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Tullett Prebon sees Q3 revenue rise 15%

04 November 2016 07:13

Tullett Prebon said that in the nine months to September its revenue of £647m was 7% higher than the £603m recorded in the year-ago same period and 2% higher at constant exchange rates.

Q3 revenue was £216m, up 15% on the £188m for the same period in 2015 and up 4% at constant exchange rates.

"Reported revenue grew strongly in the third quarter due to the impact of foreign exchange, with around 60% of the group's revenue denominated in US dollars," the company said in a statement.

"During the period we have benefited from volatility associated with political uncertainty and speculation around the potential for further interest rate increases.

"In the first nine months we continued to benefit from our acquisitions in Energy and Commodities as the division increased revenue 10% year on year at constant exchange rates.

"Information Sales and RMS have continued to see strong growth in the current quarter, with an increase of 28% in revenue (at constant exchange rates). In the first nine months their revenue increased 20% (at constant exchange rates).

"In November 2015, we announced the proposed acquisition of the global hybrid voice broking and information businesses of ICAP plc. We are continuing to work with ICAP towards securing the outstanding regulatory approvals for completion of the transaction, including from the FCA."

CEO John Phizackerley said:

"This has been a satisfactory quarter, with a number of products and regions showing gains. While some trading conditions remain challenging, our strategy of diversification and cost control is proving effective."

Story provided by StockMarketWire.com

Related Company: TLPR

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