4th Nov 2016 07:49
LONDON (Alliance News) - Inter-dealer money broker Tullett Prebon PLC said Friday it has received a significant revenue boost in the third quarter from the depreciation in sterling, and it is continuing to progress its acquisition of the voice-broking business of ICAP PLC.
FTSE 250-listed Tullett Prebon said revenue in the three months to September 30 was GBP216 million, up 15% from GBP188 million the previous year. However, the company said in constant exchange rates the growth was just 4%.
For the nine months to September 30, revenue was GBP647 million, 7% higher than the GBP603 million in the same period the year prior and 2% higher at constant exchange rates.
Tullett Prebon said that in the first nine months of the year it has continued to benefit from acquisitions in its Energies and Commodities unit, with the division increasing revenue 10% year on year at constant exchange rates. Its Information Sales and Risk Management Services have also grown strongly, with revenue up 20% over the first nine months at constant exchange rates.
Tullett Prebon said it is progressing its proposed acquisition of the ICAP operations and working towards securing outstanding regulatory approvals for the deal.
"This has been a satisfactory quarter, with a number of products and regions showing gains. While some trading conditions remain challenging, our strategy of diversification and cost control is proving effective," said John Phizackerley, chief executive of Tullett Prebon.
By Adam Clark; [email protected]
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