Icap’s traditional broking business is “suffering heavily”, according to chief executive Michael Spencer, though a strong performance from the group’s post-trade business helped to put some shine on a market he described as “relatively fragile” in the broker’s first half.

Icap reported Wednesday a 15% year-on-year fall in its revenues to £620 million for the six months ended September 30, 2014. Pre-tax profits fell by 34% to £100 million.