Group Highlights
Group revenue from continuing businesses increased by 4%, and by 1% on a constant currency basis
35% increase in TriOptima's revenue (on a constant currency basis) drove the 8% revenue growth to £119 million in the Post Trade Risk and Information division
£39 million invested in new product initiatives up 34%
Electronic Markets and Post Trade Risk and Information generated 77% of the Group's trading operating profit
Trading profit before tax increased 17% to £101 million despite ongoing cyclical and structural headwinds
Trading EPS (basic) increased 29% to 13.0p
Interim dividend payment to shareholders maintained at 6.60p per share
Proposed transformational transaction with Tullett Prebon to combine IGBB and create a focused electronic and post trade services Group (see separate announcement)
Michael Spencer, Group Chief Executive Officer, said: "We have continued to make progress against our strategic priorities. Our first half performance benefited from the investment we have made in our people, technology and products, and we've made good progress with new business initiatives. It's been an active six months during which EBS BrokerTec significantly increased FX volume in Asian emerging market currencies, strong revenue growth continued at TriOptima driven by demand for risk reduction and reconciliation services, and Euclid made further strategic investments.
"Since our Q1 trading update low levels of volatility have continued in both rates and G7 currencies, risk appetite remains subdued and the timing of any interest rate moves remains uncertain. Despite this challenging backdrop, we remain well positioned to benefit from any future improvement in trading conditions.
"Today we announced that we have agreed terms to sell our Global Broking and associated information services business to Tullett Prebon. This compelling opportunity will create a significant value for ICAP shareholders and represents a step change in transforming ICAP into a focused electronic and post trade services Group."
