ICAP profits fall

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ICAP, the world’s largest broker of transactions between banks, said full-year revenue and operating profit declined amid 'extremely difficult' trading conditions.

Bloomberg News reports that revenue for the 12 months through March fell 5% to $2.4bn, the company said in a statement Wednesday.

Operating profit declined 4% to $496.2m, missing the $512.2m mean estimate of six analysts surveyed by Bloomberg.

'Trading conditions have been and are likely to remain extremely difficult', CEO Michael Spencer said in the statement. 'The low interest rate environment, muted foreign-exchange rate volatility and continued uncertainty over the long overdue economic recovery have inevitably impacted revenue'.

To access the complete Bloomberg article hit the link below:

ICAP Full-Year Profit Fell Admit 'Challenging' Conditions

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