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Michael Spencer was today awarded a £23.5million dividend after his broking firm Icap beat forecasts with a 5% rise in profits.
Icap, the world's largest interdealer broker, racked up profits of £346 million in the 12 months to the end of March compared with £330 million the previous year. It raised the dividend by 9% to 17.05p a share giving chief executive Spencer a windfall of £23.5million on his 138 million shares.
That was nearly £2 million more than his dividend payment the previous year when he also earned £9.1million in wages, fees and bonuses.
It has been a difficult credit crunch for Spencer who according to The Sunday Times Rich List saw his fortune shrink by £900 million to £250 million last year.
However, profits were up at Icap driven by a 23% jump in revenues to £1.6 billion. Shares rose 6p to 405½p having fallen close to 200p in February.
