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Outlook for 2H11

  • At 1H11 Result Announcement, it was foreshadowed that subject to market conditions returning to more normal levels during 2H11, it was anticipated that FY11 result was to be broadly in line with FY10

  • Dec 10 qtr result reflected improved market conditions across all groups except MSG where equity markets volumes remain subdued

  • Subject to market conditions continuing to return to more normal levels as well as other factors including the timing of completion on transactions and normal year end procedures, we currently anticipate 2H11 result to be approximately 35% up on subdued 1H11 and 2H11 result to be approximately 5% down on pcp

  • We continue to expect FY11 trading to be characterised by:

    • Income statement

      • Fewer one-offs items (e.g. asset sales, writedowns, provisions), as seen in 1H11

      • Compensation ratio to be consistent with historical levels

      • Continued higher cost of funding reflecting market conditions and high liquidity levels

    • Balance sheet

      • Excess funding levels which we expect will continue to be deployed across the businesses

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