TULLETT PREBON PLC INTERIM MANAGEMENT REPORT - for the six months ended 30 June 2012
Financial Highlights
- Revenue £455.1m (2011: £454.8m)
- Underlying Operating profit £73.7m (2011: £79.4m)
- Underlying Operating margin 16.2% (2011: 17.5%)
- Underlying Profit before tax £68.3m (2011: £73.8m)
- Underlying Basic EPS 23.3p (2011: 24.5p)
- Reported Profit before tax £46.6m (2011: £74.6m)
- Reported Basic EPS 16.8p (2011: 24.8p)
- Interim dividend 5.6p per share (2011: 5.25p per share)
Terry Smith, Chief Executive, commented:
"The results for the first half of the year demonstrate the strength of the business in challenging market conditions. The results also reflect the benefit of the actions that have been taken to reduce costs and to maintain flexibility in the cost base, to strengthen the broking business in all three regions, and to develop our Information Sales and Risk Management Services businesses.
Market conditions are expected to continue to be challenging. The world's financial markets remain unsettled, but market activity has been subdued in recent months and it seems reasonable to expect that it will remain so during the second half, particularly in comparison with some periods of more heightened activity during the second half last year.
The business provides a valuable service to clients through its ability to create liquidity through price and volume discovery to facilitate trading in a wide range of financial instruments. We believe that we are well positioned to continue to provide a valuable service to clients and that our offering can be developed to meet the various new OTC market regulations that are being introduced.
The interim dividend will be paid on 15 November 2012 to shareholders on the register at close of business on 26 October 2012."
