29th Jan 2016 07:40
LONDON (Alliance News) - Tullett Prebon PLC said Friday revenue rose 14% in the final two months of 2015 compared to the previous year, helping to take its revenue growth for the year to 13%.
The interdealer broker said its revenue in 2015 was GBP796 million, up 13% from the GBP704 million it reported in 2014. Excluding PVM Oil Associated Ltd and its subsidiaries, which Tullett acquired in November 2014, revenue was down 1%.
Tullett said that activity in some traditional interdealer product areas in the last two months of 2015 had been higher than it had seen a year before, with the increased level of activity it saw in oil and related products market continuing.
The company expects its 2015 full year underlying profit margin to be higher than it had previously indicated at around 13.5%.
Tullett reiterated that it has taken actions to reduce its headcount and fixed costs. It expects these actions to result in a reduction in headcount by around 7.5%. The costs of these actions are expected to be around GBP25 million, which will be an exceptional item in Tullett's 2015 accounts. It expects a further charge of less than GBP10 million in the first half of 2016.
Tullett Prebon will report its 2015 results on March 1.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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