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1. Financial summary1. Financial summary

ICAP has demonstrated that its business model is robust and has delivered strong financial performance and cash flow in challenging market conditions

Group revenue rose 23% to £1,601 million and operating profit1 rose 9% to £361 million. With a strong balance sheet and control environment, ICAP remains well positioned to continue to grow its voice, electronic and post-trade businesses.

  2009
£m		 2008
£m		 Variance
%
Revenue 1,601 1,304 23
Operating expenses1 (1,263) (988) (28)
Other income 23 16 44
Operating profit1 361 332 9
Net finance costs (24) (7) (243)
Associates (net of tax)1 9 5 80
Profit before tax1 346 330 5
Profit before tax – statutory2 281 275 2
  pence pence Variance
%
Dividend per share 17.05 15.65 9
Earnings per share      
Basic2 27.6 26.4 5
Adjusted basic 34.1 31.3 9
  £m £m Variance
%
Net assets2 1,140 856 33
Free cash flow3 296 232 28
Net debt4 (126) (59) (114)

Notes:

  1. Excludes amortisation and impairment of intangibles arising on consolidation and exceptional items.
  2. Restated following a prior year adjustment to recognise the unwind of deferred tax liabilities on intangible assets arising on consolidation.
  3. Free cash flow is net cash flow from operating activities adjusted for capital expenditure and dividends received from associates and other investments.
  4. Net debt is cash and cash equivalents less long-term and short-term borrowings and overdrafts.

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