Costs related to efficiency measures and electronic platform build-outs at Tullett Prebon have contributed to a decline in operating profits at London's second largest interdealer broker.

Reporting its annual results this morning, the group said revenues for 2011 were broadly static at £910.2m, but underlying operating profits fell 8% year-on-year to £148.4m. Underlying pretax profits fell 9% to £136.1m.