Revenue in the four months to April amounted to
Blaming difficult market conditions, Tullett said it will take "a number of actions" to further reduce headcount and other fixed costs. It expects the measures to reduce annual fixed costs by about
The company has been struggling with a number of regulatory changes and low volatility in financial markets.
Activity in the markets is generally higher during periods of volatility. As Tullett makes its revenue from commissions on facilitating and executing customer orders, lower volatility results in lower revenues.
Meanwhile, Tullett's deal to snap up oil securities broker
Tullett didn't provide details of the share issuance.
PVM covers over-the-counter swaps, forwards and physical crude oil and refined products, and exchange traded instruments including WTI, Brent and Gasoil futures. The crude oil and products broker's customers include oil companies, independent refiners and producers, government agencies, trading houses, banks, investment funds and corporations.
"The payment of deferred consideration to an individual is linked to their continued service with the business and the deferred consideration amount will therefore be amortised through the income statement over the three years following completion," Tullett said in a statement.
Tullett said the acquisition will increase its scale in the energy sector and give it "a significant presence" in broking crude oil and petroleum products complementing its existing activities in these areas, as well as boost the price data that can be offered to clients.
PVM is being sold by its management and some employees. The senior management of PVM will remain with the company after the acquisition is completed.
For the year ended
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