Tullett Prebon sees profit fall

City A.M. Reporter
TULLETT Prebon, the world's second-biggest interdealer broker, has posted a fall in half-year profits as the departure of brokers to a rival and adverse currency movements hit earnings.

However, Tullett – which in May announced the end of talks over a possible takeover of the group – said it expected a "good outcome" for its full-year results.

Operating profit for the six months ended June 30 fell 15.8 per cent from last year to £84.7m.

Tullett said the recent departure of some of its brokers to rival BGC Partners had contributed to a seven per cent fall in revenue, while its earnings had also been hit by adverse foreign exchange movements.

Last month ICAP, the world's biggest interdealer broker, reported higher quarterly revenues and profits but said trade volumes had slowed down significantly.