TP ICAP beats profit estimates as market volatility persists
Aug 10 (Reuters) - TP ICAP (TCAPI.L) on Wednesday reported a better-than-expected half-yearly profit as the world's largest inter-dealer broker benefited from heightened market volatility amid the Ukraine crisis and rising inflationary pressures.
Trading platforms have seen a surge in client activities and volumes this year as the Ukraine war and increasing risks of a global recession due to tightening monetary policies kept financial markets volatile.
The company, which in March flagged lower growth in its newly acquired platform Liquidnet, now expects improved profitability from the unit in the second half.
The British company — born out of a merger between brokers Tullett Prebon and ICAP — saw its half-yearly revenue increase to 1.08 billion pounds ($1.30 billion), compared with 936 million pounds a year ago.
It also reported adjusted profit before tax of 116 million pounds for the six months ended June 30, compared with 88 million pounds a year ago.
Analysts had expected profit and revenue of 107 million pounds and 1.03 billion pounds, respectively, according to company compiled consensus poll.
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