November 20, 2017 / 7:42 AM / a year ago

Financial technology company NEX Group reports fall in H1 profit

Nov 20 (Reuters) - Financial technology company NEX Group a fall in first-half trading operating profit and said market conditions remained challenging as banks and other firms reported a lack of volume and volatility in fixed income, currencies and commodities.

Profit for the six months to Sept. 30 fell to 63 million pounds ($83 million) from 75 million, said the company, which provides electronic trading platforms for banks, asset managers, hedge funds and companies.

Revenue rose to 287 million pounds from 254 million, said Nex, which matches buyers and sellers of bonds, swaps and currencies.

Known as ICAP until the sale of its voice broking business to TP ICAP last year, NEX said its year-earlier first-half results had been restated for an accounting policy change to drop an exceptional items column.

$1 = 0.7564 pounds Reporting by Noor Zainab Hussain in Bengaluru; editing by Jason Neely

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