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Broker Icap is thriving in the turmoil
16.07.08
Turmoil in financial markets may be giving many in the City nightmares - but it is good news for interdealer broker Icap.
Chief executive Michael Spencer said today: "Icap has continued to benefit from higher-than-average levels of volatility as well as the investment we have made in recent years to broaden our business.
"We remain very positive about the outlook for the business. As a result of this volatility, activity levels in interest rates, foreign exchange and energy markets continued to be high."
Revenues in April to June were up 15% and Spencer said he expected Icap profits to be "broadly in line with" with analysts' forecasts.
Current predictions for the 12 months to March 2009 range from £344 million to £405 million, compared with last year's profits of £330 million.
