| Updated:
Tullett Prebon in revenue boost as weak pound works wonders
INTERDEALER broker Tullett Prebon enjoyed a 10 per cent rise in revenues in the first four months of 2009, it said yesterday.
The firm posted sales of £354m due for the most part to the weakness of the pound, as well as continued high volumes of trading in government bonds.
But it added its structured products and emerging markets volumes had reduced. At constant exchange rates, revenue for the period would actually have declined by six per cent from last year.
The group said cost-cutting measures were going well, but warned that forecasting levels of market activity would remain difficult.
It said: “We are well positioned to cope with less favourable market conditions if they occur.”