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ICAP Sees Lower HY Revenue; Group Finance Director Iain Torrens To Step Down
[September 30, 2014]

ICAP Sees Lower HY Revenue; Group Finance Director Iain Torrens To Step Down


(dpa-AFX International Compact Via Acquire Media NewsEdge) LONDON (dpa-AFX) - Inter-dealer broker ICAP Plc (IAP.L, IAPLY.PK, IAPLF.PK), in its trading statement, said that it expects group revenue for the half year to 30 September 2014 to be 10% lower than the previous year on a constant currency basis, while it will be 15% lower than last year on a reported basis.



The phasing of full year profits is expected to be more heavily weighted to the second half than in comparison to prior years.

According to the company, trading performance of Global Broking and EBS Market was materially impacted by bank deleveraging, combined with low interest rates and subdued FX volatility but showed significant month-on-month improvement in September.


In a separate press release, the company announced that Iain Torrens, Group Finance Director, is leaving the Group to join TalkTalk Group Plc.

The company said its board has begun a process to search for his replacement and has appointed Spencer Stuart to seek a successor to Torrens, which will be announced in due course. Until then, Torrens has agreed to remain with the Group to ensure a smooth transition.

Copyright RTT News/dpa-AFX

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