10th May 2018 11:17
LONDON (Alliance News) - TP ICAP PLC said revenue 3% in the first four months of 2018 due to improved conditions for its Rates products and an uptick in equity volatility.
The interdealer broker reported revenue of GBP601 million for the period to April 30.
Global Broking revenue rose 5% to GBP442 million. Within this, the Rates business was up 8%, while the Equities business grew 22%, on a strong performance in the Americas.
The Energy & Commodities division saw a 4% decline in revenue to GBP111 million, as the power and commodities markets struggled, although the oil trading division, PVM, continued to perform well, TP ICAP said.
Institutional Services revenue was down 7% to GBP10 million, while Data & Analytics revenue grew 4% to GBP36 million.
"The integration of TP ICAP remains our number one priority, and we remain firmly on track to deliver our target of GBP100 million of synergies," Chief Executive Officer John Phizackerley said.
TP ICAP was formed from the merger of Tullet Prebon PLC and the voice broking operations of ICAP - now NEX Group PLC - at the end of 2016.
"In markets the global rates environment continues to be increasingly constructive and bouts of volatility seem likely to continue," the CEO added.
TP ICAP stock were trading down 6.1% on Wednesday at 451.70 pence.
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