Tullett Prebon profits down

Interdealer broker Tullett Prebon reported flat 2011 revenues and profits down on the previous year, blaming "unsettled" markets for the performance.

The broker, which matches buyers and sellers of currencies, bonds and swaps, said on Tuesday revenue last year was £910.2, compared with £908.5m in 2010.

Underlying profit before tax was £136.1m compared with £149m in 2010, while basic earnings per share were down to 41.3 pence from 50.5 pence in the previous year.

Tullett Prebon chief Executive Terry Smith said: "Market and competitive conditions are expected to continue to be challenging.

"The world's financial markets remain unsettled, however, and it seems reasonable to expect that there will be some periods of market volatility and heightened activity during 2012, as well as periods of more subdued activity," Smith added.