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UK's TP ICAP reports first-half underlying profit up 23 percent

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UK's TP ICAP reports first-half underlying profit up 23 percent

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(Reuters) – TP ICAP Plc <TCAPI.L>, the world’s largest voice broker, reported a 23.1 percent rise in underlying operating profit to 144 million pounds ($188 million) on Tuesday. Formed last year after Tullett Prebon bought ICAP’s hybrid voice broking unit, the company said its half-year revenue rose 11.7 percent to 925 million pounds helped by strength in its rates business. “Revenues during the first two months of 2017 were subdued until the interest rate rises in the U.S. in March. This pattern was repeated in the second quarter with April and May seeing mixed trading, but with better performance in June, again linked to interest rate moves,” the company said in a statement. TP ICAP said it achieved cost savings of 8 million pounds in the first half and reduced 175 positions.

(Reporting by Arathy S Nair in Bengaluru; editing by Jason Neely)
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