ICAP ups divi by a tenth despite grim market conditions

Bank recapitalisation & deleveraging, uncertainty over regulatory reform and even the London Olympics were cited by ICAP boss Michael Spencer as reasons for the inter-dealer broker's interim revenues and profits declining.

Bank recapitalisation & deleveraging, uncertainty over regulatory reform and even the London Olympics were cited by ICAP boss Michael Spencer as reasons for the inter-dealer broker's interim revenues and profits declining.

Headline profit before tax in the six months to the end of September fell 26% to £137m from £186m the year before, while statutory profit before tax halved to £50m from £101m. The statutory profit figure includes acquisition & disposal costs and other exceptional items.

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