Tullett Prebon revenues up; sees 'mixed' trading conditions

Revenues in the first four months of the year at inter-dealer broker Tullett Prebon rose 2% to £291m, although they fell 1% at constant exchange rates.

The company said trading conditions had remained mixed, although the pick-up in activity levels in certain products and markets observed in the last two months of 2015 has continued during the period.

“In Europe and the Middle East, trading volumes have remained subdued, reflecting lower activity in traditional product areas,” Tullett said in a trading statement.

“Activity levels in the Americas have benefited from the investments that have been made in energy in the region. The performance of Asia Pacific has continued to progress, benefiting from the investment made in fixed income capability at the end of 2015.”

In November 2015, the company announced its proposed acquisition of the global hybrid voice broking and information businesses of ICAP.

Tullett said it continues to plan for the integration of the two businesses. In March, both companies' shareholders approved the proposed transaction, which remains subject to clearance from "certain antitrust authorities and various regulatory consents". It continues to expect the deal to be done in 2016.