 reported a modest rise in full year earnings on Monday){kind=link}
Trading and technology provider NEX Group (LON:NXG) reported a modest rise in full year earnings on Monday, after the sale of their voice broking business to TP ICAP enhanced the group’s performance.
Revenue from continuing operations increased by 18 percent to £543 million, up from £460 million last year. Trading operating profit from continuing operations also rose, up 4 percent to £145 million.
NEX Group’s final dividend payment remains unchanged at 27.0p per share, with the full-year dividend unchanged at 38.5 pence per share.
In a statement Michael Spencer, Group Chief Executive Officer, said the sale of ICAP Global Broking for £1.3 billion to TP ICAP PLC had delivered exceptional value to NEX shareholders, adding that “performance remains strong in a tough market environment”.
Alongside the sale of its voice broking business, NEX Markets has focused on expanding its product suite to a wider client base and continues to win market share in US Treasury actives, EU Repo and Asian NDFs.
“Our priorities for 2017/18 are clear and we are excited about the future. Through a combination of continued investment in new products, and the implementation of our transformation programme, which will focus on creating efficiencies, NEX is well positioned to deliver growth, increase divisional operating margins to at least 40 percent and deliver value for our clients and shareholders,” Spencer continued.
The company’s finances were also aided by the increasing likelihood of a US rate rise, with shares in the group rising 30 percent this year alone. However, shares fell on Monday in the wake of the announcement, currently trading down 0.33 percent at 597.00 (0847GMT).