The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Icap beats expectations, but shares ease back

Icap reports its highest ever annual earnings this week and notes at the same time that comments that it was not anticipating becoming a victim of consolidation have resulted in its shares easing back. Revenue rose 18% to £1.3 billion ($2.6 billion). The contribution from its electronic broking areas, including EBS, increased 38% to £273.9 million, accounting for 32% of Icap’s revenues. 

“These record results demonstrate a strong performance from Icap. We have benefited from higher volatility in the interest rate, FX, equity, commodities and in parts of the credit and emerging markets that began in June 2007. Both our electronic and voice broking businesses felt the positive impact of these higher levels of activity, and we benefited from substantial operating leverage, particularly in the electronic business,” said Icap’s chief executive Michael Spencer in a prepared statement.

“The outlook for the business is positive, our strategy remains unchanged and our priorities are clear... There are many powerful, structural reasons to be positive about the future of Icap’s business and of the markets in which we operate. We estimate that the underlying annual growth rate of industry revenues, in the medium term, will be more than 10%, although there are periods when volatility and volumes in our markets can be very high.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree