TP Icap, which matches buyers and sellers in the wholesale financial markets, suffered from a tough trading environment in sales and trading for its investment bank clients.

The interdealer broker’s total revenue rose to £922m in the first half, up 1.3% from the corresponding period a year earlier. First-half pre-tax profit jumped to £83m from £34m. However, underlying pre-tax profit, which strips out costs associated with acquisitions, disposals and integration, fell to £134m from £139m.