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

ICAP Plc, 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.

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