Icap, the world's largest interdealer broker, expects pre-tax profits of about £175m (€254m) for the year to March 31, a rise of 3% over last year. The figures come after testing trading conditions in which rivals have recorded profit falls.

In a pre-close statement ahead of its full results, Icap said profits before tax, exceptional items and goodwill amortisation would come in at the top of analysts' expectations of £172m to £175m. It means year-on-year growth has slowed from the previous 12-month period, when profits jumped 38% to £170m.