The Times's Tempus column takes a look at the inter-dealer broker Tullet Prebon which yesterday released results showing revenues flat on 2010 at £910m.

Tempus points out that after stripping out exceptional items, including office closures in the US and an acquisition in Brazil, performance was actually 2% ahead of the previous year.

Tempus believes that not all five of the inter-dealer brokers will be around come the end of 2012. They face reduced business because of low interest rates, and they also suffer when distressed banks are unwilling to trade.

Tullett trades on just 7 times earnings but Tempus says wait until the current economic haze disappears before jumping in.

Interestingly The Telegraph's Questor column looked at Tullet Prebon's main rival, ICAP yesterday. The stock has fallen 38% in the last 12 months on reduced trading volumes as banks have tried to steer clear of risk as they fight for their lives.

Questor, however, was unwilling to give up on ICAP which has made intriguing noises about a large transaction (the London Metal Exchange being the prime example). The group has also got rid of its troubled Japanese business. With a yield of 5.8%, rising to 6.8% by 2015 Questor says hold.

Today, Questor casts its eye over cinema chain Cineworld which issued a strong trading statement yesterday.

Box office sales in 2011 were ahead of 2010 by 2.7%. This year may be tough for Cineworld though as the Olympics begins to tempt people away from the movies. Nevertheless, The Hobbit Part 1 and the Batman film Dark Knight Rises are due this summer.

Questor believes that Cineworld, having demonstrated its resilience through the last few years, is a buy.

bs

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