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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Tullett Prebon | LSE:TLPR | London | Ordinary Share | GB00B1H0DZ51 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 418.30 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Taxation (4.6) (9.9) Net dividends received from associates/paid to minorities - 0.1 Acquisitions/investments (0.5) (1.2) Cash flow 99.3 4.2 ======== ========
The operating cash flow of GBP46.1m for the first half of 2015 is lower than the underlying operating profit reflecting the usual seasonal working capital outflow.
The working capital outflow reflects the higher level of trade receivables and settlement balances at June compared with the level at the previous year end, due to the higher level of business activity towards the end of the half year compared with that towards the year end, and the reduction in bonus accruals which are at their highest at the year end.
During the first half the group made GBP3.8m of cash payments relating to actions taken under the 2014 cost improvement programme, and GBP0.2m relating to the 2011/12 restructuring programme.
The major legal actions net cash inflow of GBP64.4m is in line with the credit in the income statement, and reflects the settlement from BGC net of the costs incurred in 2015.
The movement in cash and debt is summarised below.
GBPm Cash Debt Net At 31 December 2014 297.8 (219.7) 78.1 Cash flow 99.3 - 99.3 Dividends (27.4) - (27.4) Debt and bank facility arrangement fees (1.7) - (1.7) Amortisation of debt issue costs - (0.3) (0.3) Cash sold with subsidiaries (0.3) - (0.3) Effect of movement in exchange rates (3.1) - (3.1) At 30 June 2015 364.6 (220.0) 144.6 ======= ======== =======
At 30 June 2015 the group's outstanding debt comprised GBP141.1m Sterling Notes due July 2016 and GBP80m Sterling Notes due June 2019. The group renewed its committed GBP150m revolving credit facility during the first half, and the new facility matures in April 2018. No drawings were made on either the old or new facility during the period.
Outlook
Our recent strategic review concluded that the central role played by interdealer brokers at the heart of the global wholesale OTC markets remains secure. However, in a number of traditional interdealer broker products, revenue declines are likely to continue. In contrast, Energy and commodities do not currently face the same pressures and we expect to benefit from the recent investments we have made in developing our presence in this sector. We will continue to invest in the business's capabilities to identify and implement business initiatives and we will look to further invest in revenue growth opportunities.
We will also continue to roll out our cultural, legal, compliance and risk governance frameworks to deliver our commitment to instil and embed the highest standards of conduct. These investments, increasing regulatory related costs, and the impact of the areas of business weakness, are expected to offset the improvement in the operating margin compared with that delivered last year. The investments are important for the Company to retain its competitive advantage and to deliver our strategy to increase revenue and earnings for the medium and longer term.
Condensed Consolidated Income Statement
for the six months ended 30 June 2015
Six months ended Underlying Exceptional Total 30 June 2015 (unaudited) and acquisition related items Notes GBPm GBPm GBPm ---------------------------------- ------ ------------ ------------- ------------ Revenue 5 415.7 - 415.7 ---------------------------------- ------ ------------ ------------- ------------ Administrative expenses (358.2) (8.9) (367.1) ---------------------------------- ------ ------------ ------------- ------------ Other operating income 7 3.1 67.1 70.2 ---------------------------------- ------ ------------ ------------- ------------ Operating profit 5,6 60.6 58.2 118.8 ---------------------------------- ------ ------------ ------------- ------------ Finance income 8 1.9 - 1.9 ---------------------------------- ------ ------------ ------------- ------------ Finance costs 9 (9.6) - (9.6) ---------------------------------- ------ ------------ ------------- ------------ Profit before tax 52.9 58.2 111.1 ---------------------------------- ------ ------------ ------------- ------------ Taxation (10.8) (12.9) (23.7) ---------------------------------- ------ ------------ ------------- ------------ Profit of consolidated companies 42.1 45.3 87.4 ---------------------------------- ------ ------------ ------------- ------------ Share of results of associates 1.2 - 1.2 ---------------------------------- ------ ------------ ------------- ------------ Profit for the period 43.3 45.3 88.6 ================================== ====== ============ ============= ============ Attributable to: ---------------------------------- ------ ------------ ------------- ------------ Equity holders of the parent 43.0 45.3 88.3 ---------------------------------- ------ ------------ ------------- ------------ Minority interests 0.3 - 0.3 ---------------------------------- ------ ------------ ------------- ------------ 43.3 45.3 88.6 ================================== ====== ============ ============= ============ Earnings per share ---------------------------------- ------ ------------ ------------- ------------ - Basic 10 17.7p 36.2p ---------------------------------- ------ ------------ ------------- ------------ - Diluted 10 17.4p 35.8p ---------------------------------- ------ ------------ ------------- ------------ Six months ended Underlying Exceptional Total 30 June 2014 (unaudited) and acquisition related items Notes GBPm GBPm GBPm ---------------------------------- ------ ------------ ------------- ------------ Revenue 5 360.3 - 360.3 ---------------------------------- ------ ------------ ------------- ------------ Administrative expenses (312.3) (34.3) (346.6) ---------------------------------- ------ ------------ ------------- ------------ Other operating income 7 2.3 - 2.3 ---------------------------------- ------ ------------ ------------- ------------ Operating profit 5,6 50.3 (34.3) 16.0 ---------------------------------- ------ ------------ ------------- ------------ Finance income 8 1.8 - 1.8 ---------------------------------- ------ ------------ ------------- ------------ Finance costs 9 (8.9) - (8.9) ---------------------------------- ------ ------------ ------------- ------------ Profit before tax 43.2 (34.3) 8.9 ---------------------------------- ------ ------------ ------------- ------------ Taxation (9.3) 2.2 (7.1) ---------------------------------- ------ ------------ ------------- ------------ Profit of consolidated companies 33.9 (32.1) 1.8 ---------------------------------- ------ ------------ ------------- ------------ Share of results of associates 1.2 - 1.2 ---------------------------------- ------ ------------ ------------- ------------ Profit for the period 35.1 (32.1) 3.0 ================================== ====== ============ ============= ============ Attributable to: ---------------------------------- ------ ------------ ------------- ------------ Equity holders of the parent 34.9 (32.1) 2.8 ---------------------------------- ------ ------------ ------------- ------------ Minority interests 0.2 - 0.2 ---------------------------------- ------ ------------ ------------- ------------
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