ICAP Says First-Quarter Sales Fell 9%; Cost-Cuts Ahead

(Corrects revenue decline in headline, first paragraph.)

ICAP Plc (IAP), the world’s biggest interdealer broker, said revenue in the fiscal first quarter fell 9 percent from the year-earlier period.

The company expects to report full-year profit in the middle of the 335 million-pound to 365 million-pound range of analyst estimates, London-based ICAP said in a statement today.

The company expects to achieve the full-run rate of savings of 50 million pounds a year by the end of the current financial year, ahead of schedule, ICAP said.

To contact the reporter on this story: Edward Evans in London at eevans3@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.