TP ICAP plc today issued a trading update ahead of the close period for the year ended 31 December 2016. The figures included are unaudited and relate to trading performance for the 12 months to 31 December 2016 for the Tullett Prebon business only.
The company is expected to announce its preliminary results for the year ended 31 December 2016 on 14 March 2017.
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Results
The last three months of 2016 saw an increase in trading activity for Tullett Prebon compared with the prior year. Revenue for the year ending 31 December 2016 is expected to be approximately 12 percent higher than the £796 million reported in 2015, and 4 percent higher at constant exchange rates.
It has also been reported that the business delivered revenue growth across all product lines in the fourth quarter and in particularly with its 'heritage' products of Interest Rate Derivatives, Fixed Income and Treasury Products. The aftermath of the US presidential election and the expectation of future interest rate rises have seen an increase in Volatility and market activity which has particularly benefited these products.
The acquisition of NEX Group’s global hybrid voice broking and information business completed on 30 December 2016 and an extensive integration plan has swiftly moved to the implementation phase. Guidance on the financial performance of the combined business will be provided together with a 2016 pro forma result for the aggregated business when the preliminary results are presented in March.
TP ICAP brings together buyers and sellers in global financial, energy and commodities markets. It is the world's largest wholesale market intermediary, with a portfolio of businesses that provide broking services, data and Analytics and market intelligence.
