Wavering markets lift ICAP

ICAP, the inter-broker dealer whose New York office was wiped out in the 11 September terror attacks, has bounced back with figures showing it is revelling in unstable financial markets.

Chief executive Michael Spencer said revenue in October and November was 22% higher than at the same time last year and he believed the uncertainty surrounding interest rates, inflation and the oil price means more good times ahead.

He was speaking as ICAP, formerly Garban Intercapital, reported a £44.6m interim pre-tax profit before exceptionals, up 35% from last time and in line with last month's forecasts. Exceptional costs of £15.2m, most of which stemmed from the New York attacks, cut profits to £29.4m, against £28.8m previously.

It expects to book exceptionals of £30m for the full year as a result of 11 September, but believes this will be offset by insurance receipts. It will also report a £25m profit this year from the sale of its shares in the Liffe futures exchange and the London Stock Exchange.

The dividend is up 20% to 6p.