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Financial summary

  2012
£m		 2011
£m		 Variance
%
Continuing Operations    
Revenue 1,681 1,741 (3)
Operating profit1 372 375 (1)
Profit before tax1 354 350 1
Profit before tax statuatory2 217 233 (7)
  pence pence Variance
%
Dividend per share 22.0 19.95 10
Earnings per share total operations    
Basic 21.1 28.7 (26)
Adjusted Basic 40.1 39.9 1
Earnings per share continuing operations    
Adjusted Basic1 40.1 39.9 1
  2012
£m		 2011
£m		 Variance
%
Total operations    
Net assets 1,210 1,251 (3)
Free cash flow 268 189 41
Net debt (82) (161) 49
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Key highlights

  • Group revenue from continuing operations fell to £1,681 million, a 3% decrease. Profit before tax1 of £354 million was up 1%.
  • Electronic broking revenue of £301 million produced an operating profit1 of £127 million.
  • Post trade risk and information revenue rose to £208 million and produced an operating profit1 of £91 million.
  • Electronic, post trade risk and information contributed 59% of operating profit1.
  • The Group's operating profit1 margin remained at 22%.
  • EPS (basic) reduced from 28.7p to 21.1p; EPS (adjusted basic) increased by 1% to 40.1p.
  • Free cash flow3 of £268 million (2011 - £189 million). Net debt4 reduced to £82 million (2011 - £161 million) after paying £135 million in dividends.
  • The directors recommend a final dividend of 16.00p per ICAP share, which will be paid on 20 July 2012. The full-year dividend will be 22.00p compared with 19.95p per share in 2010/11, an increase of 2.05p.
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  1. From continuing operations before acquisition and disposal costs and exceptional items.
  2. From continuing operations, total statutory profit before tax for the year including acquisition and disposal costs of £137 million.
  3. Net cash flow from operating activities adjusted for capital expenditure, dividends received from associates and investments and cash from operations relating to non-controlling interests.
  4. Cash and cash equivalents less long-term and short-term borrowings.
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