London-based interdealer broker TP ICAP plc (LON:TCAP), formerly Tullett Prebon plc, has reported its financial metrics for the first half of its fiscal year ending June 30, 2017, which revealed a double-digit increase in revenues.
For H1 2017, TP ICAP disclosed a revenue of £925 million ($1.2 billion), which was higher by 11.7% year-over-year from £828 million ($1.08 billion) in H1 2016. The group’s total revenue was 3% higher than the prior year at constant exchange rates.
By and large this figure was driven by strength in the company’s rates business despite the prevalence of the negative impact of foreign exchange rates.
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In terms of its operating income, TP ICAP saw a figure of £144 million ($187.8 million) in the six months through June 2017, corresponding to a rise of 23 percent year-over-year when weighed against the first half of 2016.
In a different narrative, the world’s largest voice broker revealed that its profit before tax ticked down during the reported period to £71 million ($92.6 million) for the six months ending June 2017 compared to £86 million ($112.1 million) last year.
The company said in a statement: “Revenues during the first two months of 2017 were subdued until the interest rate rises in the U.S. in March. This pattern was repeated in the second quarter with April and May seeing mixed trading, but with better performance in June, again linked to interest rate moves.”