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Icap’s caution sees investors become wary

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first_img INTERDEALER broker Icap, run by former Tory party treasurer Michael Spencer, said yesterday that the pace of growth in its post-trade unit, an area in which it has invested heavily in recent years, was not yet meeting its medium-term targets.Despite confirmation that it still expects to hit its profit guidance of £333-357m for the year ending 31 March, the news saw ICAP shares slip 0.6 per cent to 545p.Analyst at Panmure Gordon, Vivek Raja said: “My reading is that management are uncomfortable with analysts who have upgraded beyond their guidance.“Icap’s statements are typically positive. There’s more of an element of caution than investors are used to seeing.”The largest interdealer money broker in the world also raised concern among investors over its post-trade business, one of the more highly rated earnings streams within the group, after it said the unit was not yet meeting its medium-term targets.Icap, which has invested heavily in its post-trade business in recent years, said: “Post-trade risk and information continues to grow revenues, but the pace of growth is below what we expect in the medium term.”Analysts at Shore Capital said: “(This) may be viewed as a disappointment given the importance attached to post trade services in the group’s strategy”. Wednesday 2 February 2011 8:16 pm Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily Proof Share Icap’s caution sees investors become wary by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure Solutionautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldcenter_img KCS-content Show Comments ▼ whatsapp whatsapp Tags: NULLlast_img read more