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Tullett gets a boost from weak pound
14 May 2009Broking house Tullett Prebon today reported a 10% rise in revenues as it faced shareholders over the £4.5 million bonus paid to chief executive Terry Smith.
The City firm said revenues hit £354 million in the first four months of the year as the weak pound lifted the value of business done in foreign currencies.
It also told shareholders at its annual meeting that it was "well positioned to cope with less favourable market conditions if they occur".
Tullett has caused a stir in the City over the size of Smith's payout, which was approved by Michael Fallon, the senior Conservative MP on the Treasury Select Committee who is a non-executive director and chairman of the remuneration committee.
The bonus and Smith's £5.1 million share award were approved by shareholders after Tullett profits jumped 36% last year to £155 million.
