Broker Tullett Prebon talks a good book in its first interim management statement in accordance with the EU Transparency Directive and FSA requirements, which it released yesterday (Thursday).
“The inter-dealer broker business thrives on volatility in financial markets, and the high volatility that we experienced in June and throughout the second half of 2007 has continued into the first four months of this year. Revenue in the four months to April was £320 million, 32% higher than in the equivalent period last year, when levels of volatility were relatively low,” the statement says.
Chief executive Terry Smith evidently likes what he’s seeing. “As a result of the actions we are taking to accelerate the rate of revenue growth, we are increasingly well placed to benefit from the current market conditions. Although it is not possible to make accurate predictions about how long these conditions are likely to prevail, our outlook for Tullett Prebon remains positive, and at this stage we expect a good outcome for the year,” he says.