ICAP is an interdealer broker and provider of post trade risk mitigation and information services. I have a holding in my income portfolio (epic code: IAP).
Not a good day for ICAP, that announced today a weak trading update and the resignation of its FD.
Group revenue for
the half year to 30 September 2014 is expected to be 10% lower than the
previous year on a constant currency basis and 15% lower on a reported basis. Although on a positive note this was an improvement from the first quarter where on a constant currency basis revenue was 14% lower than last year and 19% lower on a reported basis.
Management state that restructuring of the Global Broking division
remains on-track to deliver a more focused business and annualised savings in
excess of £60m. Of this, £40m will be realised in the
current year's income statement, principally in the second half of the
year, so profits will be more heavily weighted to the last 6 months of the year.
Iain Torrens, their Group Finance Director, is leaving
to join TalkTalk Group PLC, but has said he will remain in place until a replacement is found.
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