action in New York, Hong Kong and Singapore.

Last March the High Court found BGC guilty of unlawfully inducing 10 London-based brokers to breach their employment contracts, which led to the damages trial that was resolved in April.

Tullett and BGC agreed they would make no statement on the settlement of the UK case but further hostilities are imminent if Tullett can bring similar charges for additional broker defections in the US and Asia.