May 15 (Reuters) - UK-based financial broker NEX Group reported higher profit for the year to March, but said that trading activity since the start of the year had remained subdued due to low volatility.
NEX, which was known as ICAP before it sold its voice broking business to TP ICAP last year, said its trading operating profit from continuing operations rose 4 percent to 145 million pounds ($187 million) in the year ended March 31.
Revenue from continuing operations increased by 18 percent to 543 million pounds, said Nex, which matches buyers and sellers of bonds, swaps and currencies.
“Our performance remains strong in a tough market environment,” Chief Executive Michael Spencer said in a statement.
Financial market volatility has fallen to historic lows in recent months, despite global and political uncertainty, which Nex said was translating into relatively light trading volumes. ($1 = 0.7749 pounds) (Reporting by Esha Vaish in Bengaluru)