TP Icap boss open to more deals

The head of newly created broking giant TP Icap said he would not rule out more acquisitions, adding that "we talk to a lot of companies, and frankly a lot of companies want to talk to us". 

Presenting the group's annual results, the first since Tullett Prebon bought the voice broking business of Icap for £1.3bn in December, John Phizackerley said that while integrating the merged business was the priority, he had his eye on the market and would not rule out another deal if it made sense. 

The company reported revenue up 12pc to £891.5m in the year to December, while pre-tax profits fell 46pc to £56.8m as it absorbed the £63.2m costs of the acquisition.

Mr Phizackerley said that the results offered more of a "litmus test benchmark for what's going on in the sector" rather than a clear reflection of the merger, given that it was completed so late in the year.

The group, which acts as a middle man between banks during complex trades, said that it was likely to manage more client relationships from within the Eurozone in future, although Mr Phizackerley noted that this did not mean its London operation would get smaller.  

"Is it likely if banks move staff to Europe, that we would mirror that with an increase in headcount in the continent? Yes, it is," he said, adding that this would lead to more local hires as opposed to London-based staff moving abroad. 

"It feels likely to me that over the course of the coming years we'll have a bigger footprint in Europe then we would have done [had the UK not voted to leave the European Union]." 

Shares in TP Icap slipped 1.1pc in morning trade.