Icap, the world's biggest inter-dealer broker, said it is hunting more acquisitions as the industry consolidates. In the financial year to the end of last March Icap's pre-tax profits climbed 38% to £170m (€254m) and the group forecast further strong growth on the back of increasing interest rate volatility.

Michael Spencer, chief executive, said Icap should continue to benefit from increasing G7 deficits and higher economic growth around the world.