Highlights:
Double digit Post Trade Risk and Information revenue growth, on a constant currency basis, driven by TriOptima and Traiana
Significant new business momentum at EBS
Group full year trading PBT down 15% to £229 million; second half PBT up 8% on the prior year second half to £143 million
Global Broking restructuring substantially completed; Group annualised cost saving target exceeded £70 million achieved with £41 million realised in the year
Targeted investment in growth areas - £43 million investment in new initiatives
(2013/14 - £42 million)
Strong cash conversion - 106% (2013/14 - 75%)
Proposed final dividend maintained at 15.4p; full year dividend 22.0p
Michael Spencer, Group Chief Executive Officer, said: "The past year has been one marked by both challenges and opportunities across many of our businesses. Our bank customers have re-prioritised their sales and trading franchises and continued to reduce balance sheet risk. Our regulators continued their important work for market efficiency, embracing greater transparency and tighter, more risk averse financial systems.
"Against this backdrop of a transformed market environment, we have re-balanced our portfolio of assets with our Electronic Markets and Post Trade Risk and Information divisions now contributing three quarters of the Group's profitability. We have materially re-engineered ICAP, with a significant reshaping of our Global Broking division and the merging of EBS and BrokerTec. We have had some excellent successes with EBS Direct, the new emerging currencies on EBS, and in our Post Trade Risk and Information division with risk reduction services from TriOptima. These factors, combined with our ongoing investment in technology-based innovative solutions, have set us on the path to growth.
"As a result of the changes we've made, ICAP is better placed to capitalise on the opportunities available and better able to serve a broader range of customers. ICAP is profitable and cash generative. We will continue to invest in people, training, technology and systems to ensure we have the right skills, remain innovative and agile, and grow our business."
