1st Apr 2014 08:23
LONDON (Alliance News) - ICAP PLC Tuesday said it expects results for its recent financial year to be in line with current market expectations, though its global broking division has had a hard two months.
According to a poll of 11 analysts conducted by ICAP, the current range of forecasts for the year ending March 31 is between GBP266 million and GBP280.0 million, with a GBP273.0 million consensus.
The interdealer broker said February and March revenue in the division was down by 14% compared with the corresponding period in 2013.
But ICAP said its electronic markets division benefited from continued volatility around US tapering, while its new EBS Direct service continues to show "strong" growth.
ICAP said revenue growth in the post-trade division was driven by the ongoing investment in new products and the positive impact of increased demand for its services from financial regulatory reforms, with TriOptima delivering a strong performance in the last three months of the year.
ICAP expects to report results for the year ending March 31 on May 14.
ICAP shares were Tuesday quoted at 391.80 pence, up 3.8%.
By Samuel Agini; [email protected]; @samuelagini
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