1st Mar 2016 08:08
LONDON (Alliance News) - Interdealer broker Tullett Prebon PLC on Tuesday reported an increase in annual pretax profit, helped by an expansion into energy and commodity products at a time of volatility in oil prices.
Pretax profit rose to GBP105.7 million in 2015, from GBP33.5 million the prior year. On an underlying basis, pretax profit rose to GBP93.7 million from GBP86.6 million. Tullett maintained a total dividend of 16.85 pence in 2015.
Revenue increased to GBP796.0 million in 2015, from GBP703.5 million the prior year, while administrative expenses rose to GBP747.2 million from GBP677.0 million.
The company said it still expects the acquisition of ICAP PLC's voice broking business to close in 2016.
"The agreement for the acquisition of ICAP's global hybrid voice broking and information business provides a unique opportunity to accelerate the delivery of our strategy, and we are in the process of planning the integration of the two businesses to be implemented after completion of the transaction which we expect will be during 2016," Chief Executive John Phizackerley said.
"We will continue to look for opportunities to deliver our objectives to build revenue and raise the quality and quantity of earnings through further diversification of the client base, continued expansion into Energy and commodities, and building scale in the Americas and Asia Pacific, whilst preserving the business's core franchises," Phizackerley said.
Shares in Tullett were up 1.3% at 352.60 pence on Tuesday morning.
By Samuel Agini; [email protected]; @samuelagini
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