* Underlying pre-tax profits 114.7 mln stg
* Revenue 850.8 mln stg
* Full-year dividend 16.85 pence per share
LONDON, March 5 British broker Tullett Prebon
said a slowdown in its revenues had continued into this
year as tough market conditions eat into client demand for
trading financial products.
The broker, which matches buyers and sellers of currencies,
bonds and swaps, said on Tuesday that revenues for the year
ending Dec. 31 came in at 850.8 million pounds ($1.28 billion),
down from 910.2 million pounds a year earlier.
Analysts at Societe Generale had forecast revenues of 865.1
million pounds for 2012.
Underlying pre-tax profits were 114.7 million pounds,
compared with 136.1 million pounds a year ago.
Tullett chief executive Terry Smith said business had made a
"reasonable" start to this year, with revenues for January and
February down 5 percent from a year ago.
Tullett also said increased regulatory costs in 2013 would
offset its action last year to reduce its fixed costs.
"Our customers are operating in a more onerous regulatory
environment and there is considerable uncertainty over the
impact of new regulations covering the OTC (over-the-counter)
markets. It is therefore prudent to expect that financial market
activity will continue to be subdued," Smith said.