TP ICAP : UK voice broker TP ICAP's first-half underlying profit rises 23 percent

(Reuters) - TP ICAP Plc, the world's largest voice broker, reported a 23.1 percent rise in underlying operating profit, helped by a strong performance in its rates business.

Underlying operating profit was 144 million pounds in the first half, up from 117 million pounds a year earlier.

The company, formed last year after Tullett Prebon bought ICAP's hybrid voice broking unit, said its half-year revenue rose 11.7 percent to 925 million pounds ($1.21 billion).

"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.

Revenue from its Global Broking business, the company's largest, grew 11 percent to 670 million pounds in the six months ended June 30.

TP ICAP said it achieved cost savings of 8 million pounds in the first half, after forecasting 10 million pounds for the year.

The company said it expects to meet full-year expectations, boosted by synergies arising from integration programmes and extra cost saving initiatives.

The company, which had about 2,729 employees as of Dec 31, said it cut 175 positions in the period.

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