Old fashioned phone trading combined with modern data analytics helped to lift revenues at TP Icap, one of the world's largest interdealer brokers, in the opening months of 2018.

TP Icap said ahead of its annual general meeting on Thursday that revenues rose 3% year-on-year, on a constant currency basis, to more than £600m in the four months to April 30. Unlike in previous years, it did not provide a revenue figure that included the impact of foreign exchange movements.