(IAP) ICAP
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| Wed 12:44 | RNS |
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RNS Number : 6068W ICAP PLC 01 February 2012 ICAP plc ("the Company")
Voting rights and capital
In conformity with the FSA's Disclosure and Transparency Rule 5.6.1, the Company advises the market that as at 1 February 2012 its capital consists of 664,856,224 ordinary shares.
The Company holds 18,294,235 ordinary shares in Treasury.
Therefore the total number of voting rights in the Company is 646,561,989.
The above figure of 646,561,989 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, ICAP plc under the FSA's Disclosure and Transparency Rules.
1 February 2012
This information is provided by RNS The company news service from the London Stock Exchange More |
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| Wed 07:00 | RNS |
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RNS Number : 5689W ICAP PLC 01 February 2012 ICAP plc Interim Management Statement
London, 1 February 2012 - ICAP plc (IAP.L), the world's leading interdealer broker, today issues its Interim Management Statement for the period from 1 October 2011 to 31 January 2012 and the outlook for ICAP's financial year ending 31 March 2012.
As previously indicated, the third quarter ended 31 December 2011 was less active than the first half with Group revenue from continuing operations for the nine months to 31 December lower by 2% compared with the same period in the previous year. For the third quarter, Group revenue from continuing operations fell by 7% compared with the strong third quarter of 2011.
The continued uncertainty in the Eurozone and constraints on market liquidity, together with customers reducing risk before the year-end, led to more subdued volumes. Our post trade businesses however continued to perform strongly throughout the period.
It is still relatively early in 2012 but we have seen signs of an encouraging recovery in voice broking revenue. Volumes on our electronic platforms however, while up on December, are down 19% compared to a busy January 2011 due mainly to very low volatility in yen and Swiss FX as a result of central bank actions.
In response to market conditions, we have also been realigning our business to match customer demand by reducing headcount in areas of lowered profitability, while investing and hiring in growth areas such as financial futures and commodities. To date we have reduced our cost base by a net £20 million compared to the prior year.
As a result, we expect pre-tax profits for the year to 31 March 2012 to be towards the upper end of the current analyst range of £336 million to £358 million.
The Board has today appointed John Sievwright as its Senior Independent Director.
Outlook: The global outlook remains uncertain but there are some grounds for cautious optimism. There are indications of improvement in the US economy and European government and institutional activity has improved liquidity conditions. As certainty and confidence return, so will our customers' willingness to transact.
Commenting on the third quarter and outlook, Michael Spencer, Group Chief Executive Officer of ICAP, said: "Like everyone else we saw a significant reduction in risk appetite in November and December. In January we saw encouraging signs of activity starting to return, albeit cautiously in some markets.
"ICAP is well placed to capitalise on the rapidly changing shape of the wholesale financial markets and to serve our customers' needs. The financial strength of our business means we can continue to invest in the technology, markets and products that will drive future growth. Our market-leading electronic fixed income platform, BrokerTec, will benefit from a significant upgrade in March leading to improved processing speed and expanded capacity.
"The wholesale markets play a vital part in the efficient flow of capital around the global economy and ICAP will continue to play a leading role in helping our customers manage and mitigate their risks."
Business performance: In the third quarter, the voice broking business recorded lower activity overall as uncertainty weighed on the markets. However, energy performed well globally during the period, as did European government bonds. While credit markets remain challenging, we saw a good performance in European and Asian credit derivatives. We also saw a strong performance in on and offshore Chinese Renminbi. Our restructuring in Brazil is on track; revenues grew strongly in the third quarter and we expect to reach breakeven during the second half of the next financial year. In December we expanded our financial futures business creating a global execution model with operations in London, New York, Chicago and Sydney.
On our benchmark electronic foreign exchange and fixed income platforms, EBS and BrokerTec, total average daily volumes for the quarter ended 31 December 2011 were $730 billion, a decrease of 7% year on year, albeit the comparison period benefited from quantitative easing. In fixed income products, total average daily volumes on the BrokerTec platform were $594 billion, a decrease of 8% on the previous year, in part due to the historically low US yield curve. We have seen a good performance from European government bonds. Average daily volumes on EBS decreased 6% year-on-year to $136 billion for the quarter, partly due to lower volumes in some of EBS's strongest currency pairs resulting from central bank intervention policies in Japan and Switzerland.
Our post trade risk and information business saw strong revenue growth for the quarter ended 31 December 2011. TriOptima, through triReduce, its compression service for both interest rate and credit default swaps, helped customers reduce their counterparty credit risk by terminating a record-breaking $62 trillion in OTC derivative notional principal outstanding during 2011. In some months, including October, triReduce eliminated more interest rate swap notional principal than the market added in new trades. Reset benefited from continued volatility as risk reduction remained a key focus for clients. ReMatch launched its new quanto service, which was well received by the market. At 31 December 2011 Traiana's Harmony network was processing an average of 1.1 million transactions per day, an increase of more than 55% over the same period in 2010. CLSAS, our aggregation service joint venture with CLS, processed on average 240,000 transactions per day in the third quarter, an increase of 190% over the same period last year.
