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British interdealer broker TP ICAP's FY profit falls

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(Reuters) – TP ICAP Plc, the world’s largest interdealer broker, reported a fall in full-year pretax profit, hurt by higher costs stemming from Brexit, regulatory reform and IT security.

The company, which fired its top boss in July and warned that rising costs would see profit fall short of expectations, said pretax profit fell 13.9 percent to 62 million pounds ($82.24 million) in 2018, missing analyst estimates of 68.9 million pounds, according to Refinitiv IBES data.

TP ICAP also said it had put in place contingency plans for Britain’s exit from the European Union without a deal.

(Reporting by Noor Zainab Hussain and Tanishaa Nadkar in Bengaluru; Editing by Anil D’Silva)

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