TP ICAP revenue increases by 3%

TP ICAP increased its revenue by 3% to £601m in the four months to 30 April, consistent with its full year guidance in March.

Trading was marked by improved conditions in rates products and an uptick in equity volatility, offset by ongoing weaknesses in power and poor credit markets.

Global Broking delivered an increase in revenues of 5% to £442m. This was primarily driven by a good performance in the Rates business, which was up 8%, and the Equities business, up 22% following a strong performance in the Americas.

The Energy & Commodities division saw a 4% decline in revenues to £111m, with power and commodities markets still struggling, although the PVM oil business continues to perform well.

Institutional Services revenue is down 7% to £10m, and Data & Analytics revenue is up 4% to £36m. Both business divisions are going through a period of restructuring.

John Phizackerley, TP ICAP chief executive, said: "The integration of TP ICAP remains our number one priority and we remain firmly on track to deliver our target of £100m of synergies. Post the successful delivery of readiness for MIFID II we are now moving in to large IT system migration, as well as increasing our workforce in Belfast. New combined offices are shortly scheduled to open in London and New York.

"In markets the global rates environment continues to be increasingly constructive and bouts of volatility seem likely to continue. We also continue to progress our plans for growth in Data & Analytics, Institutional Services and Energy & Commodities."

At 8:08am: (LON:TCAP) TP Icap Plc share price was -0.55p at 480.35p