StockMarketWire.com - Inter-dealer broker TP ICAP said its first-half underlying profit weakened, amid a fall in global broking revenue.

Pre-tax profit for the six months through June jumped to £83m, up from £34m on-year.

Underlying profit, which stripped out acquisition integration costs in both comparative years, fell 3.6% to £134m, as revenue rose 1.3% to £922m.

TP ICAP held its interim dividend steady at 5.6p per share.

'We have delivered a resilient performance and maintained our operating margins despite a decline in trading amongst the investment banks, and additional costs driven by increasing regulation and Brexit,' chief executive Nicolas Breteau said.

'At the same time we have stepped up investment in a range of new initiatives to improve client service and to promote greater hybrid and electronic trading.'

As we enter the final six months of the integration program, we will achieve the £75m of synergy savings and deliver the benefits derived from offering access to the deepest OTC liquidity pools for wholesale trading alongside high levels of client service.'




Story provided by StockMarketWire.com