TP ICAP says strong March trade, weak pound lift revenues

Interdealer broker TP ICAP said revenue for the first four months of the year rose 11% year-on-year to £619m, helped by the weak pound.

In a trading statement, the company said conditions were mixed with revenue growth driven by above average volumes in March reflecting the impact of more volatility from interest rate rises in the US and political uncertainty in Europe.

The strong March trade offset a fall in TP ICAP'S energy and commodities business.

“We have made a good start to life as TP ICAP and I’m pleased to report that our core businesses have, once again, proved resilient despite mixed market conditions,” said Chief executive John Phizackerley.

In a separate announcement, the company said it had agreed a £270m bulk annuity for its defined benefit pension scheme with Rothesay Life.

The move was part of the strategy to strengthen TP ICAP's balance sheet after completing the acquisition of ICAP's global broking and information services business last year.

In January, TP ICAP successfully issued £500m in debt to refinance the banking facility used to complete the acquisition.

A bulk annuity is an insurance policy through which a pension scheme secures payments to its members in exchange for paying a premium to the insurer.