TP ICAP first-quarter revenue up 17% as market volatility boosts volumes

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Inter-dealer broker TP ICAP said its first-quarter revenue rose 17%, reflecting higher client volumes due to market volatility caused by the Covid-19 pandemic.

Revenue for the three months through March increased to £547m, up from £469m on-year.

TP ICAP said it had not furloughed or reduced any of its permanent workforce, nor requested any government aid.

'While the group has performed strongly in the period, our full year guidance of low single-digit revenue growth remains unchanged at this point,' the company said.

TP ICAP said trading activity in April had returned to more normal levels.

'The group believes that it is too early to fully assess the impact of the Covid-19 pandemic on TP ICAP and its customers,' it added.

Targeted investment spending guided to in March would be deferred and re-evaluated until the situation became clearer.