Tullett Prebon says H1 revenue falls 15 percent
LONDON, July 29
LONDON, July 29 (Reuters) - Interdealer broker Tullett Prebon said on Tuesday that revenue in its first half fell 15 percent as the level of activity in financial markets remained subdued.
Revenue in the sixth months to June 30 was 360.3 million pounds ($611.5 million) versus 439.8 million pounds a year earlier.
London-based Tullett, whose brokers match buyers and sellers of currencies, bonds and swaps, said it expected market conditions would continue to be difficult and it would be focusing on a previously announced cost reduction programme to offset the slump.
Underlying profit before tax in the period was down more than 30 percent compared with a year earlier at 43.2 million pounds.
($1 = 0.5892 British Pounds) (Reporting by Clare Hutchison; Editing by Mark Potter)