Global brokerage and information firm TP ICAP, which was formed after the merger of Tullett Prebon and the voice broking business of ICAP plc, reported upbeat results for the first four months of 2016.
The company provided its shareholders with an update on the performance until the end of April 2017. Revenues amounted to £619 million ($800 million) which was 11 percent higher than the company’s metrics for the same period last year and 2 percent higher at constant exchange rates.
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According to the company’s trading update which it published via the London Stock Exchange, trading conditions throughout the period were mixed. Growth was driven by above average volumes in March around the time when the U.S. Federal Reserve raised rates and triggered some repricing of key assets.
The company’s Global Broking unit has seen an increase in revenues driven by a good performance in the company’s Rates and Emerging Markets businesses. The Energy & Commodities division of TP ICAP marked a decline year-on-year, partially offset by the company’s oil business which continues to perform strongly.
Commenting on the announcement, the CEO of TP ICAP, John Phizackerley, said: “We have made a good start to life as TP ICAP and I’m pleased to report that our core businesses have, once again, proved resilient despite mixed market conditions. We look forward to continuing to develop our newly-formed group, delivering on our integration plans, and building on our position as the world’s leading inter-dealer broker.”