Takeover talks end but broker could still be target

He also said he expected revenues to improve in the remainder of the year after Tullett posted a widely expected fall in half-year profits due partly to the departure of brokers to a rival and adverse currency movements.

In May, Tullett said talks with a possible buyer had ended with no offer made for the company. It did not reveal the identity of its potential suitor.

Mr Smith said that regulations sweeping the world's financial sector – such as the US Dodd-Frank Act – meant that it was highly likely that Tullett could attract new suitors.

Tullett's operating profit for the six months ended June 30, fell 15.8 per cent from last year, to 84.7m.

Tullett said that the recent departure of some of its brokers to one of its rival, BGC Partners, had contributed to a 7 per cent fall in revenue, while its earnings had also been hit by adverse foreign exchange movements.

Last month, ICAP, the world's biggest interdealer broker, reported higher quarterly revenues and profits but said trade volumes had slowed.

Mr Smith said he expected Tullett's second-half profits to be lower than those of the first half but higher than its second-half profit a year ago. It made a 2009 second-half operating profit of roughly 70m.