A strong set of interim results for Tullett Prebon (TLPR) was capped by news that the company has bought Connecticut-based MOAB Oil in a deal worth up to £16.9m. The interdealer broker hopes the addition of MOAB's 23 brokers will provide further lucrative exposure to the Americas, and capitalise on changes in the way securities are traded in the energy market.
Increased trading activity in energy markets was a major boon for the top line, following the acquisition of PVM Oil Associates in November 2014. Chief executive John Phizackerley said the new group had delivered an "outstanding performance" in the first six months of the year as the collapse in the oil price helped drive revenues up 35 per cent year on year. Without the contribution, Tullett's total revenue would have fallen 1 per cent on a constant-currency basis.