Growth in Icap’s electronic division and cost-cutting helped lift profits at the London-based broker in the first half of the year, despite the firm dealing with continued regulatory scrutiny and subdued activity in euro markets.

The world's largest interdealer broker said in its half-year results that revenues for the six months to the end of September 2013 fell 1% to £736 million, from £746 million a year earlier. Operating profits rose 6% to £153 million from the prior year as a series of cost-cutting initiatives, including headcount and pay cuts, paid off.