Money broker Tullett Prebon posted a decline in annual profit and a modest increase in revenue as it weathers challenging market and competitive conditions.
The firm, which offers broking solutions to volatility trading, interest rate options, treasury, and credit derivatives, said underlying pre-tax profit fell to £136.1m for the year ended 31 December 2011 from £149m the year before. Revenue was little changed at £910.2m from £908.5m previously.
Underlying operating margin reduced to 16.3% from 17.6% in 2010 while basic underlying EPS dropped to 46.1p from 50.1p before.
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Chairman Keith Hamill said, "The financial results for 2011 demonstrate the strength of the business in challenging market and competitive conditions, and the value of the service the business provides to participants in the world's OTC financial markets."
He added, "The world's financial markets remain unsettled, however, and it seems reasonable to expect that there will be some periods of market volatility and heightened activity during 2012, as well as periods of more subdued activity."
Tullett Prebon recommended a final dividend of 11.25p per share, making the total dividend for the year 16.5p per share, up 5% on the 15.75p per share paid for 2010.
