ICAP has just released a vague trading update regarding its first quarter results today in a press release, outlining that while trading activity has contracted overall due to the ongoing slowdown in financial markets gyrations, the company is expecting results in line with the majority of forecasters who are covering the company’s share price performance.
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With the current estimate by forecasters for the year-end March 2014, ranging between $443 and $466 million (£266 to £280 million) the consensus estimate centers around $454 million (£273 million) in revenues, the company has outlined that during February and March the revenue from the group’s Global Broking division has dwindled by 14% when compared to last year.
In contrast, the Electronic Markets division, headed by ICAP’s new EBS Direct service has been performing strongly, due to increased volatility surrounding the FED tapering debate and geopolitical tensions.
The company concluded the trading update stating that it has successfully refinanced its 7.5% €300 million bond with a 3.125% bond maturing in March 2019. The full details about the quarter will be published on May 14th, 2014, and Forex Magnates’ reporters will cover the story in a timely manner.