Inter-dealer broker Tullett Prebon expects revenues for 2011 to be on a par with 2010 although adjusting for the closure of some offices in North America and for the acquisition of Conveno, revenue is expected to be around 2% higher.
Total revenues for last year are expected to be £908.5m.
The acquisition of the New York based municipal bond broker Chapdelaine & Co., has completed, with an effective date of 1 January 2012.
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Tullett has also spent £10m "reducing the cost base", a charge which will be included in the 2011 accounts. The company says further such actions will be taken in 2012
Over the last 12 months Tullett Prebon shares have dropped 30%.
BS
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