TP ICAP Group PLC on Wednesday said its remains ‘well positioned’, as revenue rose slightly in the first quarter of the 2023.

The London-based financial services firm said that total revenue in the three months ended March 31 rose by 2% to £606 million year-on-year.

In both its Global Broking and Energy & Commodities divisions revenue increased by 3%. In these divisions, TP said there was a strong comparative period last year.

Revenue in Oil was unchanged, it added, whilst in its Liquidnet division, revenue was down 3%.

‘We remain well positioned and expect interest rates to remain at elevated levels throughout the year; at the same time, the benefit of the recent strong US Dollar is now moderating,’ TP said.

TP will report its results for the six months ended June 30 on August 9.

Shares in TP were down 2.4% to 164.95 pence each in London on Wednesday morning.

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