The summer’s turbulent markets provided a windfall for Icap, the world’s biggest interdealer broker, especially for its burgeoning electronic business.

Icap and its rivals facilitate trading in bonds and other derivatives. At times of market uncertainty, such trade increases. This helped the company to deliver profits before amortisation and exceptional items up 34 per cent to £161.5 million in the first half to end-September.

Michael Spencer, the chief executive, said that underlying growth in the markets served by Icap was running at 10 per cent a year or more. But total revenues in the first half were up 15 per cent to £626 million.

Average daily electronic trading volumes were 27 per cent higher in the half year. The electronic side provided the sharpest upturn in profits, too, at the operating level more than doubling to £47.1 million. Growth from more traditional voice broking was less dramatic, profits up 20 per cent to £102.8 million.

Most income is dollar-denominated, and the first half saw a £9 million hit from the weakening of the US currency.

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