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    Tuesday, November 17, 2009

    Icap Profit Edges Up 2%

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    By Simon Kennedy
    MarketWatch Pulse
       

      LONDON -- U.K. interdealer broker Icap said Tuesday that its fiscal first-half net profit edged up 2% to 94 million pounds ($158 million) as revenue rose 6% to 809 million pounds. The group said underlying operating profit fell 24% as its margin shrank, driven by the early stage of some acquisitions and investments. Icap said it made a solid start to the year before a pronounced seasonal slowdown in the summer -- something it hadn't seen for the past two years -- with higher market activity levels returning in September. The group added it expects to improve profitability at its new businesses and that it expects operating earnings for the year to be in line with market expectations.

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