Financial position: We expect the effective tax rate for 12 months ending 31 March 2012 to be 30%. For the nine months ended 31 December 2011, the Group purchased 14 million shares of which 8 million were purchased in the three months to 31 December 2011 to offset shares issued under the previous scrip dividend.
Notes:
About ICAP: ICAP is the world's leading interdealer broker and provider of post trade risk and information services. The Group matches buyers and sellers in the wholesale markets in interest rates, credit, commodities, FX, emerging markets and equity derivatives through voice and electronic networks. Through our post trade risk and information services we help our customers manage and mitigate risks in their portfolios. For more information go to www.icap.com.
1. Profit is defined as pre-tax profit from continuing operations before amortisation and impairment of intangibles arising on consolidation and exceptional items.
2. The current forecasts for ICAP plc pre-tax profits referred to in this announcement are based on forecasts of profit before tax, acquisition and disposal costs and exceptional items provided by 11 equity analysts.
This document contains forward-looking statements with respect to the financial condition, results and business of ICAP plc. By their nature, forward looking statements involve risk and uncertainty and there may be subsequent variations to estimates. ICAP plc's actual future results may differ materially from the results expressed or implied in these forward-looking statements.
A conference call for media will be held at 08:00 (GMT) on Wednesday 1 February 2012. For dial-in details please contact media@icap.com.
A conference call for analysts and investors will be held at 08.30 (GMT) on Wednesday 1 February 2012 to discuss this statement. To dial in, please call +44 (0) 20 3003 2666. The access password is ICAP.
Contacts: Brigitte Trafford Director of Corporate Affairs +44 (0) 20 7050 7103 Alex Dee Head of Investor Relations +44 (0) 20 7050 7123 Neil Bennett Maitland +44 (0) 20 7379 5151
This information is provided by RNS The company news service from the London Stock Exchange More |
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| 17-01-12 | RNS |
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RNS Number : 7258V ICAP PLC 17 January 2012 ICAP plc (ICAP / the "Company")
Director Declaration
ICAP plc announces that it has been notified that Hsieh Fu Hua, a non-executive director of ICAP plc, has been appointed a non-executive director of Tiger Airways Holdings Limited and United Overseas Bank Limited. Both Tiger Airways Holdings Limited and United Overseas Bank Limited are listed on the Singapore Stock Exchange.
This disclosure is made pursuant to paragraph LR 9.6.14 of the FSA's Listing Rules.
Contact: Brigitte Trafford Director of Corporate Affairs, ICAP plc Tel: + 44 20 7050 7103 Alex Dee Head of Investor Relations, ICAP plc Tel: + 44 20 7050 7123 ICAP plc 17 January 2012
This information is provided by RNS The company news service from the London Stock Exchange More |
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| 04-01-12 | RNS |
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RNS Number : 9590U ICAP PLC 04 January 2012
ICAP plc - Japan Restructuring Completed
London, 4 January 2012 - ICAP plc (IAP.L), the world's leading interdealer broker, announces the completion of the restructure of its strategic interests in Japan.
ICAP Totan Securities Co., Ltd. ("ITS"), a 60% majority owned subsidiary of ICAP, has completed disposal of its JGB business to Central Tanshi Securities Co., Ltd. ("CTS") as previously announced on 4 October 2011. Gross assets disposed in the transaction amount to £1m.
Simultaneously, ICAP and its existing partner, Totan Holdings Co., Ltd. ("Totan") have acquired shares from Cental Tanshi Co., Ltd., ("CT") in the newly renamed Central Totan Securities Co., Ltd. ("Central Totan Securities"). Central Totan Securities now operates the expanded JGB business. ICAP holds a 20% interest in Central Totan Securities; Totan and CT each hold 40%.
ICAP today also completed its acquisition of an increased share ownership in Totan Capital Markets Co., Ltd. ("TCM"), a leading Interest Rates Derivatives broker. ICAP now owns 40%, up from 28.14%. TCM has subsequently changed the name of the company to Totan ICAP Co., Ltd.
Notes:
1. There has been no change to ICAP's 60% shareholding in ITS which will continue to focus on and grow its Equity Derivatives business. Totan (in which ICAP owns 6%) will continue to own 40% of ITS.
Contacts:
This information is provided by RNS The company news service from the London Stock Exchange More |
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TSE 100 close to a six month high as manufacturing data reassures
Investors heartened by PMI figures from across the globe, but eurozone crisis still hovers in background Posted by Nick Fletcher Wednesday 1 February http://bit.ly/A3xSBx |
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| Wed 18:11 |
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Looking around to see if there was any comment on the reduced guidance and found this:
http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=19849958 |
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| Wed 18:04 | ||||
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Just looking through my notes and noticed that IAP's most recent guidance back in November at the time of the interims was "...We expect ICAP's pre-tax profit for the full year to 31 March 2012 to be within the current analyst range of £358 million to £390 million...".
So the "...we expect pre-tax profits for the year to 31 March 2012 to be towards the upper end of the current analyst range of £336 million to £358 million..." would mean that analysts discounted the previous guidance. Although the consensus of 19 brokers before the announcement appeared to be £359m and Morningstar was showing £362m from 7 brokers. Strange, in my book that's a profit warning - and the SP increases! |
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