ICAP annual profit growth beats forecasts

ICAP, the world's largest interdealer broker, beat forecasts with a 5 percent rise in annual pretax profit, and said it was well positioned to take advantage of restructuring in financial markets. Profit before tax for the year ended March 31 was 346 million pounds ($531 million), up from 330.2 million pounds a year earlier and compared to a Reuters Estimates average of 343.7 million based on 10 forecasts.
Shares in the group - which has teamed up with 11 banks to bid 11 euros a share, or 830 million euros ($1.13 billion) for clearing house LCH.Clearnet - have risen 33 per cent year-to-date, closing on Monday at 399.5 pence.