TP ICAP revenues jump 13% as volatility drives strong first quarter

Cavendish has maintained its 'buy' rating on TP ICAP PLC (LSE:TCAP), the financial market infrastructure group, after first-quarter revenues rose 13% year on year to £689 million, comfortably ahead of expectations. The broker described the update as strong, with the group benefiting from elevated volatility levels driven by the geopolitical and macroeconomic backdrop.