UK interdealer broker Icap said on Wednesday that pre-tax profit in its current fiscal year should be in line with analyst expectations but that, after making a good start to the first quarter, revenue had slipped in June because of choppy markets.

In a first-quarter trading update ahead of its annual general meeting later Wednesday, Icap said that on a like-for-like basis profit rose 5% in the quarter ended June 30. Revenue was up 8% compared with the figure for continuing operations a year earlier.