November 1, 2019 / 7:58 AM / 11 days ago

UPDATE 1-Strong trading activity boosts TP ICAP Q3 revenue

(Adds details from statement)

Nov 1 (Reuters) - TP ICAP, the world’s largest inter-dealer broker, reported a jump in third-quarter revenue on Friday, benefiting from a bounce in trading activity this summer due to global trade frictions and Brexit uncertainties.

The company, however, reiterated its previous outlook for the year, and shares were expected to fall 3% at opening according to premarket estimates.

TP ICAP said current geopolitical uncertainties may have an impact on transaction volumes in the last quarter of the year, leaving full-year forecast at a low single-digit revenue growth on a constant currency basis.

The company, which brings together buyers and sellers in financial, energy and commodities markets, said revenue surged 17% to 478 million pounds ($619.49 million) for the three months ended Sept. 30.

Revenue at four of TP ICAP’s main segments, including broking - its largest division - improved year-on-year during the quarter.

“TP ICAP’s trading portfolio is well placed to capitalise on volatile macro market conditions,” Chief Executive Officer Nicolas Breteau said in a statement. ($1 = 0.7716 pounds) (Reporting by Muvija M in Bengaluru Editing by Saumyadeb Chakrabarty)

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