Broker TP ICAP first half profit falls as market volatility eases

0
12

A broker looks at a graph on his computer screen on the dealing floor at ICAP in London, Britain January 3, 2018. REUTERS/Simon Dawson/File Photo

Sept 7 (Reuters) – TP ICAP Group Plc (TCAPI.L), the world’s largest inter-dealer broker, reported on Tuesday a lower half-year profit as trading in its global broking and energy and commodities businesses tailed off from the high comparable base marked by the pandemic.

The firm, which brings together buyers and sellers in the financial, energy and commodity markets, said its adjusted pretax profit was 88 million pounds ($121.72 million) for the six months ended June 30, compared with 136 million pounds a year ago.

“Secondary markets in the first half of 2021 continued to be uncommonly quiet,” said chief executive Nicolas Breteau.

The company said it expects full year revenue to be broadly in line with 2020 on a constant currency basis, but warned the rise in the pound against the dollar and investment spending…

Read more…