Icap, the interdealer broker, said its group chief operating officer, David Gelber, would be retiring after five years as it reported that pre-tax profits before exceptionals for the year to the end of March had risen by 5% to £178.9m (€260m).

Gelber will be replaced by Mark Yallop, the former group chief operating officer at Deutsche Bank. Yallop joins Icap at the beginning of July.