BUZZ-Tullett Prebon: worst day in 5.5 yrs on subdued outlook, job cuts

** Interdealer broker Tullett Prebon (LSE: TLPR.L - news) suffers its biggest one-day drop since May 2010 after saying it expects a fall in FY profit margins and announces job cuts

** Co says it expects FY underlying operating profit margin to be about 1.5 pct points lower than last yr, hurt by increased investment costs and fall in H2 revenue

** Co to cut 5 pct front office jobs in traditional interdealer product areas, with costs involved charged as an exceptional item in 2015 accounts

** Stock -9.7 pct, bottom of the FTSE 250

** Tullett employed 2,536 full-time equivalent employees and directors worldwide in 2014, acc to its annual report

** Numis analysts estimate redundancies will cost c.17 mln stg to 18 mln stg, but will cut staff costs by c.15 mln stg to 16 mln stg pa

** "We continue to believe Tullett is ideally placed to benefit from a combination of rising interest rates, a normalisation of volatility and further industry consolidation, but that the return to growth is unlikely to be a smooth ride," Numis analysts say ("buy" cut TP to 430p from 450p) (Reuters Messaging: noor.hussain.thomsonreuters.com@reuters.net)