(Reuters) - British interdealer broker ICAP Plc (L:IAP) on Monday posted an 11 percent fall in full-year profit, hurt by adverse currency movement, and said it would be renamed as NEX Group Plc following the sale of a key business to Tullett Prebon Plc (L:TLPR).
ICAP, which last year agreed to merge its global hybrid voice broking business with Tullett Prebon, said the ICAP brand would be transferred to Tullett Prebon following the completion of the deal, which is expected later this year.
ICAP and its rival Tullett Prebon last year agreed to the 1.11 billion pound ($1.59 billion) deal to better compete in a sector where trading volumes have shrunk.
Interdealer brokers, which match buyers and sellers of currencies, bonds and other tradeable instruments, have been hit in recent years by regulation designed to rein in the riskier trading activities of their traditional investment bank clients.
ICAP, which matches buyers and sellers of bonds, swaps and currencies, said trading profit before tax was 203 million pounds for the year ended March 31, compared with 229 million pounds a year earlier.
Revenue fell 6 percent to 1.2 billion pounds.
Operating profit at its electronic markets business dropped 16 percent to 78 million pounds as ICAP invested in new products and technologies.
The company said it would pay a final dividend of 15.4 pence, bringing its full-year dividend to 22 pence.
ICAP shares fell as much as 2 percent in early trading on the London Stock Exchange. They recovered later and were down slightly at 454.3 pence at 0740 GMT.