Interim Management Statement
14 May 2009
Tullett Prebon plc
AGM Statement and Interim Management Statement
Tullett Prebon plc is today issuing its Interim Management Statement in
relation to the period from 1 January 2009. This statement will be delivered to
those attending the Annual General Meeting today.
Business Update
Since the beginning of the year, volatility in interest rates and exchange
rates has persisted and activity in government bonds has remained strong, but
in certain areas, notably structured products and emerging markets, market
volumes have reduced.
Trading in the first four months of 2009 reflects Tullett Prebon's strength in
traditional product sectors, the benefits of the investments we have made over
the last two years to increase the scale and breadth of the business including
in Credit and Energy, and the advantages of our voice and hybrid model in the
current market. Our European business in particular continues to perform
strongly.
Revenue in the four months to April was £354m, 10% higher than reported for the
equivalent period last year. The impact of currency movements on the
translation of our non-UK operations is favourable to reported results, and at
constant exchange rates revenue in the four months to April is 6% lower than
last year.
Forecasting the level of market activity remains difficult. The action taken to
reduce fixed costs and to increase flexibility is delivering the expected
benefits, and we are well positioned to cope with less favourable market
conditions if they occur. Our financial position remains strong.
Enquiries:
Nigel Szembel, Head of Communications, Tullett Prebon plc
Mobile: +44 7802 362088
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