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Michael Spencer, group chief executive officer of ICAP

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ICAP operating profit rises by six per cent

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Markets operator ICAP has reported operating profit of GBP153m for the six months ended 30 September 2013, an increase of six per cent on the previous year.

Group revenue at GBP736m was marginally (one per cent) down on the prior year, while group operating profit margin increased by 2ppt to 21 per cent (H1 2012/13 – 19 per cent).
 
Profit before tax (PBT) of GBP139m was one per cent higher than the prior year.
 
Michael Spencer (pictured), group chief executive officer, says: “We have made good progress despite the subdued market conditions over the summer and uncertainty created by the implementation of new financial markets regulations in the US. Notwithstanding the decline in revenue and the continued investment in the business, our operating margin has improved, demonstrating the positive impact of the cost saving initiatives implemented across the group.
 
“The launch of our SEF in October 2013 was an important milestone and early signs are promising. We are working closely with our customers to help them through the transition to this new trading environment and are pleased with the positive feedback we have received so far. We have also strengthened the management team through the appointment of Laurent Paulhac as CEO of ICAP’s SEF.
 
“ICAP’s portfolio of post trade assets continues to lead the market in offering innovative pre and post trade solutions to meet the new regulatory requirements. The number of customers using triResolve, TriOptima’s reconciliation service, has more than doubled during the past year to over 500. Traiana’s new real time service for monitoring and managing pre and post trade credit across trading venues, CreditLink, has become the market leading solution for pre-trade screening of transactions on SEFs.”

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