Tullett & Tokyo Shows Higher Profits For 1996, But Lower Turnover Due To Market Consolidation
BROKERS
In Tullett & Tokyo Forex International's recently released 1996 annual report, the money brokerage shows an improvement in profits; however, the rise of electronic broking services and industry consolidation led to slightly lower year-on-year turnover, say officials.
Profits from ordinary activities before taxation for the period ended December 31, 1996, rose to £11.452 million from £6.087 million a year ago.
In its annual report, John Nixon, chief executive at Tullett & Tokyo, notes that the
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