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Trading statements

ICAP 'cautiously confident'

13 July 2016 07:55

ICAP remains cautiously confident looking ahead despite a more uncertain macroeconomic outlook for the UK and the global economy since the Brexit vote, shareholders at today's annual general meeting will be told.

Group chief executive Michael Spencer will say: "I expect 2016/17 to be an exciting and challenging year for ICAP as we transition to become NEX Group plc, the leading venue for electronic transactions in OTC products and post trade services. Our industry position, built around market-leading products and services developed over many years, provides us with an outstanding opportunity to deliver long-term profitable growth.

"We have made a good start to the year and remain cautiously confident looking ahead despite a more uncertain macroeconomic outlook for the UK and the global economy since the Brexit vote in the UK on 23 June. The referendum result was a tremendous shock to global financial markets but our platforms demonstrated resilience. We handled more than $200 billion of FX volume on 24 June on our EBS platform demonstrating deep and reliable liquidity throughout a period of extreme volatility.

"Prior to the UK referendum, we were looking towards a long and slow journey on the road to more normal market conditions following the decision by the Fed to raise interest rates back in December. This journey looks more uncertain now although the subsequent decline in sterling in the FX markets does provide us with a significant windfall benefit."

Group revenue from continuing operations for the quarter increased by 2%* on a constant currency basis and increased by 7%* on a reported basis compared with the corresponding period last year.

The group says overall market conditions have been mixed as the malaise in global financial markets, low interest rates and bank deleveraging persists. Trading activity levels saw a spike around the time of the referendum.

Story provided by StockMarketWire.com

Related Company: IAP

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