19th Jul 2006 07:01
ICAP PLC19 July 2006 ICAP trading update at AGM for the three months ended 30 June 2006 Michael Spencer, Group Chief Executive of ICAP plc, the world's largest voiceand electronic interdealer broker, will make the following comments at today'sAnnual General Meeting. "ICAP has enjoyed a very encouraging start to the year in both our electronicand voice broking businesses. The wholesale financial markets during the firstthree months of our financial year have all been very active compared with thesame period last year, with particularly high levels of market activity duringMay. ICAP has benefited from the recent market turbulence. In particular, emergingmarkets and foreign exchange benefited from very volatile conditions and equityderivatives were especially active. Interest rate swaps in most markets werebusier than they have been for some time. Government bond market volumes on theother hand have maintained similar levels to last year. The credit markets sawspreads briefly widen in May before the markets calmed again but volumes in thecredit default swap market have continued to grow with the electronic portion ofour business in Europe rising significantly. We have already made good progress with the integration of EBS in the six weekssince the acquisition was completed and are confident that the integrationsavings will exceed our initial forecasts. The EBS business is performing verywell. We remain comfortable with the consensus of the forecasts prepared by analysts." 19 July 2006 Note: The current forecasts of ICAP plc pre-tax profits referred to in thisannouncement are based on forecasts of profit before tax, amortisation andimpairment of intangibles arising on consolidation and exceptional itemsprovided by eight equity analysts. The consensus of those forecasts for the yearto March 2007 is £256 million compared with the results for the year to March2006 when ICAP plc's profits were £204 million. Contacts: Michael Spencer Group Chief Executive (44) 20 7050 7400Mike Sheard Director of Corporate Affairs (44) 20 7050 7103Neil Bennett The Maitland Consultancy (44) 20 7379 5151 About ICAP: ICAP is the world's largest interdealer broker with a daily average transactionvolume in excess of $1 trillion, more than 50% of which is electronic. The Groupis active in the wholesale markets in interest rates, credit, commodities,foreign exchange and equity derivatives. In June 2006 ICAP acquired EBS, theworld's leading provider of FX trading and market data solutions. ICAP plc wasadded to the FTSE 100 Index on 30 June 2006. For more information go towww.icap.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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