Tullett Prebon first quarter revenue rises on PVM acquisition

Interdealer broker company Tullett Prebon said PVM Oil Associated had performed above expectations since it was acquired by the FTSE 250 company in November.

Revenue for the first four months of 2015 jumped 14.5% to £284m, an increase Tullett attributed to the acquisition of PVM.

Excluding PVM, revenue was flat and declined 2% at constant exchange rates, the group said in a statement on Wednesday, adding PVM was still benefiting from an increased level of activity in oil markets due to "significant changes" in the price of oil since the start of the second half of 2014.

The group said it was continuing to invest in the development of the business, adding that despite higher volatility, business had improved in some of its divisions,

"The level of activity in Asia Pacific and in some product areas in the Americas has picked up compared with a year ago,” the group said.

“The level of activity in Europe and the Middle East has reflected the effect of further flattening and lowering of yield curves which continues to dampen trading activity in the region.”

Tullett shares were up 0.34% to 354.90p at 11:05 on Wednesday.