(Reuters) - TP ICAP Plc’s (TCAPI.L) full-year revenue just beat analyst forecasts as U.S. stocks’ record-setting rally and expectations of further U.S. rate hikes spurred trading volumes for the financial broker.
TP ICAP, which was formed after Tullett Prebon completed the purchase of ICAP’s hybrid voice broking unit late last year, said on Tuesday it made revenue of 891.5 million pounds, just above analysts’ average estimate of 887.9 million pounds, according to Thomson Reuters I/B/E/S.
TP ICAP said pro forma revenue for the first two months of the current year was 11 percent higher.
The world’s largest voice broker said in January a rise in volatility and market activity after the U.S. presidential election and expectations for interest rate rises bumped up revenue across all product lines in the final quarter of 2016.
($1 = 0.8234 pounds)
(Refiles to correct spelling to “Tullett” from “Tullet” in second paragraph)
Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Mark Potter