Tullett Prebon Plc, a UK interdealer broker, has reported its financials for the year ending December 31, 2015, seeing a healthy growth across its profits, notably on the eve of a landmark deal with ICAP, according to a Tullett Prebon filing.
More specifically, Tullett Prebon reported a rise of 7.1% in total profits for the year ending December 31, 2015, which was fueled in part by a combination of cost cutting measures, a higher propensity of energy and commodities trading, as well as the impact of heightened volatility across those markets.
For the fiscal year, Tullett Prebon also showed an operating profit of $150.5 million (£107.9 million), up 7.1% YoY from $150.5 million (£100.7 million) during the year ending December 31, 2014.
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In terms of its operating profits, Tullett Prebon yielded a figure of $170.0 million (£121.9 million) during the year ending December 31, 2015, having risen 156.1% YoY from just $66.4 million (£47.6 million)
According to Tullett Prebon’s Chief Executive Officer (CEO) John Phizackerley in a recent statement on the financials: “We will continue to look for opportunities to deliver our objectives to build revenue and raise the quality and quantity of earnings through further diversification of the client base, continued expansion into Energy and commodities, and building scale in the Americas and Asia Pacific, whilst preserving the business’s core franchises.”
Tullett Prebon made headlines earlier today after it reaffirmed a deal with ICAP, which resulted in the holding of talks concerning the voice broking and information business of inter-dealer broker ICAP. A deal between the two groups is imminent and is entering the final stages with shareholders expected to vote on a deal shortly – the deal is estimated at $1.0 billion. The deal will effectively make Tullett Prebon by far the largest interdealer voice broker in the world.