the world's premier interdealer broker, today announced its report for the half year ended 30 September 2010.
• Group revenues increased by 9% to £867 million (30 September 2009 - £794 million). Revenues on an underlying basis5 increased by 2%
• EPS (continuing adjusted basic)4 increased by 9% to 20.8p (30 September 2009 - 19.1p)
• Over 51% of ICAP operating profits now from non-voice broking activities
• Successful launch in September of electronic euro interest rate swap platform - close to €110 billion volume transacted and more than 1,000 trades
• Electronic revenues increased by 24% to a record £151 million (30 September 2009 - £122 million)
• Group operating profit margin3 23% (30 September 2009 - 23%)
• Free cash flow6 of £48 million (30 September 2009 - £107 million). Net debt7 of £184 million (31 March 2010 - £148 million)
• Interim dividend payment to shareholders of 5.27p per share, an increase of 3%
Michael Spencer, Group Chief Executive Officer, said, "ICAP has performed well during the six months and we have continued to make significant progress towards our strategic goals, including the launch of the electronic euro interest rate swaps platform with market maker support. During a period of generally quieter markets ICAP has delivered good revenue and earnings growth driven primarily by our strong electronic broking franchise.
The Group remains focused on the disciplined execution of our strategy and we have positioned the business for sustained long-term development. This year we are concentrating on organic growth and remain committed to a collaborative relationship with our bank customers.
As the banks and our regulators seek to create more resilient, robust and orderly OTC derivatives markets we are working to expand the use of the market infrastructure we have built. As a result we believe that we can continue to deliver sustainable long term growth."