TULLETT PREBON PLC
PRELIMINARY RESULTS - for the year ended 31 December 2012
Tullett Prebon plc today announced its preliminary results for the year ended 31 December 2012.
Financial Highlights
Underlying
Revenue £850.8m (2011: £910.2m)
Operating profit £126.0m (2011: £148.4m)
Operating margin 14.8% (2011: 16.3%)
Profit before tax £114.7m (2011: £136.1m)
Basic EPS 40.5p (2011: 46.1p)
Exceptional items
Charge relating to major legal actions £11.6m (2011: £6.6m)
Restructuring costs £14.8m (2011: £11.5m)
Charge related to impairment of goodwill £123.0m (2011: nil)
Reported
Loss before tax £34.7m (2011: profit before tax £119.2m)
Basic Loss per Share 27.1p (2011: EPS 41.3p)
Commenting on the results, Keith Hamill, Chairman of Tullett Prebon plc, said:
"Market conditions remained challenging throughout 2012 as the overall level of activity in the financial markets remained subdued. The financial results for 2012 demonstrate the benefit of the actions that have been taken to reduce costs and to maintain flexibility in the cost base, to strengthen the broking business in all three regions, and to continue to develop the Information Sales and Risk Management Services businesses.
Revenue in 2012 was 7% lower than reported for 2011. Underlying operating profit in 2012 was £126.0m, 15% lower than reported for 2011. With a reduction in the effective rate of tax on underlying profit to 24.0%, underlying basic earnings per share were 12% lower than last year at 40.5p.
The Board is recommending an unchanged final dividend of 11.25p per share, making the total dividend for the year 16.85p per share, an increase of 2% on the 16.5p per share paid for 2011. The final dividend will be payable on 16 May 2013 to shareholders on the register at close of business on 26 April 2013."
