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Shares in TP ICAP, the newly-created interdealer brokerage, have slipped this morning despite reported a double-digit increase in revenues in 2016, boosted by greater market volatility in the wake of the US presidential election and weaker sterling.

The company, formed when UK broker Tullett Prebon bought rival ICAP’s global broking business and associated ICAP assets in a £1.2bn deal completed last year, said sales grew 12 per cent to £892m in the full year to December 31 from £796m in 2015. This was helped by the pound’s slide – on a constant currency basis, the increase was 4 per cent.

“A lot of our upside is in our hands,” the company said in a statement:

The re-emergence of the yield curve and returning market volatility contributed to improved market conditions. Should such factors persist there is cause for optimism that market conditions for interdealer brokers like TP ICAP will continue to improve.

Shares opened 3 per cent lower at the start of London trading on Tuesday.

In its first preliminary results under the TP ICAP name, the world’s largest interdealer broker reported that profit before tax fell 46 per cent to £56.8m in 2016 form £105.7m, hit by a £63.2m acquisition and integration cost largely related to the ICAP deal.

John Phizackerley, chief executive of TP ICAP, told the Financial Times the company was revising its saving target from the deal up from £60m by 2020 to £80m over the same period.

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