* First-half revenues fall 3 pct
* Pre-tax profit 62.8 mln stg vs 66.4 mln stg in 2012
* Trading environment remains challenging
LONDON, July 30 Tullett Prebon reported
a 3 percent drop in first-half revenues on Tuesday, as
challenging market conditions and subdued trading weighed on the
inter-dealer broker's business.
The London-based broker said revenues were 439.8 million
pounds for the six-months to end-June, down from 455.1 million
pounds a year earlier. The fall in revenue came despite a late
surge in trading volumes in May and June, triggered by a rise in
benchmark bond yields.
Underlying profit before tax fell to 62.8 million pounds
from 66.4 million pounds in 2012.
Broker-dealers like Tullett and rivals ICAP and BGC
Partners match buyers and sellers of financial
instruments including bonds, currencies and futures.
Tullett said that cost-cutting had helped the broker weather
a difficult half-year. Broker compensation costs as a percentage
of broker revenues dropped slightly to 58.2 percent from 59.7
percent last year, the company said.